WASHINGTON – Big Box retailers Target, Wal-Mart, SuperValu and Costco are urging the Federal Reserve to proceed with its bid to curb debit fees, insisting they will pass on billions of dollars in reduced charges to consumers.

“Given the competitive nature of retail, whatever the benefits might turn out to be to us and to our principal competitors, those benefits are highly likely to accrue directly to the consumer,” Terry Scully, president of Target Financial Services, one of the few big box retailers to compete directly with credit unions and banks with its own bank, told the Fed in a recent comment letter on the proposal.

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