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Senator to speak on credit card rates

IDNUMBER 200902250036
PUBLICATION: Times & Transcript (Moncton)
DATE: 2009.02.25
SECTION: Business
BYLINE: Alan Cochrane Cochrane report
COPYRIGHT: © 2009 Times & Transcript (Moncton)

Senator to speak on credit card rates

N.B. Senator Pierrette Ringuette will speak about her campaign for an investigation into credit card and debit card rates and fees when she appears in Moncton on March 6.

Ringuette recently tabled a motion in the Senate asking the Standing Senate Committee on Banking, Trade and Commerce to examine the credit and debit card systems in

Canada and their relative rates and fees, in particular for businesses and consumers. She hopes the investigation will expose the impact of rates and fees on businesses and consumers. Interchange rates are the percentage of the total purchase price that businesses pay in order to provide credit card services to their customers -- and they have risen substantially in 2008.

The senator believes the Senate should investigate and report on the credit and debit card systems in Canada. She argues the government must establish regulations and oversight to ensure transparency into credit and debit card rates.

Ringuette will speak on March 6 from 8 to 9:30 a.m. at the Moncton Press Club, 160 Assomption Blvd. Her speech will be hosted by the Greater Moncton Chamber of Commerce. Admission is $10 plus HST for GMCC members, $15 for future members and $8 for students.