Fed Announces Final Debit Swipe Fee Rules

The U.S. Federal Reserve’s final rules on debit card swipe fees sets a per-transaction debit swipe fee of 21 cents, which is significantly higher than the Fed's originally proposed rate of seven cents, or the 12 cents it proposed in December. The rules also add 0.05 percent of the transaction amount for fraud prevention. The current average is 44 cents. The final rules will begin to be implemented October 31.