Payments

SAN FRANCISCO — Banks have long argued that processing debit card transactions by starting with the largest dollar balances and working their way to the smallest benefited customers. But new documents reveal an alternate explanation: big profits.

BILOXI, Miss. – Coastal CU, formerly Biloxi Municipal CU, has joined Credit Union 24, the nation’s largest fee-free ATM and point-of-sale network.

Despite sluggish economic growth and worrisome unemployment rates, certain indicators as payment card issuers releasing third-quarter results suggest credit and debit card purchase volumes remained relatively healthy through September, according to two new reports from New York-based equity firm Keefe, Bruyette & Woods.

Marketing analysts who say mobile access is the future of loyalty programs with retailers and restaurants are closely watching to see how consumers respond to new mobile apps linking card purchases to rewards credits.

BILOXI, Miss. – Coastal CU, formerly Biloxi Municipal CU, has joined Credit Union 24, the nation’s largest fee-free ATM and point-of-sale network.

WASHINGTON – The recent announcement by Bank of America that it will implement a $5 monthly fee to use its debit cards has prompted a renewed effort in Congress to repeal the Durbin Amendment, which sets caps on debit fees for large banks such as BofA.

U.S. Bank’s launch of a mobile credit card application for iPhones could improve customer service for retail audiences, market observers say.

China is gearing up to form a new national mobile payment standard to streamline technology for operators and users, as well as optimize existing resources in the sector.

CHICAGO—Consumers will decide which mobile wallets they want to use and that is why financial institutions should participate in as many as possible, a Citigroup Inc. executive on Oct. 12 told attendees here at the BAI Retail Delivery conference.

MOBILE, Ala. – Azalea City CU has chosen to convert its ATM, debit and credit card processing provider to Jack Henry & Associates’ JHA Payment Processing Solutions.

GREENWOOD VILLAGE, Colo. – Bellco CU is offering double point values for purchases on all new Bellco Visa Platinum Rewards credit card accounts as part of its 75th anniversary celebration.

NEW YORK – Independent ATM operators on Wednesday filed suit against Visa and MasterCard, accusing the card companies of fixing prices and forcing them to charge consumers set fees.

Staking out its place in what may become a new competitive front in the ATM industry, NCR Corp. has inked a partnership with PayPal Inc. enabling person-to-person payments through ATMs, the company announced Oct. 12.

In a move that could speed up investors’ market moves, Airtel Ghana Ltd. has announced it is offering a new mobile funds-transfer service in collaboration with Databank Financial Services Ltd., a local stock-trading portal.

Credit card debt rose 1% to $6,513 in September while credit scores nationally dropped four points to 663 during the third quarter ended September 30, according to Credit Karma's latest U.S. Credit Score Climate report.

SCRANTON, Penn. – Tobyhanna FCU is converting its ATM, debit and credit card processing solution with Jack Henry & Associates’ JHA Payments Processing solution.

WALL, N.J. – First Financial FCU has selected Datacard’s CardWizard issuance software and Datacard FCP 20/20 financial card printers for its instant debit and ATM card issuance program.

Participants in a large international credit card-skimming ring allegedly stole credit card data from thousands of U.S. and European consumers over a 16-month period, resulting in at least $13 million in losses, the Queens, N.Y. district attorney’s office announced.

WEST PALM BEACH, Fla.-Industry analysts who spoke with Credit Union Journal had this advice for CUs to grow share.

RALEIGH, N.C.-As the latest wave of bank debit and checking fees were making news, Coastal FCU was getting a lot of media attention for paying members higher checking interest for using their debit card more.