THE INTERCHANGE FIGHT GOES ON: Consumerist reports on the tete-a-tete between Illinois Senator Rick Durbin, sponsor of the amendment which would impose a price cap on interchange fees and Jamie Dimon, CEO of JPMorgan Chase. Dimon attacked the amendment, and Durbin shot back, attacking the banking industry in general and Chase in specific. Obviously, it’s easy to sneer at banks, MasterCard, or Visa, claiming each profits too much. But before you side with Durbin, and assume you’ll soon reap savings on groceries when you swipe your card, think again. At the other end of this lobby isn’t small-business retailers who claim pennies per swipe cost them dearly. It’s big-box retailers like Walmart, Home Depot, Target and more, who see a potential windfall amid rising costs of goods. Assuming Average Joe will see lower prices due to a reduction in interchange fees is a pipe dream. Instead, nothing will change for Average Joe. A gallon of milk will still cost $5.00, but he’ll discover new charges. His mega-bank will begin assessing a value fee for ATM withdrawals, debit transactions, and more. Despite the popular party line, banking services and convenience do carry monetary value – similar to the small fees retailers pay for the convenience and security of card use. The small businesses aren’t the ones being hurt. They aren’t even the ones playing the game.