In the last week’s Visa-sponsored webcast on debit card interchange issues, it was announced that Visa will release new interchange rates for institutions under the $10 billion asset threshold. Credit unions within the Visa network that have not yet received interchange rate information should contact their Visa representative.
Just as MasterCard indicated in an earlier credit union conference call, a two-tiered system will be created for the Visa network when new interchange regulations take effect October 1. However, MasterCard plans to keep its existing market-based rate structure in place for credit unions and other financial institutions under $10 billion in assets.