Cards

On the same day that Bank of America Corp. bowed to pressure and decided to nix a $5 monthly debit fee it had planned to impose next year, a consumer financial-literacy organization released data suggesting the fee would have disastrous results.

Co-op Financial Services is enabling credit unions to offer a merchant-funded rewards program tied to their debit and credit cards, leveraging an online shopping portal to earn cash back for members.

A new rebate program from UniRush LLC is the latest attempt by a prepaid card marketer to make its product as sticky as a bank account without generating a backlash from its fee-sensitive audience.

Bank of America Corp. has caved to customer pressure and the competition and will not charge a $5 monthly fee for debit card use after all, the bank announced Nov. 1.

Those who want a say in future card-data security standards may send feedback to the Payment Card Industry Security Standards Council for the next six months, a council executive says.

Bellco Credit Union launched a photo contest as part of a social media initiative to select potential new Visa card designs.

Using an effective online banking data-security method customers view as nonintrusive represents the best option for financial institutions as fraud-prevention capabilities increasingly become key factors in consumer choice, a fraud expert suggests in a recent study report.

Sluggish global economic growth has placed pressure on international corporate activity, but it also is providing an opportunity for corporate payment-automation providers such as Syncada that peddle more efficient processing.

Green Dot Corp.’s decision to expand its prepaid debit card offerings at Wal-Mart Stores Inc. might be a sign the prepaid market is starting to see the limits of targeting unbanked and underbanked consumers, notes one analyst.

Giftango has expanded its ordering interface so online retailers may sell both virtual and physical cards, the gift card provider announced Oct. 27.

The debit card fee dominoes are falling, leaving Bank of America Corp. increasingly alone in its controversial effort to make customers pay for using their debit cards.

Companies pushing mobile-payment technology in the United Kingdom have failed to capture the imagination of consumers, who generally indicate low interest in initiating transactions using their mobile phones, new study data suggest.

Wells Fargo & Co. on Oct. 28 became the latest big bank to abandon plans to start charging customers for using debit cards in the wake of a widespread backlash against new bank fees.

JPMorgan Chase & Co. has decided it will not charge customers who use their debit card fees to make purchases, a person familiar with the bank’s decision confirmed to PaymentsSource.

CHICAGO–Merchant acquirers, independent sales organizations and payment processors should become better “payment consultants” for their merchant clients and provide as much advice as possible regarding data security.

Green Dot Corp. is licking its lips over banks’ new debit card fees, but the prepaid card company still does not know quite how large its eventual meal will be.

NCR Corp.’s acquisition and pension costs contributed to a decrease in third-quarter profits. But the top executive of the ATM and kiosk maker expects two recent purchases, combined with continued demand worldwide, to generate strong long-term growth.

MoneyGram International Inc. showed decreases in its bill-payment revenue for its third-quarter earnings report but says it is ramping up its billing business.

MasterCard Worldwide has signed a letter of intent with Russian cell-phone carrier Mobile TeleSystems to bring PayPass contactless-payment functionality to Russian mobile phones, the card brand announced Oct. 28.

Xceed Financial Credit Union has signed with Allpoint Network to offer its thousands of surcharge-free ATMs to the institution’s members.