Kentucky restaurant sues Fed
Restaurant latest plaintiff to argue that debit interchange fees are illegally high
A Kentucky restaurant has sued the Federal Reserve, claiming the central bank has allowed banks to charge excessive fees on debit interchanges.
Linney’s Pizza, an eatery in the state capital of Frankfort, filed suit on December 9 in the local US district court.
Banks may charge fees when customers use debit cards to pay merchants, which come out of the funds being transferred to the merchant. Under a 2010 provision called the Durbin Amendment, these fees “shall be reasonable and proportional
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