WASHINGTON – In an unprecedented call for urgent Congressional action yesterday, 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 Rep. 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 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 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.”
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. The signature drive ran from June 22 through Aug. 10 at store counters coast to coast.
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 NACS State of the Industry data, on average, an American convenience store owner paid 63 percent more in transaction fees than they earned in profits.
The 7-Eleven franchisees in attendance include the eight of the most successful signature-gatherers among 7-Eleven’s 6,300 participating stores. Following the press conference, the franchisees will personally deliver petitions to their members of Congress.