Bill Hinders Soldiers' Access to Credit

Week of September 15, 2008

The House Judiciary Committee recently voted to move forward with the Credit Card Fair Fee Act (HR 5546), aimed at "interchange fees," the 2 percent banks or credit card companies charge for the use of their plastic. Retailers estimate that the average family unknowingly pays $427 a year in added costs because of transaction fees built into retail prices. The legislation would require them to negotiate these fees based on costs. According to the CEO of Pentagon Federal Credit Union "our servicemen and servicewomen wouldn't just lose an easy and inexpensive way to access their money; they'd also get slapped with extra fees and restrictions."

How do you feel about this action? Let your public officials know how you feel!

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