Fintech

BETHPAGE, N.Y. – Playing on the growing anti-bank sentiment, Bethpage FCU announced this morning no-fee checking—for life.

CU Business Group, a member business lending credit union service organization owned by eight corporate credit unions, has signed with BankServ to market the company’s mobile remote deposit, mobile banking, remote deposit capture and a variety of payment services to credit union’ business members.

Visa Inc. and MasterCard Worldwide, sued last week by independent ATM operators over ATM fees the operators say violate federal antitrust laws, are the target of two new suits brought by consumers regarding their ATM charges.

Citing strong cardholder spending increases across the board, American Express Co. on Oct. 19 said its U.S. Card Services unit produced income of $733 million during the quarter ended Sept. 30, up 23.2% from $595 million a year earlier.

Hidden fees are forcing some consumers out of the traditional banking system.

China’s mobile-payments market is expected to grow considerably in the coming years even as concerns remain about security and the lack of cooperation between telecommunication operators and banks, a new report suggests.

Following growing protests from small merchants against credit card companies, South Korea’s major card networks announced Oct. 17 that they would cut the interchange fees they collect from such merchants, confirms an official at the Credit Finance Association of Korea, which represents card companies, banks and insurers.

China UnionPay has signed a memorandum of understanding in which Korean card issuer Lotte Card Co. Ltd. will issue UnionPay-branded bankcards in South Korea, the companies announced Oct. 11

U.S. Bancorp on Oct. 19 reported positive third-quarter earnings driven by increases in fee-based revenue, including higher payments-related income.

Google Inc. is entering the transit space through a partnership with the New Jersey Transit Agency, which will enable Google Wallet users to purchase tickets at select vending machines and ticket windows and pay fares on seven bus routes.