ARLINGTON, Va. – Yet another of a blizzard of lawsuits over interchange has been filed by an unhappy retail trade association. The National Grocers Association and some of its affiliated members together filed the lawsuit in the Eastern District of New York on Nov. 14. "Soaring interchange fees are devastating the retail industry and increasing costs for all American consumers regardless of their form of payment. In a free market – with low interest rates, fraud down and transaction volume up – competition would cause interchange fees to decrease. However, interchange fees continue to grow exponentially because there is no competitive market," said Thomas K. Zaucha, N.G.A. President and CEO. NGA represents 1,500 mostly local or regional supermarket chains, so-called tier II and tier III stores, and 60 wholesale grocery companies, according to Stuart Zlotnikoff, senior vice president with the association. As tier II and tier III stores, the NGA-affiliated supermarkets pay higher interchange rates than larger supermarket chains. -

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.