Most U.S. consumers with an opinion on debit card interchange fees agree the fees are necessary for fraud prevention efforts, and they would oppose lowering the fees if it meant higher checking account fees, according to a new survey by Morning Consult and the Bank Policy Institute.
The Federal Reserve has proposed revising Regulation II to lower debit card interchange fees. The Morning Consult/BPI survey found that U.S. adults are overwhelmingly satisfied with their debit cards and regularly use them to make purchases. More than two-thirds of respondents (70%) use debit cards at least once a week to make purchases, with speed of checkout, convenience and security among the top reasons cited for card use.
Seventy-three percent of respondents with an opinion on interchange fees agreed that the fees are necessary to support fraud prevention measures by banks, according to the survey. Seventy percent of that same group said that lowering interchange fees would only benefit large retail chain stores, with 72% opposing lowering the fees if it meant higher checking fees. A further 79% said the fees are fair compared to the benefits that retailers receive from accepting debit card payments.
