A screengrab of the e-mail being sent to beta testers of the CurrentC app.

CurrentC, Walmart-Led Competitor To Apple Pay, Has Already Been Hacked

A number of major retailers, most notably Walmart, have yet to allow shoppers to use the recently launched Apple Pay system at checkout, and national drugstore chains Rite-Aid and CVS stopped offering Apple Pay as an option after only a few days. That’s because all of these retailers are part of a consortium working on a competing system called CurrentC, which by the way, has already been hacked. [More]

(zipsonic)

Why Did CVS & Rite-Aid Stop Taking Apple Pay?

After nearly a week of accepting payment via the recently launched Apple Pay system, both CVS and Rite-Aid suddenly stopped offering this option to shoppers over the weekend. And neither retailer is giving a reason why, though it appears to be part of a retail-industry effort to eventually roll out its own payment system. [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]

(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]

Walmart Comes Out Against Credit Card Swipe Fee Settlement

Walmart Comes Out Against Credit Card Swipe Fee Settlement

Earlier this month, when the Visa and MasterCard announced a massive settlement in the legal battle over credit card swipe fees, it looked like the seven-year-old dispute had finally come to an end — and that we’d all soon be seeing credit card surcharges at retailers. But in just the last few days, the nation’s largest retailers have come out in opposition of the settlement. [More]

Visa, MasterCard Agree To Let Merchants Add Surcharges To Credit Card Purchases

Earlier this week, we told you that a settlement in a huge lawsuit between merchants and Visa and MasterCard was in the offing and that it could open the door to retailers tacking on surcharges to credit card customers. Well, that proposed settlement has come to pass, meaning you may soon be paying more for the privilege of using your credit card. [More]

Get Ready To Pay Surcharge Every Time You Pay With Credit Card

Get Ready To Pay Surcharge Every Time You Pay With Credit Card

Visa and MasterCard know there is nothing that American consumers love more than fees and surcharges. That’s why the credit card companies are reportedly looking to do away with longstanding rules that prohibit merchants from adding on extra costs to customers who pay with credit. [More]

Consumers Getting Mixed Messages On Debit Cards In Wake Of Swipe Reform

Consumers Getting Mixed Messages On Debit Cards In Wake Of Swipe Reform

Last year, banks and financial regulators on Capitol Hill went head-to-head over swipes fees, the amount of money banks charge businesses each time they accept a debit card purchase. While swipe fees did end up being reduced by only a fraction of what had initially been proposed, banks are still whining about the pennies they are no longer bringing in. Thus, shoppers are receiving mixed messages from retailers and financial institutions about whether to use their debit card, credit card, or cash. [More]

McDonald's Exec: Swipe Fee Reform May End Up Hurting Our Bottom Line

McDonald's Exec: Swipe Fee Reform May End Up Hurting Our Bottom Line

A number of the new or increased banking fees, including Bank of America’s scrapped attempt to charge debit card users $5/month, that have popped up recently have been financial institutions’ reactions to recently enacted regulations that cap swipe fees — the amount banks charge retailers each time a debit card is used to make a purchase. While the goal is to put billions back into retailers’ coffers, some of the nation’s biggest chains say it may end up hurting them. [More]

With Debit Card Fees Disappearing, What Will Banks Try Next?

With Debit Card Fees Disappearing, What Will Banks Try Next?

While today’s announcement that Bank of America is dropping its plan charge a monthly debit card fee, and that other big banks have similarly scrapped their fees, could be dubbed a victory for consumers, it’s only a small triumph, and one that has people wondering what the banks will do next. [More]

BofA Ending $5 Debit Card Fee

BofA Ending $5 Debit Card Fee

Bank of America is calling off its plan to charge debit-card users $5 a month, the WSJ reports. [More]

Fox Business Network Anchor Takes Scissors To Bank Of America Debit Card On Air

Fox Business Network Anchor Takes Scissors To Bank Of America Debit Card On Air

The backlash against Bank of America’s decision to charge a $5 monthly fee to some customers who use debit cards to make purchases continues, with Fox Business Network’s Gerri Willis taking a pair of scissors to her BofA debit card in the middle of an on-air report. [More]

Dick Durbin Slams Bank Of America Over $5 Debit Card Fee

Dick Durbin Slams Bank Of America Over $5 Debit Card Fee

Yesterday, Bank Of America announced it would begin charging a $5 monthly fee for some BofA customers who use their debit cards to make purchases. Not surprisingly, this did not go over well with Illinois Senator Dick Durbin, one of the leading proponents of swipe-fee reform. [More]

Bank Of America To Charge $5 Monthly Fee For Some Debit Card Users

Bank Of America To Charge $5 Monthly Fee For Some Debit Card Users

Even though swipe fee reform resulted in a bank-friendly compromise, it still managed to halve the amount banks earn every time you pay for something with a debit card. And so the hunt to make up for that lost money continues, with Bank of America looking to charge a $5 monthly fee to some debit card users. [More]

Wells Fargo To Test $3 Monthly Debit Card Fee

Wells Fargo To Test $3 Monthly Debit Card Fee

Back in March, Wells Fargo announced it was killing off its debit rewards programs, but apparently that was not enough. Now the bank has said it will test a monthly $3 fee — in addition to any service fees — just for having a debit card. [More]

Long-Awaited Fed Ruling Caps Swipe Fees At 21 Cents

Long-Awaited Fed Ruling Caps Swipe Fees At 21 Cents

The Federal Reserve unveiled its ruling today on the fees banks can charge merchants for processing debit cards at 21 cents a swipe. The cap is far less restrictive than the 12 cent ceiling set by the Dodd-Frank bill, but is still less than the current 44 cent average. It’s uncertain how this will affect the consumer. [More]

Senate Votes To Continue With Debit Card Swipe Fee Slash

Senate Votes To Continue With Debit Card Swipe Fee Slash

The Senate narrowly voted earlier today to defeat a measure to delay new rules that significantly decrease swipe fees, the amount of money banks charge retailers every time a debit card is used. [More]