Retailers have many time requested Congress to limit the charges they have to pay to banks when a customer use his debt or credit card. But this request has never taken serious by the congress and even the Senate has not approved it for hearing.
But now after a long time of pleading, sixty four senators including seventeen Republican decided to implement price control on such transaction from debt or credit card.
This amendment in financial act will save billion of dollars of consumers those who regularly use there credit or debt card to pay there bills or purchase. People mostly do transactions in buying thing from Wal-Mart, paying bills at family restaurants, doing online purchasing through Amazon.com and many other things to which a credit or debt card payment is best.
People also could save money, especially at small business like grocery shops that have great competition on prices. But according to financial experts limiting the charge fee will produce loss for banks and banks may restrict there card to consumers.
Changes in financial legislation are not favorable to banking market but this recent amendment has given a surprise. This may prove to be hazardous for banks.
Financial institutes has shown their great concern over it and are thinking to give less importance to the future campaign of those senators who have participated in this amendment.
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