Thursday, November 16, 2006

Why Not Post Exact Interchange Fee on Receipts? (

Banks are using technology to spur new customer loyalty. Why not go even further and use technology to help all their retail and cardholder customers?

According to an article in today’s Wall Street Journal reported by Jane J. Kim, Well Fargo® is now offering numerous online tools to help customers track their investments. “My Savings Plan” calculates and tracks accounts to better help customers schedule and manage their online accounts. Technology has played an important part in providing more lavish and detailed data. If Well Fargo and other banks can use technology to provide more information, why are they inflexible and silent about compelling the two leading credit card associations to publish the exact interchange fee for every charge on all cardholder receipts?

Wells Fargo and the other named defendants are members of both Visa® and MasterCard® and also issuers and acquirers.