Majority of Illinois voters support ban on interchange fees

(CAPITOL NEWS ILLINOIS) – A new poll shows nearly three-quarters of Illinois voters support banning fees banks charge for swiping a credit or debit card, applied to taxes and tips.

Capitol News Illinois reports that Illinois recently passed a law that does just that: banning interchange fees on taxes and tips. But this law will not come into force until next year – and it faces a legal challenge from banking groups.

Leaders of the Illinois Retail Merchants Association — which supported the legislation and commissioned the poll — hoped to see whether Illinois voters supported the new law.

“86% of voters agree that it is unfair for banks and credit card companies to charge businesses withholding fees on the sales taxes they collect for the state of Illinois and units of the local government,” said Rob Karr, President and CEO of IRMA.

The poll also indicates that 82 percent of voters think it’s unfair for workers and businesses to charge swipe fees on top of tips.

Banking groups want the courts to declare the new law invalid – this lawsuit is currently working its way through the court system.