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Many users don’t know the benefits of their cards

A new study shows that 55 percent of people do not know what services their credit card provides and, in many cases, people have been paying for services that they already have for free. MasterCard recently had the Harris Poll organization conduct a survey on adults’ hopes and concerns for summer vacation and the role of credit cards... Read More...

Rep. Altmire warns of CFPB’s impact on small businesses

Rules developed by the Consumer Financial Protection Bureau will inevitably have an impact on access to capital for small business, according to Rep. Jason Altmire (D-Penn.). Altmire, who serves as the ranking member of the House Subcommittee on Investigations, Oversight and Regulations, used Thursday’s hearing on the CFPB’s... Read More...

Bank tech spending to increase as a result of Durbin Amendment

New debit card rules will likely boost bank technology spending later this year, according to a top executive at Fiserv Inc., a company that specializes in technological services in the financial industry. Fiserv Inc. predicts that as a result of the Durbin Amendment, its clients will funnel more money toward software purchases,... Read More...

Visa prepares new fee structure to defend against Durbin Amendment

Visa has announced that     it will offer a fixed network participation fee and reduce its variable processing fee for debit products in the United States, a move that will help them remain profitable in the post-Durbin era. The new fee structure will make the company more attractive next to competing PIN-debit networks as... Read More...

Credit unions called on to limit their debit networks

Fears that competitive pressure on debit processors will force them to lower interchanges rates are leading analysts and payment processing executives to urge credit unions to limit their debit network participation. Under a provision in the Durbin Amendment, debit card issuers will have to have at least two unaffiliated debit processing... Read More...

Consumers paying down credit cards, study says

Consumers have reversed their payment priorities over the past five years and are spending more paying down credit cards than purchasing, a switch in behavior from 2004 to 2009, according to a new study. The Chicago-based TransUnion conducted a study that showed that in 2009 and 2010, consumers spent $72 billion more paying down their... Read More...

Expert warns of debit networks “Race to the Bottom”

The loss of network routing control for debit card issuers, an effect of the Durbin Amendment, will have a deep impact on community financial institutions, according to a PayFusion debit expert. In his newly released white paper, “Race to the Bottom: Debit Card Network Routing in a Post-Durbin World,” PayFusion CEO TJ Riha... Read More...

Credit card lawsuit gains class action status

Consumers won class action status Tuesday in their lawsuit against the San Francisco-based Union Bank regarding wrongfully charged overdraft fees. The case is part of a multi-district litigation that involves approximately 30 banks, including Bank of America, Chase and U.S. Bank, which will be held before U.S. District Judge Lawrence King... Read More...

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