Debit Card Fee Still too High - Fed Sued

A lawsuit has beed filed in the state that the federal reserve has failed to
implement a rule regarding retailers fee charges of banks when consumer pay
by debit card.
A new rule has been acted that 21 cents (or more) will be charged when the
consumer pay by credit card.Nor banks neither merchants are happy with this
new rule.

"When they (the Fed's) issued their final rule, they completely bent to the
arguments of the banks to such an extent that they pretty much ignored the
law," says Mallory Duncan, senior vice president and general counsel for the
NRF.

Accoroding to the lawsuit the debit card transcation cost banks 4 cents
average which makes more than a billion a year.
Banking groups say that the lawsuit is "disgraceful".

After the consumer backlash Bank of America , Wells fargo dropped the plans
fee.