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And you thought the war was over.
Just as retailers began to see their debit swipe fees shrink, an onslaught of congressional action sought to sweep aside the multiyear battle won by NACS and its merchant allies. And just as retailers feared the loss of millions of dollars, some of the country’s largest lending institutions figured that if they can’t get their hands into the registers of retailers, they’d go after the wallets of consumers with monthly debit-card fees. It was a classic example of “robbing Peter to pay Paul”—but this time, Peter pushed back.
