Mastercard faces £14bn card fee claim

[MowCowWhoHow III]

Source: BBC

A £14bn legal claim has been filed against Mastercard on behalf of UK consumers seeking damages for anti-competitive card fees.

In 2014, the European Court of Justice ruled that regulators were right to condemn the cost of its interchange fees - the fees retailers pay banks to process card payments.

Mastercard lowered its fees but now faces a claim for damages for 16 years of charging from 1992 to 2008.

It has vowed to fight the action. "Now that the claim has been filed, we will take time to review it in detail. However we continue to firmly disagree with the basis of this claim and we intend to oppose it vigorously," Mastercard said.

Read more: http://www.bbc.co.uk/news/business-37305377

[tmooreky1977]

1. The best things in life have fees

Talk about being "nickeled and dimed" to death. My sister was once a branch manager for Suntrust (in the US) and it was mind-blowing how these companies and banks have unbelievable ways of fleecing you for every possible penny: Transaction fees, account balance fees, account maintenance fees, overdraft fees. Is it any wonder why most people have such a hard time with their budgets? And by "budget" I mean "a schedule for going into debt systematically" lol

[turbinetree]

2. While back here, this happened, and like the article says the republicans want to shutter the CFPB

http://crooksandliars.com/2016/09/wells-fargo-bank-fires-5300-employees