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: featured
Swipe-Fee Rule Rejection Helps Merchants and Banks’ Cost
Before Federal Reserve regulations cut back on perks such as reward programs and free checking to soften the blow, Lenders collected about $16 billion annually from swipe fees. Unless overturned, the decision will force regulators to revisit rules that bankers said would cost them 45% of their swipe-fee revenue.
Credit and Debit Card Issuers Agree to a $7.25 Billion Settlement with US Retailers
“This is a historic settlement,” said Bonny Sweeney, a lawyer for the plaintiffs. The settlement “will help shift the competitive balance from one formerly dominated by the banks which controlled the card networks to the side of the merchants and consumers,” said Craig Wildfang, who also represented the plaintiffs.
First Tennessee Bank Introduces Its New Debit Card for UT Vols Fans
First Tennessee Bank, a longtime corporate supporter and the official bank of the University of Tennesse’s Vols and Lady Vols, already offers Big Orange checking, with personalized checks.
Prepaid Debit Cards vs. Secured Credit Cards
Prepaid Debit Cards vs. Secured Credit Cards: What’s the difference? Most people assume they are the same, but there are some striking differences. While they both offer guaranteed approvals, requiring you to use your own money for deposits, there are some striking differences. This article will help you assess your situation and determine just which… Continue reading Prepaid Debit Cards vs. Secured Credit Cards
Fifth Third Bank’s New ‘Stand Up to Cancer’ Debit Card Offering Drives Funding for Cancer Research
Fifth Third Bank this week announced the launch of the Fifth Third Stand Up to Cancer Debit MasterCard. Stand Up To Cancer is a groundbreaking initiative that facilitates scientific collaboration to accelerate innovative cancer research and bring new therapies to patients quickly. The card is now available by visiting any of the Bank’s more than… Continue reading Fifth Third Bank’s New ‘Stand Up to Cancer’ Debit Card Offering Drives Funding for Cancer Research