P.F. Chang’s Security Breach Involved 33 Locations, Goes Back To As Early As October 2013

P.F. Chang’s Security Breach Involved 33 Locations, Goes Back To As Early As October 2013

Consumers’ worried their credit card information was compromised during a security breach at P.F. Chang’s China Bistro earlier this summer now have more details. Investigators have determined that the breach affected customers’ credit card information at 33 restaurants and began as early as October 2013. [More]

10 Answers To Credit Card Questions We Get Asked All The Time

frankieleon

Credit cards come with a lot of fine print. But the scene isn’t just complicated for cardholders; it’s complicated for the retailers that accept them, too. What needs signing, and what doesn’t? When can a store ask for ID? Are they allowed to charge different prices for cash and credit? [More]

Suze Orman And Magic Johnson Prepaid Cards Come To An End

Suze Orman And Magic Johnson Prepaid Cards Come To An End

Lending their names to a reloadable prepaid debit card might be a hot way for celebrities to make money and take up permanent residence in their fans’ wallets, but they’re also widely criticized for their high fees and taking advantage of unsophisticated consumers. Now the cards promoted by two big names who really should have known better, Magic Johnson and Suze Orman, are shutting down. [More]

More Details Revealed On WEBLEARN Debit/Credit Card Scam

More Details Revealed On WEBLEARN Debit/Credit Card Scam

Last week, we told you how our banking sources had linked the recent rash of fraudulent debit and credit card charges from a mysterious company listed as WEBLEARN to the scammers behind a similar scheme that had dinged victims’ accounts for bogus $9.84 transactions during the holidays. Some further investigation by those better equipped to do so has turned up more on this link. [More]

Fraudulent WEBLEARN Debit/Credit Card Charges Possibly Linked To Earlier “$9.84″ Scam

Fraudulent WEBLEARN Debit/Credit Card Charges Possibly Linked To Earlier “$9.84″ Scam

We recently told you about a rash of low-value fraudulent charges attributed to a mysterious company called “WEBLEARN” popping up on credit and debit card statements. Since then, we’ve heard from hundreds of people who’ve been hit with these charges and while we still don’t know where the scammers got the purloined card numbers, the identity of the scammers is now less of a mystery. [More]

(Clean Wal-Mart)

Walmart Slaps Visa With $5B Lawsuit For Allegedly Fixing Card Swipe Fees

Thought retailers were done fighting credit card companies over those credit and debit card swipe fees? You thought wrong! Or not wrong, because no one can predict the future, but Walmart is steamed up and suing mad at Visa, alleging in a new lawsuit that the card company set ridiculously high card swipe fees. [More]

Appeals Court Resurrects Fed’s Debit Card Swipe Fee Limits

Appeals Court Resurrects Fed’s Debit Card Swipe Fee Limits

In a move that will please banks and annoy retailers, a federal appeals court has overruled a lower court decision on swipe fees — the amount banks charge retailers for each debit card transaction — and revived the previous controversial standards put in place by the Federal Reserve in 2011. [More]

Check Your Debit, Credit Card Statements For “BLS WebLearn” Scam Transactions

Check Your Debit, Credit Card Statements For “BLS WebLearn” Scam Transactions

A lot of times when someone gets a hold of someone’s credit or debit card info and decides to use it for illicit purposes, the ID thief makes as many charges as possible in a short period of time. But some scammers choose to chisel away at victims’ accounts in the hopes that the crime will go unnoticed. [More]

Surprise! Here’s Your New US Bank Debit Card

Surprise! Here’s Your New US Bank Debit Card

A blank envelope arrived on Amanda’s doorstep. She almost tossed it aside, since it didn’t say “HEY! I’M IMPORTANT!” on it. She happened to feel a plastic card inside, though, so she opened it up. Inside was her new debit card. That’s good, isn’t it? Amanda doesn’t think so. [More]

(laverrue)

Bank Of America’s New Debit Card Charges $5/Month For Something That Is Free On All Accounts

Bank of America is in the news because it’s testing a new debit card that won’t let customers overdraft. For that privilege, cardholders will pay a $4.95/month fee and they won’t be able to write paper checks. Thing is, anyone with a bank account can turn off overdraft protection without being required to pay a fee. [More]

(frankieleon)

After Target Breach, Banks Are Way Behind In Reissuing New Cards

The baddies behind the recent Target payment data breach are selling off card data at fire-sale prices and cranking out cards that can be used in the real world, some of the people whose card numbers were breached have a long wait to get their new cards issued. [More]

Banks Say Target Hack Has Cost Them $153 Million In Replacement Cards

Banks Say Target Hack Has Cost Them $153 Million In Replacement Cards

It’s not just Target’s sales figures that are feeling the sting of the massive data breach that affected more than 100 million customers at the height of the holiday shopping season. According to a group representing the nation’s retail banks, financial institutions have had to spend more than $153 million to replace credit and debit cards in the last six weeks. [More]

Citi To Replace Debit Cards Linked To Target Hack

Citi To Replace Debit Cards Linked To Target Hack

A month after Target first revealed that its in-store credit and debit card payment system had been breached, Citi has finally announced plans to replace all debit cards for customers whose account information was stolen in the hack. [More]

Target Confirms PIN Data Also Stolen In Credit/Debit Card Hack

Target Confirms PIN Data Also Stolen In Credit/Debit Card Hack

After days of denying a report that hackers had stolen encrypted PIN data from some 40 million Target shoppers, the retailer has finally admitted that yes, this information was indeed collected during the 3-week-long data breach. [More]

BOfA Stops Overdraft-Friendly Practice Of Re-Ordering Transactions From High To Low

Time-stamped debit purchases will now be processed in the order in which they are made, not from highest-to-lowest in value.

As we’ve noted multiple times over the years, some banks love to lump all transactions made by a customer during a day or weekend together and then process them not in the order they were received, but from largest to smallest. For customers on the brink of overdrafting, this can result in numerous fees that may have been avoided if the charges had been processed chronologically. In a rare bit of positive Bank of America news, the bank has decided to stop this high-to-low transaction processing (for many debit purchases). [More]

Fraudsters Hit My Social Security Payment. Now What?

Fraudsters Hit My Social Security Payment. Now What?

Social Security “checks” are no longer a thing. People who receive retirement, disability, or death benefits have to get them through direct deposit or a debit card. What happens when fraudsters strike and that money goes missing from the card? Too bad for you, apparently. That’s what one retiree learned when $824 in  charges she didn’t make disappeared from her debit card.  [More]

(Tony Webster)

Court Strikes Down Fed’s Debit Card Swipe-Fee Rules

One of the more contentious aspects of the recent financial reforms was a directive from Congress for the Federal Reserve to set a cap for swipe fees — the amount charged to retailers for each debit card transaction — in order to bring the fees in line with what it actually costs to process the transactions. This morning, a U.S. District Court judge ruled that the Fed disregarded the intention of the reforms by setting that cap much higher than it should have been. [More]

(lizardface)

Banks Raking In Billions In Profits From Overdraft Fees

The notion behind an overdraft fee — in which a bank customer is charged a penalty for overdrafting his account — is twofold: To incentivize consumers to pay attention to how much money is in their accounts, and to allow the bank to recoup any money it lost by covering the overage. But a new report claims that these fees have become such a profit center for banks that it’s now in their interest to push account-holders with low-balance bank accounts toward overdrafting. [More]