Before Federal Reserve regulations cut back on perks such as reward programs and free checking to soften the blow, Lenders collected about $16 billion annually from swipe fees. Unless overturned, the decision will force regulators to revisit rules that bankers said would cost them 45% of their swipe-fee revenue.
Month: August 2013
Credit and Debit Card Issuers Agree to a $7.25 Billion Settlement with US Retailers
“This is a historic settlement,” said Bonny Sweeney, a lawyer for the plaintiffs. The settlement “will help shift the competitive balance from one formerly dominated by the banks which controlled the card networks to the side of the merchants and consumers,” said Craig Wildfang, who also represented the plaintiffs.
First Tennessee Bank Introduces Its New Debit Card for UT Vols Fans
First Tennessee Bank, a longtime corporate supporter and the official bank of the University of Tennesse’s Vols and Lady Vols, already offers Big Orange checking, with personalized checks.
Oakland Issues Hybrid ID – Prepaid Debit Cards
According to the article by J.B. Wogan, the reason Oakland chose to do this is because of a desire to encourage more low-income residents – typically the segment of the population that does not already have an ID – to have access to traditional banking services. Often, citizens who don’t have bank accounts rely on expensive cash-checking and payday lenders for their financial service needs.
Occupy Prepaid Debit Card No Slam Dunk
Good intentions and plenty of publicity aside, the Occupy Cooperative faces a tough road ahead. That’s the message of a recent article in Time Magazine entitled “5 Hurdles an “Occupy”-Branded Banking Product Must Clear.” In the story, reporter Martha White identifies a number of challenges Ross and his colleagues will face as they begin their crusade to upend the financial services industry.
Changes To American Express Serve Accounts
Cardholders will now be able to withdraw cash without incurring a fee from more than 22,000 ATMs in the MoneyPass network worldwide. Outside of the MoneyPass network, Serve will charge $2 per withdrawal, which is in addition to any fee levied by the ATM operator. Perhaps the most important of the recent changes announced by American Express has to do with Federal Deposit Insurance Corporation (FDIC) insurance.