Consumers could be hurt

The recent story "' Plastic' fees battering merchants" (Nov. 18) unfortunately failed to mention the harm that would befall consumers — and smaller financial institutions like the one I represent — if Congress were to pass the interchange legislation described in the piece.

As a credit union, the revenue that we receive from interchange — what merchants pay to accept debit and credit cards — allows us to offer cards to our loyal members. Artificially lowering this merchant cost of business would force us to make an impossible decision either to raise costs for our members or to stop offering cards altogether, leaving consumers with fewer choices and higher prices.

And not just credit unions and our members would be hurt. In fact, an independent report on interchange released by the Government Accountability Office just last week concluded that all of the policy proposals involving interchange could end up harming consumers.

Hopefully, members of Congress realize that now is not the time to pander to the special interests of big retailers while increasing the burden on consumers. I urge them to oppose this harmful legislation.

Kris J. Mecham

President and CEO

Deseret First Credit Union