Links in “Credit/Debit Cards”
- Alternative Paths for Building Credit
Here are three alternatives your younger members may find useful for building credit that do not include obtaining credit cards. [8/19]
- Hearing May Address Card Issuer Refunds to Merchants
In a hearing scheduled for this Wednesday, the Federal Reserve will advise a federal district court judge on whether it can issue an interim final rule to lower the debit interchange fee cap and to revise the network requirements; hearing follows the district courtâs ruling that invalidated the Fedâs current debit card interchange rule and could potentially lead to a requirement that card issuers refund merchants for a portion of the fees charged since the Fedâs final rule went into effect. [8/19]
- CFPB’s Proposal to Survey Credit Card Customers on Arbitration Awareness Draws Industry Fire
Several industry and other business groups decry CFPB's proposal to undertake a telephone survey of 1,000 credit card holders to ascertain their understanding regarding the arbitration provisions in their contracts; effort seen as leading to rulemaking on flawed findings. [8/14]
- Perkstreet Financial to Close Next Month
Online checking company, closing in September, announces customersâ FDIC-insured account balances are safe, but they will lose their perk balances accrued from debit card purchases. [8/14]
- A U.S. Bank Lawyer’s Take on Russian’s Create Your Own Credit Card Strategy
U.S. attorney's take on Russian who scanned credit card agreement, modified terms to his favor, then got the bank to sign it, and had it hold up in court (so far): kids, don't try this at home. [8/12]
- International: Man Creates His Own Credit Card, Sues Bank for Violating Terms
Russian doesn't like credit card offer a bank sends him, scans the contract and alters it to terms of his liking, and sends it back. The bank signs it and sends him a card, but not so surprisingly is not keen on honoring his terms. The plot thickens... [8/9]
- Indictments in Massive Card Theft Scheme
Five Russian and Ukrainian hackers were able to steal more than 160 million credit and debit card numbers; the theft, which affected many credit union members, resulted in losses in excess of $300 million. [7/26]
- $14B in “Grey” Charges Presents Dilemma for Card Issuers
Deceptive and unwanted credit and debit card charges average roughly $215 per cardholder, presenting a dilemma for credit and debit card issuers: generate interchange fees from grey charges or incur service-related expenses when cardholders dispute charges. [7/26]
- âFreeâ May Mean Having to Say Youâre Sorry
Consumers are sorry to the tune of $14.3 billion in âgrayâ charges according to a recent survey. CFPB looking into âgrayâ charges, charges that occur when a free subscription (i.e.magazines. Amazon, etc.) period ends and the company automatically begins charging the full subscription rate, which the consumers may not realize before racking up charges they may not be able to afford.
- Natalie v. McDonalds: Member Sues for Direct Deposit to Her CU
A former McDonaldâs employee wanted to have her paycheck directly deposited to her credit union account. However, McD's required that she receive her pay in the form of a reloadable payroll card with onerous fees. Natalie Gunshannon claims that she would not have incurred any fees through her CU account and debit card and has filed a class action suit against McDonalds. [7/19]
