SAN FRANCISCO - (03/16/06) -- Visa USA is recommending its membersimmediately stop issuing cards with the holographic magnetic stripeimage due to problems when the card is swiped at the point of sale.The card can create a static discharge that causes a paymentterminal to reboot. The static problem has been reported in areasof low humidity, such as the Southwest, Iowa and Minnesota. Visabegan promoting the holographic mag-stripe in January as part ofits redesign of its logo. A dove image appears as a hologram acrossthe mag-stripe on the back of the card. As many as 20 million ofVisa's 500 million cards in the U.S. could be impacted. Visa isconsidering compensating issuers that reissue the cards with theholographic mag-stripe. Visa began hearing of the problem severalmonths ago in Europe.
-
The Jackson, Mississippi, company will use proceeds from the sale of its Fisher Brown Bottrell Insurance unit to restructure its investment portfolio, moving $1.6 billion of low-yield securities off the balance sheet.
19m ago -
The store-branded card issuer is raising annual percentage rates and adding fees for paper statements to compensate for lost revenue. The Consumer Financial Protection Bureau's new regulation is scheduled to take effect on May 14.
23m ago -
At the banks' annual meetings, shareholders at both companies struck down proposals that would have split the board chair and CEO roles. Two other proposals also failed to win shareholder support, one concerning energy financing and another on pay gap analysis.
57m ago -
Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
2h ago -
The ABA is testing an information-exchange network to allow banks to share their fraud data with each other. Companies including Baselayer are also building solutions.
3h ago -
Republicans on the House and Senate Small Business committees are accusing the SBA of being irresponsible in granting Funding Circle permission to participate in its flagship loan-guarantee program.
4h ago