DT Economics partner David Thomas, in his role as a Settlement Decision Maker for the UK's Payment Systems Regulator, today issued a Decision Notice.
As reported in the press, "National Westminster Bank, Royal Bank of Scotland, Ulster Bank and Coutts have been fined 1.82 million pounds ($2.2 million) by the UK's Payment Systems Regulator for overcharging interchange fees on credit cards. The banks incorrectly treated several cards as “commercial” cards when they should have been treated as “consumer” cards. This means that fees charged by these banks were set at too high a level, resulting in both clients and merchants being overcharged, the regulator said."
