Beginning on Sunday, stores in most states got the green light to begin charging a “checkout fee” when a payment is made via a credit card. There are 10 states excluded from this fee including New York, California and Texas.
The change come after a July $7.25 billion settlement between Visa Inc (NYSE:V), Mastercard Inc (NYSE:MA) and nine major banks with merchants to settle charges related to an alleged fixing of credit card processing fees. From the settlement, the credit card issuers agreed to reduce “swipe fees”, which are the fees paid by merchants to issuers when cards are utilized but this will only be for eight months,reported CNN.
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