US Senator Dick Durbin is requesting the Fed probe card networks and issuers, such as Mastercard and Visa.<br />The senator wants an investigation over potentially anticompetitive fees.<br />Durbin's letter hi-lighted that merchants are paying excessive debit card fees during the pandemic.<br />The companies have planned major fee changes for US-based merchants.<br />The Feds are requesting a competition-based investigating into Visa, Mastercard, and major issuers.<br />Business Insider reports the Fed investigation could intensify conversations about fees and pressure to make changes.<br />High card fees can both hinder merchants' ability to survive, especially now, when cash flow is challenging, and translate to higher prices for consumers.
