The ongoing battle over how much banks should be able to charge stores for processing a debit card purchase began after the 2010 passage of the Dodd-Frank Consumer Protection and Wall Street Reform Act.
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Capital One Introduces Credit Monitoring Tool
Credit bureau monitoring, in particular, is meant to address anxiety people have about identity fraud. Capital One customers utilizing Credit Tracker will now receive an alert whenever a new account is opened in their name or if there is a change of address or employment, all of which are indicators of potential identity theft.
Retailers Lose In Latest Debit Card Swipe Fee Ruling
On March 21 the US Appeals Court for the District of Columbia overturned a lower court’s July decision that ordered the Federal Reserve to recalculate and lower its 21-cent per transaction cap on the fees charged for processing a debit card payment. Retailers cheered that decision and expressed optimism that the so-called debit card swipe fee would be reduced to as low as 12 cents. This latest ruling means that the swipe fee cap will remain at 21 cents per transaction.
American Express Announces Financial Inclusion Efforts at SXSW 2014
Appropriately enough, American Express chose SXSW as the place to show a trailer to a movie it is helping produce. The film, Spent: Looking for Change, premiering this summer, is a documentary that tells the stories of ordinary Americans who are frozen out of the traditional financial system. Forced to rely on expensive options like payday loans and money orders, the movie shows how time-consuming and costly it is for an estimated 70 million Americans to move money around and pay bills, tasks that people with bank and credit card accounts take for granted.
Sing A Song For Financial Literacy
From its origins as a quirky way to raise money to start a business, crowdfunding has quickly become one of the go-to methods for entrepreneurs who need cash to turn their ideas into reality. Crowdfunding has become so sufficiently mainstream that Entrepreneur now has an annual listing of the top 100 crowdfunded companies, which includes… Continue reading Sing A Song For Financial Literacy
Should You Put Your Tax Refund On A Prepaid Card?
Fast access to your tax refund. Need a faster tax refund? E-filing your return and requesting a tax refund be sent to a prepaid card with direct deposit or a bank account is the fastest way to go, according to the IRS website. The IRS is issuing refunds to taxpayers in as few as 10 days for those who e-file and opt to receive their tax refund by direct deposit.