DODD CALLS ON CREDIT CARD COMPANIES TO WAIVE FEES ON DONATIONS TO AID HAITI
January 14, 2010
WASHINGTON – As donations pour in to humanitarian organizations to aid the victims of the devastating earthquake in Haiti, Senate Banking Committee Chairman Chris Dodd (D-CT) called on credit card companies to waive the transaction fees that prevent the full amount of charitable donations from reaching the intended recipients.
For every dollar Americans donate by credit card to the Haitian recovery effort, credit card companies charge the humanitarian organization around three cents in “transaction fees.” With the overwhelming need, these charges could quickly rack up millions of dollars in profit for the credit card companies.
“Across the country, Americans are offering their hard-earned dollars to aid the Haitian people, but their donations could do more if credit card companies weren’t skimming off the top,” said Dodd. “I urge credit card companies to join the cause and waive the transaction fees that are taking these generous donations away from the Haitian relief effort.”
The problems posed by these fees were today outlined in an analysis by the Huffington Post