Fintech

Apple Inc. is taking a pass on mobile payments for now as its new iPhone lacks a Near Field Communication chip.

Capitalizing on consumer outrage over a $5 monthly debit card fee Bank of America Corp. plans to impose, U.S. Sen. Dick Durbin, D-Ill., is urging smaller banks to seize the “competitive opportunity” and go after unhappy BofA customers while suggesting the issuer would prefer its customers use credit cards instead.

OfficeMax Inc. customers may tap and pay using the Google Wallet mobile phone payment application at new checkout terminals the retailer has placed in more than 100 of its stores, the office-supply company announced Oct. 3.

Randolph-Brooks Federal Credit Union said it is has increased incentives to use its debit card by paying members 15 cents cash back on every debit card purchase through the end of the year.

Many bank risk-management executives worry that credit card delinquency rates, which have been declining for more than two years, may begin to rise again soon if the economy does not improve, according to new FICO survey data.

One hundred merchants across the U.S. will receive refunds from the Federal Trade Commission after being defrauded by an operation that provided debit and credit card processing services.

EUCLID, Ohio – Eaton Family CU has received approval from state regulators to expand its field of membership to serve all 1.3 million residents of Cuyahoga County (Cleveland).

U.S. Sen. Dick Durbin, D-Ill., took to the Senate floor today in an impromptu attack on the $5 monthly fee Bank of America Corp. announced last week, demanding that BofA CEO BrianMoynihan justify the new fee, which kicks in next year.

Europe’s lingering debt crisis likely will cause some European banks to be wary of adhering to a pending deadline to accept euros as a common currency for electronic cross-border payments as part of the Single Euro Payments Area for eurozone countries, new research indicates.

Citigroup Inc., which last week touted its promise not to charge customers for using their debit cards, is countering lost interchange revenue in another way. The bank is telling some checking customers that it will start charging them $15 per month unless they maintain a balance of at least $6,000.