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Re: Occupy North Park- Action at the BofA! 1pm Tuesday


When it comes to comparing banks to credit unions, we should not only examine their relationships with consumers, but also with merchants. As far as the latter is concerned, a strong argument can be made that in the post-Durbin world banks, big and small, are now much more merchant-friendly than credit unions.

See, credit unions were exempted from the Durbin Amendment and as a result the fees they charge retailers accepting their debit cards are now much higher (83%, to be exact) than what banks charge.

So we should not be losing sight of the issue that got the whole thing started – the size of the debit interchange fees. It seems to me that the issue is a very simple one. If a fee charged by one bank to a merchant is considered too high, it should also be considered too high if any other bank, or a credit union, charges it to that retailer. I just can't see it any other way and I can guarantee you that merchants see it exactly the way I do.

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