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Interchange Fees

Hold Merchants Accountable for Personal Data

Bill Cheney | Posted 03.19.2014 | Money
Bill Cheney

The cost of a merchant data breach -- whether it is at a large national merchant or a local merchant -- can be significant for credit unions of all sizes. Because of credit unions' cooperative structure, the cost of such breaches are ultimately borne by credit union members.

Stopping the Spread of Bad Ideas

J. Bradley Jansen | Posted 01.23.2014 | Business
J. Bradley Jansen

One bad idea spreading across international borders is regulating the prices businesses pay each other to process electronic payments.

Restaurants Blast $7.2B Credit-Card Fee Settlement

Reuters | Posted 11.25.2012 | Small Business

By Lisa Baertlein and Jessica Dye NEW YORK, Sept 24 (Reuters) - The National Restaurant Association said Tuesday it is joining the opp...

What The Massive Credit Card Settlement Could Cost You

Reuters | Posted 09.15.2012 | Money

By Beth Pinsker Gladstone NEW YORK, July 16 (Reuters) - Cash or credit? That is a familiar choice at the gas pump, with ...

Credit Card Companies Pay BIllions To Settle Fee Fixing Claims

AP | ANNE D'INNOCENZIO AND PALLAVI GOGOI | Posted 07.14.2012 | Business

NEW YORK -- Visa, MasterCard and major banks agreed to pay retailers at least $6 billion to settle a long-running lawsuit that alleged the card issuer...

Loren Berlin

Why You Could Soon Be Getting A Discount At The Pump

HuffingtonPost.com | Loren Berlin | Posted 04.17.2012 | Money

On Tuesday, President Barack Obama will ask Congress to get tougher with speculators who are increasing the cost of gasoline by gambling on future oil...

JPMorgan Chase Primarily Interested In Ballers, Shot-Callers

The Huffington Post | Alexander Eichler | Posted 02.29.2012 | Business

If you've got less than a hundred grand in the bank, JPMorgan Chase is just not that into you. At a presentation to investors this week, JPMorgan e...

Bank of America, Adam Smith and a Fee Market System

Adam Levin | Posted 12.09.2011 | Business
Adam Levin

In keeping with the new Durbin-inspired trend of candor and brevity, Bank of America CEO Brian Moynihan justified the new fee by saying, "we have the right to make a profit." Translation: I think they need the dough.

June 29 Marks a New Day for Retailers, and Possibly Consumers Too

Patrice Peyret | Posted 08.30.2011 | Business
Patrice Peyret

The Federal Reserve today issued the final rules on the Durbin Amendment, and it's an ultimate win for retailers, although I predict some battles to c...

Against Their Own Interests

Mike Lux | Posted 08.03.2011 | Business
Mike Lux

It's unfortunate that some community bankers have gotten caught up on the wrong side of this battle, but the bottom line couldn't be clearer. Swipe fee regulation is a straightforward fight between Main Street and Wall Street.

Democrats and Wall Street

Mike Lux | Posted 07.06.2011 | Politics
Mike Lux

The Republicans in the Senate have thrown down the gauntlet: 44 Republican senators have signed a letter saying they won't confirm anyone to be the director of the new Consumer Financial Protection Bureau unless the new agency is made toothless.

The Poor Get Swiped by Swipe Fees, the Rich Make Bank

Bryce Covert | Posted 07.04.2011 | Business
Bryce Covert

Whenever I bring up the predatory bank practices that keep people stuck in debt, usually the first push back I get is that credit cards can be useful. But this argument misses the point.

Sony Data Breach: Another Case for Interchange Delay

Bill Cheney | Posted 07.03.2011 | Business
Bill Cheney

When all is said and done, credit unions and banks will have spent millions on what appears to be a major security failure caused by Sony's inability to protect its consumer data.

That Old 'Which Side Are You On?' Thing

Mike Lux | Posted 06.20.2011 | Politics
Mike Lux

Because Republicans want to destroy -- just utterly destroy -- unions, Medicare and Medicaid, the progressive movement and vast majority of the Democratic Party are on the same side. And it is a great feeling.

Wall Street Banks: Making Enemies Everywhere

Mike Lux | Posted 05.29.2011 | Business
Mike Lux

In a post a few days back, I observed that the big Wall Street banks were in for a fall because they had become so arrogant in their power and wealth....

Wells Fargo Halts Enrollment In Debit Rewards

AP | The Associated Press | Posted 05.28.2011 | Business

Another bank is ending its debit rewards program. Wells Fargo says it will stop enrolling new customers in its debit card rewards program as of April ...

JPMorgan Considers Spending Limit On Debit Cards

CNN | Blake Ellis | Posted 05.25.2011 | Business

JPMorgan Chase, one of the nation's largest banks, is considering capping debit card transactions at either $50 or $100, according to a source with kn...

Bankers' Holiday

Mike Lux | Posted 05.25.2011 | Business
Mike Lux

The ideologues who want no check whatsoever on the power of big business have declared war on the middle class. But these attacks on the things we hold dear are putting the "movement" back in the labor movement.

Debit Card "Swipe" Fees: Will Low-Income Consumers Be Protected?

Preeti Vissa | Posted 05.25.2011 | Business
Preeti Vissa

A rule change being considered by the Federal Reserve Board could have a big effect on banking services -- and on whether low-income Americans are able to access those services.

New Interchange Rules for Debit Cards: A Perceived 'Win' Is Really a Loss

Bill Cheney | Posted 05.25.2011 | Business
Bill Cheney

The coming changes to the debit card interchange rules, esoteric though they may be, are going to have real and negative consequences that will unfortunately hit consumers directly in the pocketbook.

Why You Should Care About Hidden Interchange Fees in 2011

Patrice Peyret | Posted 05.25.2011 | Business
Patrice Peyret

The proposed cap is not a good first step. It will surely ignite an endless debate by less-than-candid incumbents about why the chosen number is wrong.

New Debit Fee Cap Could Mean Higher Prices For Consumers

AP | By EILEEN AJ CONNELLY | Posted 05.25.2011 | Business

NEW YORK — A proposed cap on the fees that banks charge for debit card transactions would substantially reduce the cost for businesses. But it's...

New Senate Rules Hit Card 'Interchange Fees' - And Shopping Could Become Cheaper

AP | By JIM KUHNHENN | Posted 05.25.2011 | Business

WASHINGTON -- Striking at a lucrative bank business, the Senate on Thursday voted to force credit card companies to reduce fees for debit card transac...

Have You Heard of the Interchange Fee?

Pedro Nava | Posted 05.25.2011 | Los Angeles
Pedro Nava

Interchange fees cost Americans $48 billion a year.

Haiti Credit Card and Bank Donations: Companies Must Use Their Consciences

Rep. Betsy Markey | Posted 05.25.2011 | Denver
Rep. Betsy Markey

We await word from Citigroup, JP Morgan Chase, Wells Fargo, and Bank of America. My hope is that they will make sure that every dollar donated to earthquake relief gets directly to the people of Haiti.