Fintech

VIENNA, Va. – Navy FCU said this morning it is launching a new effort to attract members and customers from competing lenders by offering a 0% rate for all credit card transfers from other issuers for 12 months. The limited time offer is available on any of Navy Federal's credit card programs and comes with no balance fee transfers. "This is an unprecedented offer in the card industry today," said Randy Hopper, credit card portfolio manager for the $45 billion credit union. "While other issuers have 0% balance transfer rate offerings, they typically include a balance transfer fee of 3% to 7% which can cost cardholders up to $350 on a $5,000 balance, but Navy Federal's offer has no fees." The balance transfer offer is available for new or existing Navy Federal credit cards. Existing credit card account holders may request a credit line increase if it is needed for the balance transfer offer. The offer is only valid for balances transferred from other card issuers.

A federal judge on March 4 rejected a request by Minnesota’s TCF National Bank for a preliminary injunction barring the Federal Reserve Board from finalizing its rules on debit fees.

In most cases, checking accounts are a better value than are accounts tied to prepaid cards, new research suggest.

WASHINGTON – Powerful Senate leader Dick Durbin appeared to have stopped the efforts to vote to delay the interchange fee rules, leaving credit unions and banking lobbyists hunting for another way to pass their bill.

SIOUX FALLS, S.D. -- A federal judge this afternoon rejected a request by Minnesota’s TCF National Bank for a preliminary injunction barring the Federal Reserve from finalizing its rules on debit fees. But the judge also denied the Fed’s request to throw the suit out, meaning the legal action will continue in this federal court far from Washington, where the Fed is continuing its work in a final rule. U.S. District Judge Lawrence Piersol agreed to take the Fed's motion to dismiss under advisement. The suit by TCF has been joined by banks and credit unions challenging the controversial rule, as well as merchants who support the proposed cuts in debit fees, amounting to more than $20 billion last year.SIOUX FALLS, S.D. -- A federal judge this afternoon rejected a request by Minnesota’s TCF National Bank for a preliminary injunction barring the Federal Reserve from finalizing its rules on debit fees.

Hoping to improve cardholder protections, the Reserve Bank of India on March 29 announced it will require banks in that country to send e-mail alerts to their debit and credit card customers when any transactions are initiated with their cards.

Australia’s eWise has moved to the U.S., the online-payment and personal financial-management provider announced April 4.

AUSTIN, Texas–Though still in the nascent stages of adoption, some new online-payment services designed to drive transaction volume over the automated clearinghouse network are starting to have an effect.

Juliet posed an eternal question to Romeo: “What’s in a name?”

Researchers say they’ve found a security hole that exposes EMV chip-and-PIN protected cards, adding wrinkle to the hot debate over the use of the security standard in the U.S.