A law that would make Illinois the first jurisdiction in the world to ban financial institutions from charging “interchange fees” on the tax and tip portions of debit and credit card transactions finally got its day in court this week nearly 18 months after its passage.
Again, Illinois is led by dimwits charging windmills. First, interchange fees, whether anyone likes them or not, are charged because banks have a cost to run the interchange, issue cards and monitor transactions. For the IL AG to say they are not performing a service for those fees is a gross misstatement of fact. If that were the case, our internet and cell phone bills should be near zero too because your cell phone company seemingly doesn’t provide a “service” to use your phone daily and we should just pay for calls we make. I can’t wait for that. Secondly,… Read more »
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
Again, Illinois is led by dimwits charging windmills. First, interchange fees, whether anyone likes them or not, are charged because banks have a cost to run the interchange, issue cards and monitor transactions. For the IL AG to say they are not performing a service for those fees is a gross misstatement of fact. If that were the case, our internet and cell phone bills should be near zero too because your cell phone company seemingly doesn’t provide a “service” to use your phone daily and we should just pay for calls we make. I can’t wait for that. Secondly,… Read more »