Lower Cap on Debit Card Fees to be Set - KHGI-TV/KWNB-TV/KHGI-CD-Grand Island, Kearney, Hastings

Lower Cap on Debit Card Fees to be Set

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A federal court has struck down a rule that set a cap on debit card fees.

In 2011, the Federal Reserve set a 21-cent limit on the fees banks charge retail stores for each debit card transaction.

The national retail federation sued, saying the cap was too high. A U.S. District Court judge ruled Wednesday that the Fed didn't have the authority to set the limit.

They suggested the Central Bank consider earlier proposals to lower the fee to 12-cents.

The fed has a few months to craft a new rule. The current one will remain in effect in the meantime.

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