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(hey-gem)
Visa Shuts Down Your Credit Card, Figures You'll Find Out Eventually
By Laura Northrup on April 25, 2012 9:00 AM
51 Comments
If you try to use your credit or debit card and find that it's been abruptly shut down, thank your bank. They've proactively shut down your compromised card, theoretically saving you from a cascade of fraudulent charges. So that's nice. But what bothered Scott when this happened to him is that no one called him to give him a heads up. More »
(WI-LO)
Visa, MasterCard Don't Want You Knowing Which Companies Are Failing At Protecting Your Information
By Chris Morran on April 3, 2012 2:49 PM
29 Comments
If your bank tells you that your credit card information was stolen from an online merchant you bought something from, it only makes sense that the bank also tell you which e-tailer failed at protecting your information. But the banks say they can't share this info because the folks at Visa and MasterCard prefer to keep that information private lest you stop doing business with the sources of the leaked information. More »
Payment Processor: Up To 1.5 Million Credit Card Numbers Stolen
By Chris Morran on April 2, 2012 6:50 AM
16 Comments
The news from the hacked third-party payment processor for MasterCard and Visa got worse over the weekend, as early reported estimates of around 50,000 card numbers put at risk turned out to be wrong by 1.45 million. More »
MasterCard, Visa Payment Processor Says Violation Occurred In Early March; 50,000 Cards At Risk
By Chris Morran on March 30, 2012 4:40 PM
13 Comments
Earlier today, we wrote about how MasterCard and Visa had begun notifying banks about a possible data breach at a third-party company that processes credit card payments. Now more information has come out regarding when the breach occurred and how many people may be affected. More »
MasterCard, Visa Warn Banks Of Possible Data Breach
By Chris Morran on March 30, 2012 10:27 AM
23 Comments
MasterCard has notified law enforcement and banks that issue its cards of a possible data breach at a third-party payment processing company. More »
CVS Sells Customer Expired Prepaid Debit Card, Shrugs
By Laura Northrup on January 5, 2012 9:30 AM
63 Comments
Last year, Mike bought a Vanilla Visa prepaid debit card at CVS as a gift for a friend, who promptly forgot that the card existed until about a year later. The card doesn't work, but not because it's been dormant for the last year and had its balance eaten up in fees. No, the problem is that this card expired in July 2010, before it was even purchased. CVS never should have sold him this card. Now neither CVS nor Vanilla Visa will take responsibility for the problem, and are even accusing Mike of being a scammer. More »
Visa Launching PayPal-Like V.me Service Next Year
By Marc Perton on November 17, 2011 3:00 PM
32 Comments
Visa will roll out its V.me online payment service early next year. The company, which announced plans for the service in March, has also launched a developer program to help merchants incorporate its payment systems into their web sites and other products. More »
Credit Cards To Sell Your Buying History So Online Advertisers Can Target You More Precisely
By Ben Popken on October 25, 2011 1:00 PM
51 Comments
How about a world where you swipe for a Big Mac and then the next time you go online you get an ad for Slimfast? That's the big idea behind Visa and Mastercard's new business foray: selling off all your swipe data to online advertisers so they can more precisely target their ads to what's going on in your skull. It's another nail in the coffin for the quaint fiction we call "online privacy." More »
(ataq411)
Bank Of America, Chase, Wells Fargo, Visa, MasterCard Sued Over ATM Fees
By Chris Morran on October 19, 2011 3:15 PM
31 Comments
Have you ever glared angrily at the ATM, knowing that you're going to be saddled with fees and wishing you could sue everyone involved? Well, it looks like more than one person has followed through on this idea. More »
ATM Council Sues Visa And Mastercard For Forcing Them To Charge Consumers Set Fees
By Ben Popken on October 14, 2011 4:00 PM
38 Comments
Visa and Mastercard have been accused of price fixing in a lawsuit filed Wednesday by the the National ATM Council. The suit alleges that nonbank ATM operators could charge customers lower ATM fees when they use other, cheaper payment networks, but are prevented from this by the set access fees Visa and MasterCard charge. More »
VISA And Mastercard Plan To Hike Debit Card Fees On Small Items For Merchants
By Ben Popken on September 29, 2011 10:00 AM
79 Comments
VISA and Mastercard are planning to sharply raise the debit card transaction fees for small purchases for merchants, according to an analyst note. A $2 cup of coffee incurs about an 8 cent fee currently, but under the new policy, the fee will hike to 23 cents. More »
Wells Fargo And Visa Take A Month To Refund $400 Gift Card Error
By Laura Northrup on August 25, 2011 11:05 AM
50 Comments
It's a pretty simple error; easy enough to make. When Todd asked for a $100 Visa gift card at Wells Fargo, the teller misheard "for a hundred" as "four hundred." $400 was promptly taken out of his bank account and placed on the card, and Todd was never asked to authorize the amount in writing. It was only when he checked the receipt after leaving the bank that he found the error. He set off to get his money put back into his account, but it wasn't so simple even just minutes after the transaction. Adding a credit card company into the mix adds a new and exciting level of bureaucracy when dealing with a large bank. More »
Banks Use Your Shopping Info So They Can Send You Targeted Coupons That Make More Money For The Banks
By Chris Morran on July 6, 2011 9:45 AM
46 Comments
The banks of America recently pitched enough of a hissy fit to effectively neuter swipe fee reform — after they raised rates, instituted fees and canceled rewards programs — claiming they'd be swiped into the poor house by the reduced fees. But not to worry, bankers are a clever folk and they always have a way to profit off your transactions. Like, for example, colleting information about your shopping habits. More »
Chase Redeems Your Rewards Points Via 19 $50 Checks
By Ben Popken on June 21, 2011 2:00 PM
59 Comments
Summer and her fiancee returned from an out of town trip this weekend to find that the Stupid Shipping Gang had paid them a visit while they were away. But instead of a tiny thing packed in a giant box, it's several tiny things packed into an excessive number of envelopes. More »
Visa Developing "One-Click" Payment System
By Ben Popken on May 12, 2011 4:00 PM
37 Comments
Visa announced that they're working on a "one-click" payment system that would make it easier for consumers to shop online without having to enter their credit card and billing information over and over again. More »
Visa Letting People Send Money By Credit Card Could Be Boon For Scammers
By Ben Popken on March 18, 2011 1:00 PM
20 Comments
Visa is launching a new service that will let people send each other money from their Visa or bank account to each other's Visa debit, credit or prepaid card, as we noted yesterday. But while this will open up new vistas of convenience, and offer a way for people who are sick of scammers exploiting Paypal's refund system to conduct transactions, I would at the same time expect to see new kinds of advance fee fraud using the service. More »
(sroemerm)
Bill Introduced To Delay Swipe Fee Reform
By Ben Popken on March 18, 2011 12:00 PM
39 Comments
Bills were introduced in both the House and Senate to delay "swipe fee reform" by at least a year and they call for a study of its potential effects. The new rules, scheduled to take effect July 21, would cap the fee banks can charge merchants for processing debit card fees at 12 cents per transaction. More »
(catheroo)
Does Visa Have The PayPal-Killing Card In Its Wallet?
By Chris Morran on March 17, 2011 11:15 AM
53 Comments
In news that should have perennial Worst Company In America candidate PayPal quaking in its boots, Visa has announced it is working on a service that will allow users to send money — from their Visa card, bank account or even cash — directly to another person's Visa debit, credit or prepaid card. More »
Treasury Dept. To Offer Tax Refunds On Pre-Paid Debit Cards
By Chris Morran on January 18, 2011 10:40 AM
74 Comments
We've been warning readers for years against "refund anticipation loans," where tax preparers like H&R Block and Jackson Hewitt give you a pre-paid debit card now loaded with your expected return (minus fees and interest). And yet, these cards have continued to appeal to some lower-income taxpayers who don't have bank accounts for direct-deposit of their returns. Now the federal government is providing these people with an alternative — a debit card that will accept the direct deposit. More »
(paalia)
Call Mastercard To Report A Merchant Breaking Rules, Get Your Account Frozen
By Laura Northrup on November 11, 2010 9:00 AM
49 Comments
Christopher meant well. He tells Consumerist that he called his credit card company to let them know about a merchant that posted a minimum charge amount to use a credit card. MBNA, in turn, decided that Christopher didn't sound like he "was supposed to" and froze his account. More »
