7-Eleven Delivers Congress 1.6 million signatures; Stop Unfair and Non-negotiable Credit Card Fees

| 2 Comments | No TrackBacks
Thousands of 7-Eleven franchisees across the country asked customers to support their neighborhood stores by signing petitions calling for Congress to pass legislation that prohibits credit card networks and card-issuing banks from charging unfair transaction fees. (Video below)

Yesterday, 7-Eleven delivered 1.6 million petitions to congress on the issue which is believed to be the largest petition drive to Congress calling on Congress to Pass Legislation that Stops Unfair and Non-negotiable Credit Cards Fees that are assessed to the stores -and passed onto consumers. See my Sun Sentinel Editorial Blog for more... 

7-Eleven CEO Joe DePinto and 7-Eleven store franchisees from around the country presented more than 1.66 million customer signatures to Congress collected during its "Stop Unfair Credit Card Fees" petition drive. 

The 1.66 million signatures are believed to be the largest number of signatures collected for a public policy issue on record, beating a health care reform petition submitted to Congress earlier this year with 1.3 million signatures.  

"Consumer response to this grassroots petition drive exceeded expectations," said Joe DePinto, 7-Eleven president and CEO.  "Customers share our frustration over the hidden fees that American retailers and, ultimately, consumers are forced to pay.  They, too, want Congress to take action to regulate these unfair fees, which are the highest in the industrialized world."

House Judiciary Committee Chairman John Conyers, Jr. (D-MI) and Peter Welch (D-VT), who have both sponsored legislation addressing the issue, offered their support for the petition delivery event.

"I commend the 1.6 million 7-Eleven customers who delivered petitions to Congress today," said Chairman Conyers.  "In 2008, the average U.S. family paid an estimated $427 in interchange fees, nearly triple the amount they paid in 2001.  With consumers being squeezed from all sides, and big banks receiving federal bailouts, it is time that banks and merchants come together to negotiate fair interchange rates.  My legislation, the Credit Card Fair Fee Act of 2009, will return fairness to the setting of interchange rates and level the playing field for merchants and consumers.  I hope these petitions provide the momentum necessary to address this important issue."

"Vermont's country stores and 'mom and pop' shops have been unfairly penalized for years by large banks and credit card companies seeking to make a quick buck. Swipe fees rip off small businesses and the consumers who end up paying the price," said Congressman Welch. "The franchise owners here today and the millions of signatures they have gathered are a testament to the importance of ending this unfair practice."

Leaders, flanked by boxes containing 14,000 petition pads, called on Congress to pass legislation that stops credit card companies from charging unfair, non-negotiated transaction fees.  Interchange fees aren't transparent to the consumer and are assessed to store owners every time a consumer uses a credit card.  These charges result in higher prices, which are borne by all consumers, whether or not customers use a card or cash.  

In 2008 alone, these fees cost American businesses and their customers $48 billion.  According to the National Association of Convenience Stores (NACS) 2008 State of the Industry data, on average, an American convenience store owner paid 63 percent more in transaction fees than they earned in profits.

It appears as though 7-Eleven has jumped on board with consumers who are outraged over unfair banking practices and skyrocketing credit card fees! The question is, will Congress act?

No TrackBacks

TrackBack URL: http://www.givemebackmycredit.com/cgi-bin/mt/mt-tb.cgi/544


Times they are a changin'. Maybe CVS, Walgreens, and other chain stores will back up 7eleven! It's about time we see corporate America stand up for us, even though it took hurting their pockets to do so. Those that learn to support us will win our loyalty and our business for good. Go 7eleven. I could go to my neighborhood store tonight, but now I will drive the extra mile to support 7 Eleven. Glenn

Glen, you are right. Bank bailouts and credit card rates pissed off a lot of people. If Seven-Eleven helps their customers and wins public support maybe more franchises and CEO's will be on the site of the little guy and the banks will back-down. These banks are beginning to affect the pockets of the 7-elevens of the world when customers need to cut back on their shopping at malls and convenience stores.

Leave a comment

A memoir exposing the steep price consumers pay when facing mortgage servicing errors, inaccurate credit reporting, illegal debt collection practices, identity theft and weak consumer protection laws. THE BOOK » DENISE'S STORY »