Federal Reserve Decides Not to Change Swipe Fees

Fees will remain unchanged

Hands holding woman's wallet

(Image: Thinkstock)

The Federal Reserve recently announced that it has no plans to adjust the current interchange fee standard or fraud-prevention adjustment. This decision was made by the Federal Reserve on the basis of a survey of debit card transaction costs.

The results of the survey showed that debit card fraud losses rose last year, compared to 2011. The report marks the third in a series that will be published every two years as part of the Electronic Fund Transfer Act.

Some highlights from the debit card transaction costs survey:

  • Average interchange fees per transaction have not significantly changed since the fourth quarter of 2011.
  • The average interchange fee per covered transaction in 2013 was the same for transactions processed over dual-message networks and single-message networks which are close to 23 cents in each case.
  • The average interchange fee per exempt transaction processed over dual-message networks was higher than for covered transactions, and the average interchange fee per exempt transaction processed over single-message networks was slightly higher than that for covered transactions ($0.28 vs. $0.23).
  • Average interchange fees per transaction changed significantly across networks-message networks.
  • 91% of prepaid card transactions (by value) were exempt from the interchange fee standard.

For more information, visit the Federal Reserve website.