Weekend Edition | Retail Merchants, Banks Continue Battle Over Credit Card Transaction Fees

Businesses and banks are at odds over a pending Illinois law banning credit card fees when customers pay for taxes and tips. Illinois Retail Merchants Association President and CEO Rob Karr said recent polling shows overwhelming public support for the Interchange Fee Prohibition Act. The law slated to take effect next July prohibits banks and credit card companies from charging swipe fees on the state and local sales tax and tip portion of a transaction when the consumer pays with a credit or debit card.