CARTHY WORKING TO CURB BANK CHARGES ON SHOPPERS

10 January 2015 No Comments by The Northern Standard

Monaghan MEP Matt Carthy is involved in a European Parliament initiative aimed at reducing the cost to consumers of conducting transactions using their financial cards.

It is believed that the fees banks charge retailers to process their shoppers’ financial card payment could soon be capped across the EU following negotiations between the European Parliament’s Economic and Monetary Affairs Committee, the European Council and the EU Commission.

The talks produced an agreement that a cap would apply to both cross-border and domestic card-based payments which should result in lower costs for consumers.

Midlands North West MEP Carthy is working on the deal on behalf of the GUE/NGL group within Parliament.

The Sinn Féin representative said this week that, if proposals are agreed by the full Parliament and EU member states, lower charges could be introduced very quickly.

He stated: “Interchange fees for card-based payments, paid by the merchant’s bank to the bank that issued the card, are not transparent and they differ between EU countries, where they are subject in some cases to legislation and in others to decisions by national competition authorities.

“As a member of the Economic & Monetary Affairs Committee, I was appointed to shadow this legislation and in this role I have been proactively engaging to ensure that consumers …

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