As alleged in the complaint, MSD sales agents typically call small businesses and lead them to believe they are associated with the businesses’ current card processor, Visa, MasterCard, or their bank. The sales agents allegedly promise substantial savings on credit and debit card processing, specifying a much lower rate than the business is currently paying. Agents quote one fee, a fixed per-transaction cost, without mentioning all the other fees the businesses will have to pay, and when asked if there are other fees, merchants are allegedly told there are none.
Tag: debit cards
What Fees Are Normal For Secured Credit Cards?
Beware of scams offered by so-called credit repair companies. These companies will guarantee a
secured card (an offer of credit is never guaranteed) to clean up your credit history. However, a
secured card does not “clean up” your history; it helps restore your credit worthiness
The Good, The Bad And The Ugly – Card Purchase Disputes
Credit cards offer a lot of protection, debit cards a little and prepaid cards none at all. Indeed, with credit card purchases, you have the full force of the Fair Credit Billing Act on your side. Under the Electronic Fund Transfer Act, which covers debit card transactions, you have limited merchant dispute rights, except for unauthorized transactions. And there are no federal consumer protections for purchases made with prepaid debit cards.
The Crime Of Our Century – Prepaid Card Identity Theft
The current boom in identity theft was predictable, maybe even inevitable. It’s a natural result of
what we might call “identity inflation.
The Battle Over Swipe Fees
Banks and payment networks are working hard in state capitals around the country in an effort to prevent restaurant and clothing storeowners from charging their clients more to pay their tabs with credit cards than they do for debit card and cash transaction.
Reports Show Bank Customers Need More Protection From Debit Card Overdraft Fees
A report released this week by the Consumer Financial Protection Bureau shows bank customers need more protection from debit card overdraft fees. The report focuses on overdraft fees banks charge customers when they overdraw their checking account with a debit or ATM card. Before mid-2010, when customers didn’t have enough money on their checking account… Continue reading Reports Show Bank Customers Need More Protection From Debit Card Overdraft Fees