The Retail Industry Leaders Association (RILA) recently reported that ultimately consumers are the ones bearing the brunt of paying for inflated interchange fees.  Interchange fees have been in the spotlight in Washington, especially with last month’s report from the GAO (Government Accountability Office) which suggested that credit card companies and their banks are the ones profiting from higher fees, as merchants and consumers face rising costs.

The RILA has encouraged Congress to take action, as has The American Consumer Institute, which claims that this holiday season, the average household will pay $337 in “swipe fees.” Higher interchange fees have also hindered job creation in a sluggish economy where every dollar counts.

“Retail job creation is stifled in part by the rapidly escalating costs associated with credit card interchange ‘swipe’ fees,” said John Emling, senior vice president of government affairs for the group. “Every additional dollar taken by banks through these excessive fees is a dollar unavailable to hire new employees and lower costs for customers.”

Read more: http://www.consumeraffairs.com/news04/2009/12/retailers_interchange.html#ixzz0ZIi3BaTV

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