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Politics : Politics for Pros- moderated

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To: LindyBill who wrote (430832)	6/8/2011 7:37:54 PM
From: Brian Sullivan	6 Recommendations Read Replies (1) of 793955

I don't know Bill, if "Mr. Market" was involved we would have different Banks competing with debit cards that each offered different "VIG" rates. I believe that the banks are way over charging the retailers for this service and the charges should come down to less than 0.25% There is no way that processing a debit card transaction costs the Banks anywhere near 45 cents per transaction. If I buy 50 dollars’ worth of gas the transaction cost taken as VIG by the Bank on my debit card should be 0.25% or less, or around 12 cents. That is what the new law specifies. Defend "Mr. Market" when one actually exists; don’t defend the status quo in this phony regulated monopoly market.

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