Every time you pay with plastic, the vendor is charged a small fee by the bank, usually 2 or 3 percent of your transaction. Local News 8 reports that under new federal legislation, banks will be limited on how much they can charge for transactions, potentially impacting customers. “They may have to implement a fee structure to their customers for services that currently they may not be paying for,” Wells Fargo Idaho region president Dana Reddington said.” Bankers hope Congress will postpone the reforms to conduct more research. If not, the reforms go into effect July 21.
Jareen Imam, CNN
Natalia Hepworth, EastIdahoNews.com