Cards

The Federal Reserve Board on April 5 revealed more details about its 2010 payments study and found, not surprisingly, that debit and prepaid card were the largest growth areas for electronic payments between 2006 and 2009.

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

AUSTIN, Texas — Wal-Mart Stores Inc. wants more say over how businesses use the automated clearinghouse network.

Isis, the mobile payment venture founded by AT&T Inc., Verizon Wireless and T-Mobile USA, said it is opening up its network and preparing for a pilot next year.

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.

Wright Express Corp. on April 1 announced it has acquired rapid! PayCard, a privately held provider of prepaid payroll debit cards and electronic pay stubs. The South Portland, Maine-based company, which specializes in fleet cards, said it was a cash deal but did not disclose the terms.

Loomis Fargo & Co. plans to acquire the cash-handling business of Pendum LLC to add to its ATM-servicing operations, the Houston-based subsidiary of Securitas AB of Sweden announced March 31.

When a number of large banks recently upset their debit card customers by announcing cuts to rewards, they blamed the pending debit interchange cap. What, or whom, will they blame if Congress changes or delays the cap's implementation — and they don't reinstate the rewards programs?

This article was revised after Vivotech distributed a follow-up press release containing various "corrections."

Western Union Co. is expanding an initiative to enable Kenyan migrants to send funds to recipients in their home country who subscribe to Safaricon’s M-Pesa mobile wallet, the companies announced March 31.

Global Collect B.V. has signed an agreement to process credit card payments for Royal Jordanian Airlines, the companies announced March 28.