Merchant fees for debit card transactions (possibly) reduced

From the CBS Evening News tonight:

In Washington, financial reform is working its way through Congress. and in a victory for consumers, the Senate voted to reduce the fees banks charge merchants for debit card transactions. Stores could pass those savings on to you.

Now we all know that per run-of-the-mill transaction, that doesn’t amount to anything close to what consumers will expect in the way of cost reduction (remember the fees aren’t going away, they’re just being reduced, per swipe). Cumulatively, however, the savings per monthly merchant statement could be significant, depending on just how large a reduction we’re talking about.

Time will tell…not to mention the fact this is only the Senate. Until both houses pass a bill, then the Oval Office signs it, well…it’s just talk.

Still, it’s good talk, in the right direction. At last.