Thanks to a regulation from Congress, starting October 1, 2011, retailers began paying a lot less to accept debit cards. And they promised to pass the savings on to you.
But they aren’t keeping that promise.
- Retailers themselves claim to only be “holding the line” on prices
- According to an Ipsos Public Affairs survey, only seven percent of respondents believe most retailers are passing their savings on to consumers.
- Moreover, only six percent believe that retailers ever intended to pass on savings.
- According to field research, 67 percent of retailers have either raised prices or kept them the same after October 1, 2011.
- On average, customers are paying 1.5 percent more for the same list of items after October 1, 2011.
We know that retailers are seeing savings. In fact, industry data shows that the retail industry has already seen $6.5 billion in savings since the government regulation on debit cards went into effect. (Heartland Payment Systems)