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Fighting Fee Increases

Businesses fight the credit card giants' high fees.

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This story appears in the November 2005 issue of Entrepreneur. Subscribe »

Tired of the increasing costs of credit card transactions? A group of merchants have banded together to fight back with class action lawsuits charging Visa, MasterCard and other leading banks with illegally fixing prices on interchange fees.

"The banks have become increasingly greedy with their fees, which is making life difficult for retailers and driving up prices for their customers," explains Mallory Duncan, senior vice president and general counsel of the National Retail Federation. "Visa and MasterCard are essentially monopolies, and they are using their status as monopolies to increase profits at the expense of consumers."

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