Another week, another large retailer accusing Visa of forcing stores to accept debit cards in a way that it is not as secure as it could be — and which will cost the retailer more money to process. [More]
Last week, General Motors revealed that it had incorrectly calculated the fuel economy on three models of SUV. The carmaker stopped the sale of these vehicles and is now going through the mea culpa process, trying to make things right with drivers who already own one of these SUVs.
There are contexts where prepaid debit cards are useful. Consumers without bank accounts who would otherwise deal all in cash use them, and they’re also useful for distributing allowances. The problem with prepaid cards is that they impose high fees for functions like reloading, using out-of-network ATMs, or monthly fees for simply having the card. However, they’re better than they used to be, largely because at least they disclose those fees. [More]
Even though the Dodd-Frank financial reforms effectively halved the fees that retailers must pay to banks for each debit card transaction, the stores say that amount is still too much. And with all of their legal options exhausted, the retail industry is calling on the Federal Reserve to re-think the cap it put in place nearly five years ago. [More]
Bank customers weary of using ATMs for fear they’ve been compromised by ne’er-do-wells using skimmers to get their hands on card numbers have a new option. That is, if they bank with JPMorgan Chase, as the company is rolling out new cash machines that are not only cardless, but will let you take out money in a wider variety of denominations. [More]
There’s potential good news out of Safeway: while the company confirmed that they found skimmers in credit card payment terminals in two states, a spokesperson says that the baddies didn’t harvest any customer data from the stores in California. Instead, the grocer found them back in September while inspecting terminals. While it’s good news that customers didn’t walk up to an ATM only to find their bank accounts drained, it’s still worrisome that someone was able to install the skimmers in the first place. [More]
In spite of rules intended to crack down on the once-rampant mis-marketing of credit cards to college students, some schools have not been fully transparent about lucrative agreements they’ve made with card companies, and could face federal penalties. [More]
You are, presumably, a financially responsible adult, or aspire to become one. Yet it’s easy for even the most financially responsible grown-up to forget to change everything over when you receive a new credit or debit card. As banks are supposed to replace all of our cards for the EMV changeover, our forgetting to update the cards on our Netflix accounts is actually affecting the company’s profits. No, really. [More]
If you think you’re being bled dry more quickly by ATM fees, you’re probably not imagining things. A new survey shows that the cost of getting money from an out-of-network ATM has risen 21% over the last five years and the national average is now higher than $4.50 per transaction. [More]
If you shopped at Jewel-Osco recently and used your credit or debit card to pay, you might want to check your accounts and make sure you weren’t charged multiple times for one transaction: the grocery chain confirmed on Monday that its payment system suffered a glitch that could’ve caused some customers to be overcharged for their purchases.
Now that its retail partner Costco has moved on to different credit cards, AmEx is apparently looking for some new customers who are a little downmarket from their old ones. Like its pal Bluebird, the card is reloadable and can even accept direct deposits from your employer. It offers one extra thing as an incentive to go prepaid: cash-back rewards like a credit card. [More]
While prepaid debit cards have long been criticized for having too many fees (and for being less than transparent about those fees), the impact of those fees will largely depend on how you use a particular prepaid card. Choosing one that’s ill-suited to your needs could cost you hundreds of dollars a year in fees that you didn’t need to spend. [More]
After an earlier report that it would do so, JPMorgan Chase says it’ll be reissuing debit cards for all its customers, replacing the old magnetic strip cards with those containing microchips for increased security.
In what has become an unfortunately familiar experience, yet another retailer is announcing that it might’ve been the victim of a potential data breach: Sally Beauty confirms that it’s investigating “unusual activity” involving payment cards at some of its U.S. stores. This, a year after a breach that affected tens of thousands of customers.
The cozy relationship between institutions of higher education and credit card issuers has come under increased scrutiny in recent years as consumer advocates and legislators have debated whether or not products like student IDs that double as credit or debit cards provide an actual benefit to students or if they’re just a way for schools and banks to rake in the big bucks. According to a new report from the Center for Responsible Lending, the excessive overdraft fees surrounding the use of the cards suggest the latter point. [More]
Meijer is trying to win back customers with an apology and a $10 coupon, after customers were forced to either pay cash or abandon their shopping carts two days in a row last month. The retailer suffered two credit card system failures, two days in a row, that kept shoppers from paying for their goods with credit or debit cards.
More than four years after the Dodd-Frank banking reforms directed the Federal Reserve to set a standard for swipe fees — the money charged to retailers by banks for each debit card transaction — the hotly debated issue appears to have hit a dead-end with the U.S. Supreme Court deciding this morning to not hear an appeal from retailers who contend the Fed set the fees too high. [More]