WASHINGTON—A new TV commercial has been unveiled by the Merchants Payments Coalition that argues banks are “taking a swipe” at consumers with credit card swipe fees that cost the average family over $1,000 a year.
“Ever get the feeling big banks are taking a swipe at you?” an announcer asks as a man identified as “Mr. Big Banker” and wearing a boxing glove punches a man paying with a credit card at a gas pump. “Every time you swipe your credit card, banks make big money, charging you up to 3% in hidden fees on every purchase you make.”
The video goes on to then show the same consumer punched again while buying a bottle of water and again at a cash register. He continues to accumulate bandages and eventually a neck brace as the announcer says swipe fees cost the average family “more than a thousand bucks a year.”
‘No More Getting Sideswiped’
“Only Congress can stop big banks from ripping off consumers,” the announcer states. “No more getting sideswiped – tell Congress to pass the Credit Card Competition Act now.”
Credit unions and other financial services providers strongly object to the legislation.
According to the Merchants Payments Coalition, the 30-second ad and similar digital banner ads are running in Washington and targeted markets around the country.
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