October 31, 2014 / 5:13 PM / 4 years ago

Canada banks, card companies reach deal on retail fees -report

TORONTO, Oct 31 (Reuters) - Canada’s major banks and credit card companies have reached a deal with the federal government to cut fees charged to merchants for credit transactions, the Canadian Press news agency reported on Friday, citing unidentified sources familiar with the talks.

The report said the deal will result in lower interchange fees charged to retailers and service providers for using credit cards, and fees would be capped for an unspecified period of time.

A Finance Ministry spokesman said he could not comment on speculation. But Finance Minister Joe Oliver said in a televised interview that there would be an announcement on the issue “soon.”

Reporting by Jeffrey Hodgson; With additional reporting by David Ljunggren and Randall Palmer in Ottawa.

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