The Long Shadow of Bad Credit in Job Search Over the last several decades, credit reporting bureaus have been selling their services to a much wider range of buyers than just banks. Nearly half of employers use credit checks when … Continue reading
As the use of prepaid debit cards increases, so does the risk of theft and fraud. Last week, federal prosecutors charged eight individuals in New York with cyber attacks on the global financial system. They were part of an international … Continue reading
PTO Today is a popular resource for school fundraising groups, and now its efforts are even more expansive. Thanks to a partnership with PayAnyWhere, PTO Today now allows school groups to accept money from credit and debit cards directly through … Continue reading
Meet Justin Bieber, financial spokesman. A new prepaid card is available called SpendSmart is being heavily promoted by none other than the teen heartthrob. Bieber is using his social media army, reportedly comprised of 30 million Twitter followers and 48 million Facebook fans, to … Continue reading
ATM Fees on the Rise Using an ATM outside of your bank's network is becoming more expensive. The average fee a bank charged a non-customer for using their ATM in 2012 was $2.10, a 20 percent increase from the $1.75 … Continue reading
The prepaid debit card industry has grown tremendously in the last few years and consumers are expected to load $672 billion on these cards in 2013. What is the hype behind prepaid cards? Why do consumers love them so much? In this … Continue reading
The European Commission has begun an investigation regarding the fees MasterCard charges consumers for card transactions made while visiting Europe. According to the BBC, the European Commission, the antitrust regulator of the European Union, said some of the firm's "inter-bank … Continue reading
Schnucks, a major supermarket chain based in St. Louis, announced that 2.4 million debit and credit cards of its customers may have been compromised over a four month period. According to company officials, the breach occurred from December 2012 to … Continue reading
It used to be commonplace on flights to pay cash for an alcoholic beverage. Not anymore. Many airlines have now switched to a cashless policy, requiring purchases only by a debit or credit card. The non-cash requirement on airlines was … Continue reading
For the longest time, the U.S. government has issued unemployment and workers compensation payments through checks in the mail. They eventually opened the option of receiving direct deposits into a bank account, but that does not help the thousands of … Continue reading
A bill was introduced in the House of Representatives on Tuesday which would put further limitations on overdraft fees on checking accounts. Democrat Carolyn Maloney introduced the "Overdraft Protection Act" bill that would require overdraft fees be "reasonable and proportional" to … Continue reading
People often assume that it takes bad credit to get declined for a credit card, but that is not always the case. A complete lack of credit may be just as detrimental to your chances, depending on what card you … Continue reading
Prepaid Cards May Lack Protections of Checking Accounts Reloadable prepaid cards don't have to carry federal deposit insurance, as checking accounts do, says a new report from a project of the Pew Charitable Trusts. Cardholders can use them for direct … Continue reading
The good news continues for the credit card industry. Yesterday, Visa reported that its credit card payment volume in the United States for the first two months of the year was up 11 percent compared to 2012 levels. Debit card … Continue reading
When it comes to paying income taxes, the Internal Revenue Service doesn't really care whether you pay by cash, check, debit or credit card. A significant number of people have opted to pay with a debit or credit card since … Continue reading
Young Adults Retreat From Piling Up Debt Total debt among young adults dropped in the last decade to the lowest level in 15 years. A typical young U.S. household, defined as one led by someone under age 35, had $15,000 … Continue reading
As debit cards grow in popularity, knowing how to use them wisely and track spending is more important than ever. Debit cards "debit," or subtract, money directly from your checking account, so users must make sure they have enough money … Continue reading
The Federal Reserve has issued a report on the effect on the Durbin Amendment which shows a drastic reduction has taken place in debit card interchange fees. As a result, the Federal Reserve does not plan to take any further action … Continue reading
Several million consumers have missed the deadline for making the switch to paperless Social Security benefits, but the government will not cut them off from receiving their benefits. March 1 marked the deadline for Social Security and other Federal benefit … Continue reading
Discover is taking on traditional banks by offering checking accounts with features that should be appealing to consumers. Discover Cashback Checking will come with free checks and will not have monthly fees or a minimum balance requirement. In addition, customers … Continue reading
Visa Ends Ban on Retailer Discounts for Specific Cards Visa is giving its merchants more flexibility in offering discounts to their customers, and reversing restrictions that prevented retail partners from offering special deals to customers that paid with a specific bank's … Continue reading
One out of four consumers from 17 countries worldwide have been victims of credit, debit or prepaid card fraud, according to a survey conducted by the payments system company ACI Worldwide. The 2013 Global Card Fraud Survey is based on interviews … Continue reading
The future growth of the credit card market may be impeded by some current trends with young adults. Young adults, aged 18 to 35, are not as likely to use credit cards as their parents. According to a recently released … Continue reading
A number of states are considering banning the surcharges that merchants can now put on credit card transactions. Regulations went into effect on January 27 that allow merchants to impose a surcharge of up to 4 percent on any credit … Continue reading
A New Jersey state assembly committee today approved a bill that would prohibit retailers from imposing a surcharge on credit card transactions in the state. The bill moves on to the full assembly. There is similar legislation in the state … Continue reading
Visa net profit increased 25 percent in the last three months of 2012, up from $1.03 billion a year ago to $1.29 billion. Consumers used their credit and debit cards more often during holiday shopping. Visa, the world's largest payment … Continue reading
Secrets of Mobile Success: Cost-Cutting Banks Seek Smartphone Customers Strapped for new revenue and pressed into waves of cost cuts, the country's largest banks are trying to keep the customers they have, woo the ones they don't and do it … Continue reading
With Cordray Nomination, Obama Renews Fight With GOP President Obama renominated Richard Cordray for head of the Consumer Financial Protection Bureau on Thursday. Cordray is currently serving in the post thanks to a recess appointment. A year and a half ago, … Continue reading
Card skimming is now a sophisticated crime that can happen anywhere you swipe your credit or debit card. Thieves can insert a skimmer into the card reader sleeve and a hide a tiny camera nearby to record PIN numbers. There … Continue reading
The two largest banks in Alabama are trying to capitalize on the excitement of the Crimson Tide's second consecutive BCS championship. BBVA Compass rolled out a check card which displayed an Alabama football helmet with the number 15, signifying the … Continue reading
For the near future, it is cash-only transactions at the Vatican. Debit and credit card payments were halted on December 31 amid concerns that the Holy See had not completely complied with the European Union safeguards against money laundering. The … Continue reading
Consumer Watchdog Readies to Bare Its Teeth The Consumer Financial Protection Bureau is entering 2013 poised to flex its muscles as it finishes up a list of studies and rules required by the law. They will have wide latitude to … Continue reading
The onslaught of celebrities putting their name on a prepaid card continues. Justin Bieber has entered into a partnership with BillMyParents on a new prepaid debit card aimed at teenagers. Bieber will use his social media army, reportedly comprised of … Continue reading
Credit Card Penalty Payments are Arriving More than $425 million in refunds and restitution will soon be sent to millions of consumers nationwide, penalties paid for deceptive credit card practices. And another $410 million--from Bank of America--is already landing in … Continue reading
Consumer Credit Growth Cools, Credit Card Use Sags In September, growth in consumer credit cooled as households appeared to use their credit cards less frequently. According to Federal Reserve data released this week, consumer credit grew $11.36 billion in September, lower … Continue reading
Rise in Household Debt Might Be a Sign of Strengthening Recovery American households are taking on more debt than they are paying down for the first time since the recession started. Some economists even see an end to the long, … Continue reading
PayPal is now selling its card reader product, PayPal Here, at the 1,800 AT&T stores throughout the United States. The product enables merchants and sole proprietors to take a debit or credit card payment through a dongle that attaches to … Continue reading
More girl scout troops will have the ability to accept your debit or credit card as payment for those delicious Thin Mints and Samoas. A total of 30 Girl Scout councils throughout the country offered mobile payments earlier this year, … Continue reading
Credit Card Settlement Could Stymie PayPal's Retail Plans A provision within the hotly-contested settlement between merchants and credit card networks could potentially slow PayPal's bid to become more widely accepted at grocery stores, restaurants and other retailers. Retailers that choose to … Continue reading
Hackers have stolen credit card information at 63 Barnes & Noble stores around the country. Barnes & Noble does not know how many cardholders have been affected. The company found the data break around September 14 but waited to release … Continue reading
JPMorgan Chase, the nation's biggest bank in terms of assets, reported record profits for the third quarter of 2012 with revenue increases in nearly all areas of business, including credit cards. Credit card sales volume during the quarter was $96.6 … Continue reading
Wal-Mart and AmEx in Prepaid Card Deal Wal-Mart Stores is taking another leap into the banking world, announcing on Monday a prepaid card and debit account with American Express that will give low-income consumers access to features like smartphone deposits. … Continue reading
Your Christmas shopping may be a little more pleasant this year, thanks to greater use of mobile devices by the clerks in certain retail chains. Sears and Kmart will equip their employees in 360 stores with mobile point-of-sale devices to … Continue reading
A report released today shows that non-cash transactions grew 7.1 percent worldwide in 2010, with a 4.9 percent increase in mature economies and a 16.9 percent rise in developing economies. The latest World Payments Report, jointly compiled by the Royal … Continue reading
It has been exactly one year since the debit card swipe fee regulations reduced the interchange fee that merchants paid to banks and card processors. Retailers and merchants appear to be the big winners from this reduced fee that resulted … Continue reading
Thanks to regulations and legislation on credit cards, banks are turning renewed attention to an old source of revenue: prepaid cards. Prepaid cards were once the black sheep of the card family, charging high interest rates and fees to consumers … Continue reading
In a move that cracks down on tax evasion, the government of Argentina is now requiring every debit and credit card purchase be reported to the country's tax authorities. In addition, the government has added a 15 percent tax surcharge … Continue reading
Card Swipes in Church Make Giving Easier It hasn't always been easy for administrators and lay leaders to get people to donate regularly and increase their contributions each year, no matter their faith. Over the last decade or so, entrepreneurs have seized … Continue reading
It is almost time for high school graduates to go off to college, moving away home for the first time. As parents give last-minute lessons about independence, money management should be an important part of these discussions. It is critical … Continue reading
Retailers reached an antitrust settlement on interchange fees with Visa, MasterCard and several large banks that will be good for merchants but might penalize cardholders with higher prices or decreased credit card rewards. The $7.25 billion dollar settlement allows retailers to … Continue reading