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URGENT: Contact Your Senators Today

Legislative Update

The Senate  is currently considering financial services regulatory overhaul. Senator Richard Durbin (IL)  has offered two amendments that would give equality for check card and paper check fees  (Amendment # 3769) and would allow merchants to offer consumer discounts  (Amendment # 3771) . It is essential for all SIGMA  members to contact members of the Senate and urge them to support Sen. Durbin’s amendments. For this effort to be successful, we need individual merchants from throughout the country to strongly urge their Senators to support this effort.

Action Item

Please call your Senators to let them know that credit card interchange fees are negatively affecting your business and raising costs on consumers. Make sure you give them your name, address, and store locations/number of employees in the state.

You can contact your Senators via the Capitol switchboard toll-free at 1-877-224-0041. 

Talking Points for Financial Reform Calls

Support the Durbin Check Card Equality and Consumer Discount Amendments

 ·        I am calling to urge Senator _________ to support two amendments being offered by Senator Richard Durbin.

·        These amendments would right two wrongs.  They would give the Federal Reserve power to treat check cards like it deals with paper checks. In addition, the amendments would make sure merchants are able to give their customers discounts without the credit card companies threatening to fine them.

·        Reform of how credit card companies and banks do business is long overdue.

·        Consumers and merchants are being hit with higher rates and fees and often the reasons for these increases are incredibly unfair – and buried in fine print.

·        This is hurting my business.

·        Since 2002 alone, the average swipe fee charged to a retailer on a $100 check card purchase, using a PIN pad, increased more than 400%.

·        I can’t see why any card company or bank would fight against being able to treat check cards like paper checks or against my ability to give my customers a discount.

·        The banks just want to keep their huge fee increases hidden, and that isn’t right.

·        In order for main street businesses like mine to succeed, we need basic fairness so that we can give customers discounts and real choices.  That way we can have a competitive marketplace and everyone will benefit.