Critics charge credit-card companies are soaking cardholders – NYPOST.com

Consumer groups and retailers are slamming the credit-card companies, claiming they are gouging them with ridiculous interest rates in an attempt to recoup the costs of the new federal law, which went into full effect last week.

READ ARTICLE via Critics charge credit-card companies are soaking cardholders – NYPOST.com.

Smartphones look to replace plastic as payment | RetailCustomerExperience.com

AT&T, T-Mobile and Verizon, along with Discover Financial Services and Barclays, have formed a partnership and are testing a system in four U.S. cities that allows consumers to pay for purchases with a wave of their smartphones.

READ ARTICLE via Smartphones look to replace plastic as payment | RetailCustomerExperience.com.

Credit Card Interest Rates Continue to Rise | FoxBusinessNews

FBN’s Gerri Willis breaks down why credit-card interest rates have hit a 9-year high.

Credit CARD Act Takes Full Effect

The Credit Card Accountability, Responsibility and Disclosure Act of 2009 is taking full effect, but will it help consumers like it’s supposed to?

New credit card rules put caps on #swipefees

YouTube – New Credit Card Regulations

YouTube – New Credit Card Regulations.

YouTube – New Credit Card Regulations

YouTube – New Credit Card Regulations.

Visa Stands to Lose on Swipe Fees | NACSOnline #SwipeFees

SAN FRANCISCO – An article earlier this week in the San Francisco Chronicle traced the history of Visa in the debit card market, and reported that the company faces a substantial decrease in debit transaction fees in light of the recent federal financial reform bill, the San Francisco Chronicle reports.

Last year, merchants paid roughly $20 billion in fees related to Visa and MasterCard debit transactions. While Visa does not collect debit transaction fees (those pass between the merchant and cardholder banks), its bottom-line depends on debit and credit card use, since it charges banks fees for the use of its Visa brand and card-processing network.

The swipe fee amendment allows merchants to offer customers incentives to pay with cash instead of plastic, as well as to set minimum purchase thresholds for using a debit or credit card. Such allowances had been effectively blocked by Visa through merchant agreements.

While debit card fees were modest when they became popular in the 1980s, after Visa joined the debit market in the 1990s, fees escalated quickly as their usage increased.

via Visa Stands to Lose on Swipe Fees.

The Associated Press: MasterCard spent $2.33M lobbying government in 2Q

MasterCard Inc. spent $2.33 million during the second quarter to lobby the federal government on issues addressed in the financial regulatory overhaul that President Barack Obama signed in late July.

READ ARTICLE via The Associated Press: MasterCard spent $2.33M lobbying government in 2Q.

Analysis: Retailers may not buy banks’ cell phone bet | Reuters

But despite Bank of America Corp (BAC.N), the biggest U.S. consumer bank, and Visa Inc (V.N), the world’s largest payment processor, throwing their might behind the futuristic initiative, they are likely to find it a tough sell. Visa and Bank of America will run a test program for consumers so they can make retail purchases via their smartphones beginning in September in New York.

READ ARTICLE via Analysis: Retailers may not buy banks’ cell phone bet | Reuters.

Credit Card Debt Drops to Lowest Level in 8 Years – ABC News

The amount consumers owed on their credit cards in this year’s second quarter dropped to the lowest level in more than eight years as cardholders continued to pay off balances in the uncertain economy.

READ ARTICLE via Credit Card Debt Drops to Lowest Level in 8 Years – ABC News.

Final phase-ins now in effecton laws for credit, gift cards | NJ.com

Share The rules governing credit cards have changed dramatically in recent months, thanks to legislation signed by President Obama last year.

READ ARTICLE via Final phase-ins now in effecton laws for credit, gift cards | NJ.com.

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Visa may lose chunk of debit transaction fees | SF Chronicle

Smaller debit card swipe fees and other changes in the recent federal financial reform bill may prove to be a blessing for merchants and consumers, but a curse for Visa, the San Francisco-based company that has dominated the plastic payment industry since its inception.

READ ARTICLE via Visa may lose chunk of debit transaction fees.

New rules for gift cards go into effect soon | abc7news.com

The new gift card rules are going into effect and the rules are game changers. All cards are good for at least five years, including bank branded cards like Visa and Mastercard.

READ ARTICLE via New rules for gift cards go into effect soon | abc7news.com.

Debating the Future of Debit Cards – Pymnts.com

 Will reduction in interchange fees put a damper on the growth of debit cards?”Logic suggests no. But each market is obviously different and card issuers and acquirers will reevaluate their business model if their income or costs concerning one product line changes significantly.

READ ARTICLE via Debating the Future of Debit Cards – pymnts.com.

As final provisions of new credit card law take effect, more changes loom | cleveland.com

“The credit card act is a powerful victory for consumers — make no mistake about it,” said Ed Mierzwinski, consumer program director for the U.S. Public Interest Research Group in Washington D.C. “Most consumers are going to benefit tremendously from its elimination of unfair practices.

READ ARTICLE via As final provisions of new credit card law take effect, more changes loom | cleveland.com.

Vanguard, Marsico Sell Visa as Stock Confronts `Armageddon’ – Bloomberg [#SwipeFees]

Visa and MasterCard both fell more than 20 percent in the three months ended June 30 as Congress approved limits on debit- card interchange, or “swipe” fees, charged to merchants. The companies and their investors are waiting for the Federal Reserve to determine fees that are “reasonable and proportional” to the cost of processing debit transactions.

READ ARTICLE via Vanguard, Marsico Sell Visa as Stock Confronts `Armageddon’ – Bloomberg.

Consumers Still Opting in to Banking Overdraft Reform, Despite Confusion, According to Mintel Comperemedia — CHICAGO, Aug. 12 /PRNewswire/ –

“Unfortunately, most consumers are unable to define exactly what Reg E will cover, making banks’ efforts to promote it that much more difficult,” comments Susan Wolfe, VP of financial services at Mintel Comperemedia. “In other words, consumers are aware that changes are coming to their overdraft programs, but are not exactly sure what it means for them.”

READ PRESS RELEASE via Consumers Still Opting in to Banking Overdraft Reform, Despite Confusion, According to Mintel Comperemedia — CHICAGO, Aug. 12 /PRNewswire/ –.

Will Smartphones Kill Credit Cards? #SwipeFees

Kroger was paying about $350 million in interchange fees annually, more than three times what it had paid five years earlier. Visa allegedly raised its rate 11 times during that period. Krogers interchange burden has almost surely risen since

READ ARTICLE via Will Smartphones Kill Credit Cards? AXP, DFS, KR, MA, SHLD, T, V, VZ.

Banks Hit Business Travelers With Fees For Purchases Overseas – Business Travel – Portfolio.com

Travel overseas and want to use your credit card? Theres still a fee for that, and the price that financial institutions charge is skyrocketing. Want to use your debit card instead? Theres a fee for that and prices are rising there too.

via Banks Hit Business Travelers With Fees For Purchases Overseas – Business Travel – Portfolio.com.

Cost-Cutting Pays Off For MasterCard – Forbes.com

Credit card issuer MasterCard on Tuesday said its second-quarter profit surged 31% from last year, beating analyst estimates, although its revenue fell just shy of expectations

READ ARTICLE via Cost-Cutting Pays Off For MasterCard – Forbes.com.

Visa Q3 2010 Earnings Call Transcript — Seeking Alpha

The next question comes from David Hochstim, Buckingham Research Group.

David Hochstim – Buckingham Research Group, Inc.

Yes, I wondered could you give us a sense of how much customer account conversions might have contributed to the debit growth in the U.S. and processed transactions, are they meaningful? Senator Durbin’s got some new credit card interchange proposal relating to government cards. I wonder if you have any color on that.

Byron Pollitt

On the first part, the conversions did contribute, but very, very, modestly, not material. And on the second part of the question…

Joseph Saunders

As it relates to the proposals that Durbin just made, it would have very little effect on interchange in total. I mean, it’s de minimis.

READ TRANSCRIPT via Visa Q3 2010 Earnings Call Transcript — Seeking Alpha.

VISA INC Dancing Around the Facts… Visa Q3 2010 Earnings Call Transcript — Seeking Alpha #SwipeFees

James Kissane – BofA Merrill Lynch

Joe, can you give us a little more color on the DoJ situation? I mean that came across pretty complex, I know it’s legalese. But is it a surcharge issue, a credit interchange issue, or just maybe big picture color?

Joseph Saunders

There is not an interchange issue with the DOJ. The primary issue is their concern over surcharging, and it relates to credit cards. This is a dialogue that we’ve had with them for a lengthy period of time. The current conversations are dovetailing with the litigation conversation. So we’re in the midst of — so I think this is just part of the same fabric, and I think that things are moving in a direction that we have anticipated and so we’re not unhappy with where we are.

READ TRANSCRIPT OF Q&A via Visa Q3 2010 Earnings Call Transcript — Seeking Alpha.

Visa Q3 2010 Earnings Call Transcript — Seeking Alpha #SwipeFees

Although the outcome is uncertain at this time, we are currently engaged in constructive negotiations with the department to resolve its concerns as it relates to Visa without litigation or payment of monetary damages and in a way that proactively addresses concerns in the covered litigation.

Regarding the covered litigation, it is proceeding on its normal course, and we continue to be actively involved in settlement discussions. As a reminder, this litigation is covered by our U.S. financial institutions under our Retrospective Responsibility Plan.

READ TRANSCRIPT via Visa Q3 2010 Earnings Call Transcript — Seeking Alpha.

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Visa Q3 2010 Earnings Call Transcript — Via Seeking Alpha #SwipeFees

We have been cooperating with the department to satisfy the civil investigative demand filed within late October 2008 concerning the major payment networks, rules on surcharging and merchant steering as previously reported, and in recent months, have met with the department on numerous occasions. The department has indicated that it is considering filing a civil lawsuit challenging rules prohibiting surcharging on credit and differential discount in between networks, similar to the claims that have been included within the merchant interchange litigation that’s been pending since 2005.

READING  ARTICLE via Visa Q3 2010 Earnings Call Transcript — Seeking Alpha.

Visa Says Justice Department Is Considering Antitrust Lawsuit – BusinessWeek

The Justice Department’s antitrust division is “investigating whether certain credit-card network rules regarding merchants’ treatment of various payment forms, including credit cards, are anticompetitive,” spokeswoman Gina Talamona said in an e-mail. She declined to discuss specific companies.

READ ARTICLE via Visa Says Justice Department Is Considering Antitrust Lawsuit – BusinessWeek.

Wells Fargo’s Chief Says New Rules Mean New Costs for Customers – BusinessWeek

July 29 (Bloomberg) — Wells Fargo & Co. Chief Executive Officer John Stumpf said customers, not just the bank, will bear the financial burden for U.S. regulations that cover services ranging from home loans to credit cards. “I can’t guarantee that we won’t pass on some of those costs,” Stumpf, 56, said in an interview at his San Francisco office. “We’ll try to tighten our belt and absorb some of the costs of compliance, but some costs may change and customers might pay for their financial services in new ways.”

READ ARTICLE via Wells Fargo’s Chief Says New Rules Mean New Costs for Customers – BusinessWeek.

Part II | New Assault Launched On Card Interchange – Credit Union Journal Daily Briefing Article

Recent studies show that consumers paid more than $62 billion in interchange fees on cards last year, more than $50 billion of it going through the two networks. Credit unions are believed to have earned about a tenth of those fees, some $6 billion. The latest Durbin amendment must now be approved by the full Senate Appropriations Committee, which is scheduled to take up the subcommittee’s bill tomorrow, then by the full Senate. It would also have to be approved by the House, which has not yet taken it up. “There’s still a lot of steps to this,” NAFCU’s Thaler told Credit Union Journal yesterday

READ ARTICLE via New Assault Launched On Card Interchange – Credit Union Journal Daily Briefing Article.

New Assault Launched On Card Interchange #SwipreFees- Credit Union Journal Daily Briefing Article

WASHINGTON – A Senate subcommittee yesterday endorsed a bill that would cap interchange fees charged to federal government entities for taxes and other services at the lowest market rate, continuing efforts to lower interchange fees charged by credit unions and banks.

The effort comes even as the ink is drying on the Dodd-Frank Financial Reform Bill, which set up the federal government as arbiter of interchange rates on debit card transactions.

READ ARTICLE via New Assault Launched On Card Interchange – Credit Union Journal Daily Briefing Article.

Follow WayTooHigh.com (SwipeFees.net) on Twitter: http://www.Twitter.com/WayTooHigh via ScanMyPhotos.com

On the Call: Visa Chairman and CEO Joseph Saunders – Yahoo! Finance

NEW YORK (AP) — Visa Inc. Chairman and CEO Joseph Saunders said it is too early to tell exactly how a new U.S. law restricting the fees charged to merchants for processing debit card transactions will impact the company’s earnings.

READ ARTICLE via On the Call: Visa Chairman and CEO Joseph Saunders – Yahoo! Finance.

Visa beats expectations but debit law looms – Yahoo! News

NEW YORK (Reuters) – Visa Inc (V.N), the world’s largest credit and debit card processing network, posted higher-than-expected quarterly profit on Wednesday, but analysts said new processing fee regulations could cut into future profits.

READ ARTICLE via Visa beats expectations but debit law looms – Yahoo! News.

Watch Out for These Sneaky Banks

The recently passed financial reform bill will rein in some corporate excess, but don’t breathe too easy. Companies will likely find other ways to make up for what they’ve lost.

READ ARTICLE via Watch Out for These Sneaky Banks (AXP, BAC, C, COF, DAL, DFS, WFC).

Watch Out for These Sneaky Banks

The recently passed financial reform bill will rein in some corporate excess, but don’t breathe too easy. Companies will likely find other ways to make up for what they’ve lost.

READ ARTICLE via Watch Out for These Sneaky Banks (AXP, BAC, C, COF, DAL, DFS, WFC).

Video: VISA Inc. Earnings Report | SmarTrend News

Video: Higher Learning: Credit card reform | Fox Providence

Credit card #swipefees: Would capping them really help consumers? – CSMonitor.com

Credit cards tend to hurt the poor and benefit the rich, according to a recent report from the Boston Federal Reserve Bank, which found an “implicit money transfer” from the former to the latter.

READ ARTICLE via Credit card fees: Would capping them really help consumers? – CSMonitor.com.

Connective Politics Pay Off in Interchange Reform | credit card #SwipeFees

credit- and debit-card interchange fees — assessed by card issuers on every transaction — can eat up much of a retailer’s margin.

READ ARTICLE via Connective Politics Pay Off in Interchange Reform | credit card fees.

The Dodd-Frank Interchange Haircut Could Exceed $10 Billion (Digital Transactions)

(July 26, 2010) Visa and MasterCard debit card issuers stand to lose up to $10.7 billion in interchange income a year in a worst-case scenario under new federal interchange controls that will take effect next year, according to a Digital Transactions News analysis

READ ARTICLE via Digital Transactions News.

Credit Card Fees—Credit Card Fees Transfer Wealth To Rich: Fed Bank Study – CNBC – jason’s posterous

Credit card fees and rewards programs exacerbate income inequality by acting as a transfer of wealth from poor to rich, according to a Federal Reserve Bank of Boston study released Monday.

READ BLOG: via Credit Card Fees—Credit Card Fees Transfer Wealth To Rich: Fed Bank Study – CNBC – jason’s posterous.

U.S. store credit card fees take from poor, give to rich – The Globe and Mail

Study shows credit card fee inequity. Credit card fees and rewards in the United States are transferring wealth from the poor to the rich because stores in general don’t try to recoup the associated costs through different prices for card users, a new study suggests. The study by economists Scott Schuh, Oz Shy and Joanna Stavins, released by the Federal Reserve Bank of Boston, says the lowest-income households are paying $23 (U.S.) and the highest-income households receiving $765 each year, after accounting for the rewards paid out by banks.

READ ARTICLE  via U.S. store credit card fees take from poor, give to rich – The Globe and Mail.

Credit card fees transfer wealth to rich: Fed – The Globe and Mail #SwipeFees

Credit card fees and rewards programs exacerbate income inequality by acting as a transfer of wealth from poor to rich, according to a Federal Reserve Bank of Boston study released Monday.

READ ARTICLE via Credit card fees transfer wealth to rich: Fed – The Globe and Mail.

No reward: credit card schemes swiped | Stuff.co.nz #SwipeFees

The bulk of credit cards rewards programs offer little, if any, financial benefit for consumers, new research shows. For more than a dozen credit cards offered in Australia, fees outweigh the value of the rewards, based on an average annual usage, according to research from bank rate comparison service Mozo.com.au.

READ ARTICLE via No reward: credit card schemes swiped | Stuff.co.nz.

The Buzz: Banks have slumped but may still have room to fall – (Via CNNMoney, @LaMonicaBuzz)

Bank stocks have been among the biggest losers during the market’s slump of the past month or so. Despite that, many professional investors still don’t think banks have hit bottom just yet.

READ ARTICLE The Buzz: Banks have slumped but may still have room to fall - 

What Is a Debit-Card Service Charge? | eHow.com #SwipeFees

A debit-card service charge is a tacked-on fee charged to customers for using the debit card as payment for a purchase. The subject becomes murky beyond this generic definition because the rules governing these charges were in a state of flux as of 2010. Potentially billions of dollars a year are at stake. The final outcome will determine how much more money debit-card-using consumers will pay to spend their money.

READ ARTICLE via What Is a Debit-Card Service Charge? | eHow.com.

If Feds regulate #swipefees on cards will other fees rise? – SignOnSanDiego.com

If you’ve ever paid with plastic for anything from shoes to concert tickets, the merchant had to pay the bank a “swipe fee.” Local retailers said that swipe fees are a big expense, but they’re skeptical that pending legislation will help.

READ ARTICLE via If Feds regulate ‘swipe fees’ on cards will other fees rise? – SignOnSanDiego.com.

NRF applauds swipe fee fix – | Kids Today

The National Retail Federation said it welcomed Thursday’s signing of financial reform legislation that includes provisions to control the $48 billion in credit and debit card swipe fees paid annually by retailers and consumers.

READ ARTICLE via NRF applauds swipe fee fix – 2010-07-23 19:21:24 | Kids Today.

Dodd-Frank Wall Street Reform and Consumer Protection Act already led to new savings at ScanMyPhotos.com

Dodd-Frank Wall Street Reform and Consumer Protection Act and debit card fee reduction already led to new savings at ScanMyPhotos.com

 http://ht.ly/2fCJZ

Retailers Might Save Millions From Financial-Overhaul Bill – Fashion Retailing News | California Apparel News | LA Fashion

Consumers and retailers could be in for some cost savings after the U.S. Senate approved a reduction in debit card swipe fees.

READ ARTICLE via Retailers Might Save Millions From Financial-Overhaul Bill – Fashion Retailing News | California Apparel News | LA Fashion.

#SwipeFees Law Signed | CSP Daily News / Magazine | CSP Information Group

WASHINGTON — Retail groups praised Congress for passing and President Barack Obama for signing into law the Wall Street Reform & Consumer Protection Act (H.R. 4173, also known as the Dodd-Frank Wall Street Reform Act of 2010), which includes a provision to reform credit-card and debit-card interchange fees. The bill includes an amendment sponsored by Senate Majority Whip Richard Durbin (D-Ill.) that would require the Federal Reserve to set regulations resulting in “reasonable and proportional” swipe fees for debit cards.

READ ARTICLE via ‘Swipe’ Law Signed | CSP Daily News / Magazine | CSP Information Group, Inc..

As the Ink Dries on Dodd-Frank, Merchants Gird for Interchange Battle (via Digital Transactions)

(July 21, 2010) As President Obama signs the Dodd-Frank Wall Street Reform Act of 2010 into law on Wednesday, at least one major merchant interest group has already fired the opening shot in what promises to be an all-out battle over the fees banks earn on debit card transactions. At the center of that fight are the Federal Reserve Board and a little-noted provision in the new law that has the potential to erase the bulk of the estimated $15 billion debit cards generate in interchange revenue.

via News.

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NRF Calls Signing of #SwipeFees Fix Important First Step, Urges Regulators to Treat Debit Cards Same as Checks | Business Wire

NRF Calls Signing of Swipe Fee Fix Important First Step, Urges Regulators to Treat Debit Cards Same as Checks | Business Wire.

WASHINGTON–(BUSINESS WIRE)–The National Retail Federation welcomed today’s signing of financial reform legislation that includes landmark provisions to control the $48 billion in credit and debit card swipe fees paid by retailers and their customers each year, and urged regulators to follow Congress’ intent of achieving major reductions in the fees.

“Big banks lobbied hard to keep this legislation from becoming law and we fully expect them to put pressure on the Federal Reserve as it drafts the regulations intended to result in the ‘reasonable’ debit card fees sought by Congress.”

“This is a dramatic first step in the fight to control rising credit and debit card fees and has tremendous potential for savings, but we know the fight isn’t over,” NRF President and CEO Matt Shay said. “Big banks lobbied hard to keep this legislation from becoming law and we fully expect them to put pressure on the Federal Reserve as it drafts the regulations intended to result in the ‘reasonable’ debit card fees sought by Congress.”

“Congress realizes that debit cards are simply plastic checks, and has said the Federal Reserve should look at them with paper checks in mind,” Shay said. “The result shouldn’t be swipe fees being cut by a quarter or even a half. The result should be plastic checks that get paid at essentially face value.”

President Obama today signed H.R. 4173, the Dodd-Frank Wall Street Reform Act of 2010, named for Senate Banking Committee Chairman Christopher Dodd, D-Conn., and House Financial Services Committee Chairman Barney Frank, D-Mass.

The bill includes an amendment sponsored by Senate Majority Whip Richard Durbin, D-Ill., that would require the Federal Reserve to set regulations resulting in “reasonable and proportional” swipe fees for debit cards. The Fed would be required to consider banks’ actual costs for processing the transactions and the fact that paper checks drawn on the same accounts are paid at face value. The amendment would also bar the card industry from interfering with merchants who offer a discount or other benefit to customers who pay by cash, check or debit card rather than credit cards, and would allow merchants to set minimum purchase amounts of up to $10 for credit cards.

Swipe fees – officially known as interchange fees – are a percentage of the transaction charged by card company banks each time a card is swiped to pay for a purchase. The fees average between 1 and 2 percent for debit cards and 2 percent or more for credit cards. Overall swipe fees charged to retailers and other business by Visa and MasterCard banks totaled $48 billion in 2008, with debit swipe fees accounting for $20 billion of the total.

Current card and banking industry prices effectively require retailers to include the fees in the price of merchandise, resulting in the average household paying $427 more annually than they would pay without the fees, according to NRF estimates.

As the world’s largest retail trade association and the voice of retail worldwide, NRF’s global membership includes retailers of all sizes, formats and channels of distribution as well as chain restaurants and industry partners from the United States and more than 45 countries abroad. In the United States, NRF represents the breadth and diversity of an industry with more than 1.6 million American companies that employ nearly 25 million workers and generated 2009 sales of $2.3 trillion. www.nrf.com

Why can Las Vegas Hotels do What VISA and MasterCard Cannot?

[repost]

During a recent stay at The Bellagio Hotel in Las Vegas, I noticed that guests are provided with a oppotunity to charge transactions to their room, or any other hotel in Las Vegas that is owned by the conglomerate.  The transaction is very easy – you just select from the list of hotels, sign your name and write your room number. It is that easy and super-fast.

The hotels are smart. They are trying to reduce their individual merchant interchange fees,save money and be convenient for guests.  Rather than charge each transaction during your stay to a credit card, the hotel is acting as it’s own electronic payment network. This affords just one total transaction to your charge card as you check out.  Rather than having several micro transactions, the hotels save significant interchange fees by having the credit card associations charge the card just once.

This procedure also calls into play why interchange fees are unfair.  The Bellagio like many retailers offering gift cards and handling their own electronic payments demonstrate why Visa and MasterCard’s pricing cartel is antiquated.  If  the Bellagio can handle these transactions and connect with sister hotels along the Las Vegas Strip, think of the card associations’ member banks.  Often, the acquiring and issuing banks are the same, yet they charge for each part of the transaction.  Along with Visa and MasterCard’s discount rate, their system is broken and needs to be fixed.

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Reform may cost Bank of America; stock sinks – Business – The Times-Tribune

[WayTooHigh Comment: I was surprised to read this article, blaming the debit card reforms for B of A's stock decline on Friday of 9%. The terms and complete background were known for weeks. A larger issue is the bank's and the entire credit card industry's liability for what could be the nation's largest class-action antitrust price-fixing litigation over merchant credit/debit card interchange #swipefees]

Bank of America is bracing for a multibillion-dollar hit from new, federally imposed limits on debit-card interchange fees that issuers such as Bank of America levy on merchants for rights to use their payment network.

READ ARTICLE via Reform may cost Bank of America; stock sinks – Business – The Times-Tribune.

SentinelSource.com |As debt falls, credit cards boost incentives

Credit card debt per borrower is falling, according to credit reporting firm TransUnion. But consumers’ resolve will continue to be tested. That’s because Discover, Target, Chase and others are dialing up their card rewards programs, introducing new products or boosting marketing to get consumers to use plastic more often.

READ ARTICLE via SentinelSource.com |As debt falls, credit cards boost incentives.

Most Recent Tweets from @WayTooHigh [#SwipeFees]

  

1. GOP against financial reform, concern re “competition,” if honest issue, should break up MasterCard, VISA 80% monopoly #swipefees 
2. UPDATED BANKING NEWS Lake Forest autism charity wins $20,000 in online vote http://ht.ly/18aqjj   
3. Shareholders will have to force banks not to buy elections   
4. In the Economy | Dow Dives 260 on Earnings, Consumer Worries http://ht.ly/18anMg   
5. Financial Blog Alert CD rates in Indianapolis, Indiana – If you like to stay local with your CD investments, Bankrat… http://ht.ly/18anN1 
6. Bank of Americia, a leading credit card issuer and mjr VISA/MasterCard shareholder, down more than 9% today #swipefees   
7. #SwipeFees = anti-competitive; like Pepsi/Coca-Cola telling stores they will be fined if they charged people less for other brand   
8. Could you imagine if credit card biz settled for a bln $, let’s say, they’d made that up in a few days of #SwipeFees. NOT   
9. RT @Taylor_West: I also missed my one-year Twitter anniversary, which was apparently six days ago. Alas. [Happy Tweetversary, Taylor] 
10. Financial Blog Alert Ignore the doomsayers? – You may have heard predictions of gloom and doom for the stock market … http://ht.ly/18aiDh   
11. MasterCard & VISA are desperate, unAmerican and enemy of small businesses #SwipeFees   
12. #swipefees fund MasterCard, VISA, banks & credit unions vaults not electronic payment network, they was built decades ago   
13. MasterCard & VISA have ~100 #swipefees, better chance in Vegas guessing what your #SwipeFees were   
14. http://www.enewspf.com/index.php/latest-news/latest-local/17565-durbin-statement-on-the-passage-of-sweeping-wall-street-reform-bill- 
15. UPDATED BANKING NEWS Asia mostly lower, as strong yen slaps Nikkei http://ht.ly/18afTA   
16. Financial Blog Alert How optimistic are you? – So how are we all feeling two years after the global economic collaps… http://ht.ly/18afVB   
17. Bank of America emphasizes its ATMs with new eBanking account http://ht.ly/18afVX   
18. Financial Reform Could Hurt Consumers – A change in regulations for debit cards may benefit retailers to the detrime… http://ht.ly/18afX2   
19. Visa fake “survey” not 1st time tricking consumers. They fund “Americans for Consumer Education and Competition” http://ht.ly/20eCP   
20. Next up, post financial reform bill is curbing MasterCard, Visa and banks’ CREDIT card antiquated #Swipefees   
21. Financial Reform Bill Passes — And Regulators Are Left… http://huff.to/8Z5xzp (HuffPost) #SwipeFees   
22. Banks Already Gearing Up To Profit Off Of New Rules http://huff.to/d9AAzp #swipefees. (HuffPost)   
23. I’m competitive, a capitalist and staunchly pro-consumer AND support the new Financial Reform Bill/Law #swipefees   
24. RT @Taylor_West: Big win for small biz in #WallStReform – finally some fairness on debit & credit card #swipefees. [tkx to you too!]   
25. RT @PMAMagazine: #PMANewsline: Retailers benefit from steady second quarter e-commerce sales http://bit.ly/9vDaZG   
26. Financial reform creates political opportunity to reinvent all credit/debit card #swipefees $MA $V   
27. Over 5 1/2 years, WayTooHigh.com has nearly 1800 posts battling MasterCard/VISA #swipefees [SwipeFees.org]   
28. If US were to reduce interchange #SwipeFees rate from 2.0%t to 0.5%, the savings would be $36 bln p year, (Economic stimulus)   
29. Thanks to the mlns of other retailers/ecommerce biz owners for helping to pass financial reform, limit debit card #swipefees   
30. RT @NACSonline: @WayTooHigh thanks for all your help!! [you too, big day, next "credit card" #swipefee reform, Mitch]   
31. Financial Blog Alert New overdraft regulation pulls down CD rates http://ht.ly/18acG0   
32. Free travel rewards on your credit cards same marketing scheme as comps at casinos. Not FREE + YOU pay #swipefees   
33. Post financial reform law, all merchants & ecommerce biz’ must double-down to reform credit card #swipefees too   
34. Visa, MasterCard compete to deliver highest returns to banks rather than lowest prices to consumers #SwipFees   
35. credit card electronic payment network must be paved with GOLD, taking in ~$120,000,000 in “Swipe” EVERY day   
36. In the Economy | Stocks Jolted by Consumer, Earnings Issues – U.S. stocks got off to a weak start Friday after Bank … http://ht.ly/18aa5P   
37. Financial Blog Alert Nervous dates for Obamacare prom – Now the delicate courting dance begins between the Obama adm… http://ht.ly/18aa6s   
38. Can Twitter SM tool help shame giant Visa and MasterCard #SwipeFees cartel; follow along and let us see (@WayTooHigh)   
39. MasterCard, VISA “rewards” uses accurate name; #swipefees reward BANKS   
40. When the mlns of merchants + all cardholders beat MasterCard/VISA cartel, must demand they don’t raise other fees #swipefees   
41. Merchants/consumers pay charge/debit card #swipefees, but often “rewards” never redeamed   
42. Last holdout relic from analog carbon copy analog days are credit card interchange #swipefees   
43. What next? Will VISA buy a “study” proclaiming all cardholders use all their accumulated “reward” perks. Prepaid 100% via #swipefees   
44. Headline News – July 16, 2010 – Headline News is brought to you by Glenbrook Partners and our PaymentsJobs.com job b… http://ht.ly/18a7jf   
45. In the Economy | Stocks Hit by Consumer Data, Mixed Earnings http://ht.ly/18a7k1   
46. MasterCard, VISA, banks’ $48bln #swipefees compromise strength of every business worldwide.   
47. GOP against financial reform, concern re “competition,” if honest issue, should break up MasterCard, VISA 80% monopoly #swipefees   
48. UPDATED BANKING NEWS Citigroup profit dips 10 percent, loan losses fall http://ht.ly/18a4D5   
49. In the Economy | Stocks in Red on Big Earnings Day – U.S. stocks got off to a weak start Friday after Bank of Americ… http://ht.ly/18a4Dh
50. Financial Blog Alert Don’t click on that FDIC’ link – The Federal Deposit Insurance Corp., or FDIC, has issued a war… http://ht.ly/18a4DR   
51. Financial Blog Alert Feds tell banks to be nice to folks affected by oil gusher http://ht.ly/18a4DQ   
52. Last time VISA, MasterCard lost suit, paid ~$3B settlement then RAISED fees to more than cover, not this time! END #swipefees   
53. Thanks @NACSOnline and your members for helping to pass financial reform & limit debit card #swipefees   
54. Mitch Goldstone, Pres & CEO of ScanMyPhotos.com calls MasterCard/Visa #SwipeFees “a vulgar statement of credit card greed.”
55. MNRetailersAsso NRF Calls Passage of Landmark Swipe Fee Fix a Major Victory for Retailers and Consumers over Debit and Credit Card Fees http://bit.ly/9sihKO 
56.  National Restaurant Association Praises Senate Passage of Interchange Fee Reform http://bit.ly/d1eeIe   
57. Who makes more money from apps, credit card companies for Apple? Yup! The banks in #swipefees http://ow.ly/22DGy   
58. Bank of America Corp. reported Friday a net profit that slipped 3% in the second quarter  
59. Florida Bank to Acquire Anderen – Florida Bank Group said Thursday that it will acquire Anderen Financial, of Palm H… http://ht.ly/189Zb1
60. UPDATED BANKING NEWS JP Morgan Had a House Made of Diamonds, and So Should You [Recessionomics] http://ht.ly/189ZcC   
61. In the Economy | Futures Pause After Bank of America Earnings Beat http://ht.ly/189Zd6   
62. UPDATED BANKING NEWS Market Snapshot: U.S. stocks get lift from BP, Goldman news http://ht.ly/189IEH   
63. Congress Passes Financial Reform Legislation – The U.S. Senate gave final passage today to the long debated financia… http://ht.ly/189GDL
64. National Restaurant Association Praises Senate Passage of Interchange Fee Reform http://bit.ly/d1eeIe   
65. #SwipeFees Update | Most Issuers Report Fewer Chargeoffs in June http://ht.ly/189BNG   
66. #SwipeFees DC News | Think Reg Reform Is Done? Just Wait for the ‘Corrections’ Bill http://ht.ly/189BNJ   
67. Senate passes FinReg (Financial Reform Bill) #swipefees. Good 1st step in reining in MasterCard/VISA fees   
68. #SwipeFees DC News | Congress Finishes Regulatory Reform – The Senate, 60 to 39, approved the version completed by a… http://ht.ly/189sqz 2  
69. Financial Blog Alert Women need long-term care insurance even if it is pricey http://ht.ly/189ssN   
70. Post financial reform law, all merchants & ecommerce biz’ must double-down to reform credit card #swipefees too
71. Thanks to the mlns of other retailers/ecommerce biz owners for helping to pass financial reform, limit debit card #swipefees  
72. Thanks the National Retail Federation for helping to pass financial reform & limit debit card #swipefees 2  
73. Thanks to 7-Eleven franchisee and customers for helping to pass financial reform & limit debit card #swipefees   
74. RT @cbsmoneywatch: Senate Passes Financial Reform http://bnet.io/9c4Tgq
75. UPDATED BANKING NEWS J.P. Morgan Chase earnings surge 76% – J.P. Morgan Chase said Thursday that its second-quarter … http://ht.ly/189pMo 1
76. Financial Blog Alert Financial reform will change mortgage world http://ht.ly/189pNe
77. Can credit card issuers and acquirers become like rats in a cage? RT (@WayTooHigh) to make it happen 
78. Funny, banks say merchants will keep #swipefees savings, hey, that’s what THEY do as their costs go down, they raise fees!   
79. SwipeFees,net, SwipeFees.org and the 5 1/2 yr WayTooHigh.com blog shut down this am – trying to get reestablished. Hello media, legal team
80. Banks must be steaming now, not directly accusing ‘em of forcing WayTooHigh.com down, but interesting FinReg vote same day?!
81. Senate passes FinReg (Financial Reform Bill) #swipefees. Good 1st step in reining in MasterCard/VISA fees

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Banks eye higher fees to boost declining revenue – Yahoo! News

Checking accounts, bank statements, even popping into your local bank branch could carry a hefty cost as the nations mega-banks scramble to offset expected damage from the sweeping financial overhaul.

READ ARTICLE via Banks eye higher fees to boost declining revenue – Yahoo! News.

Pandit Says Citigroup Can Absorb Curbs on Fees – DealBook Blog – NYTimes.com

Mr. Pandit said his bank would not be hit that badly by regulations curbing overdraft and credit card transaction fees, two areas that rivals contend will cost them billions of dollars in lost revenue. Nevertheless, Mr. Pandit said on a conference call to discuss Citigroup’s earnings that he was still concerned about the outcome of pending international regulation that would force banks to hold more capital.

READ ARTICLE via Pandit Says Citigroup Can Absorb Curbs on Fees – DealBook Blog – NYTimes.com.

Costs of new regulation emerge in bank earnings | Reuters

BofA expects debit card revenues to drop by $2.3 bln

READ ARTICLE via Costs of new regulation emerge in bank earnings | Reuters.

Store owners fight credit card companies over interchange fees

Independent business owners and franchisees alike have had it with the fees charged by credit card companies when a consumer uses their card.

Interchange fees, those credit card companies charge merchants when customers use their credit and debit cards, have seriously cut into the profit margins of stores for years, and now owners are fighting back. According to 7-Eleven, its franchisees across the country collected nearly 1.7 million signatures from customers on a petition to reform these fees last summer. And now they’re urging those same consumers to contact their Senators for more action.

READ ARTICLE via Store owners fight credit card companies over interchange fees.

Major banking bill faces final vote this week – Yahoo! News

With the votes in hand to overcome Republican delaying tactics, Senate Majority Leader Harry Reid on Tuesday took steps to end debate on the bill Thursday, setting the stage for final passage perhaps later in the day. The House already has passed the bill.

“This reform is good for families, it is good for businesses, it’s good for the entire economy,” Obama said as he prodded the Senate to act quickly.

READ ARTICLE via Major banking bill faces final vote this week – Yahoo! News.

New tax reporting rules leave IRS to mop up Congress’s mess –

In a late May speech before the two payroll industry trade group, IRS Commissioner Douglas Shulman announced a major exception to the new rules: The IRS plans to exempt transactions made through credit and debit cards. A separate reporting requirement kicks in next year that will cover card transactions and help the IRS spot unreported payments made through those channels, “so there is no need for businesses to report them as well,” Shulman said. “Whenever a business uses a credit or debit card, there will be no new burden under the new law.”

READ ARTICLE via New tax reporting rules leave IRS to mop up Congress’s mess – Jul. 9, 2010.

Financial reform a must-pass bill for retailers and consumers – The Hill’s Congress Blog

Interchange swipe fee reform is a critical issue to the grocery retail industry and one that the Food Marketing Institute has championed for over a decade. Because of its importance, we are urging that Congress pass the Dodd-Frank Wall Street Reform and Consumer Protection Act containing significant swipe fee reforms. It is the right thing to do. It will help keep businesses — both large and small — in business and helps all consumers.

The interchange reforms are a strong step toward transparency and competition and our industry is confident that the families in the communities we serve have much to gain in the way of discounts and better benefits when shopping in our stores with these reforms in place.

READ ARTICLE via Financial reform a must-pass bill for retailers and consumers – The Hill’s Congress Blog.

Financial overhaul: Financial overhaul likely to pass with key senator’s support – chicagotribune.com

— A key senator’s support Monday for the sweeping overhaul of financial regulations most likely assured its enactment, but the timing of a final vote remained up in the air because Democratic leaders have no margin for error as they try to overcome a procedural roadblock by opponents.

Sen. Scott Brown of Massachusetts, one of a handful of Republicans who voted for the Senate’s version of the legislation, said he would vote for the bill. He had balked last month at revisions made by a House-Senate conference committee to fund the bill’s $19 billion cost over the next 10 years. But the joint committee reconvened late last month to make changes to satisfy him.

READ ARTICLE via Financial overhaul: Financial overhaul likely to pass with key senator’s support – chicagotribune.com.

AARP encourages U.S. Senate to pass financial reform bill » WireUpdate Local | Local Breaking News | Local Breaking Wire -

WASHINGTON, D.C. (BNO NEWS) — AARP on Monday said that it will be continuing to encourage the U.S. Senate to pass the “Dodd-Frank Wall Street Reform and Consumer Protection Act.”

AARP has been campaigning with grassroots activities and paid advertisement to push for a financial reform bill that the group believes will protect consumers from financial abuse and help prevent future financial disasters.

READ ARTICLE via AARP encourages U.S. Senate to pass financial reform bill » WireUpdate Local | Local Breaking News | Local Breaking Wire -.

Lynn Parramore: Exclusive Interview: Elizabeth Warren Says Big Banks Must Stop Blocking Reform

Senate Democrats are making the final push on financial reform this week, but will big banks really change the way they do business? Or will we still be pawns in a game rigged in their favor? I caught up with Elizabeth Warren to talk about the need to reform Wall Street culture, the pernicious influence of bank lobbies, and the debt-fueled threat to America’s middle class.

Lynn Parramore: Has the financial crisis changed the culture of Wall Street?

Elizabeth Warren: I would have expected the financial crisis to sweep through Wall Street like a hundred-year flood — wiping out old business practices and changing the ecology profoundly. So far, the financial services industry has seemed to treat the crisis like a little rainfall — inconvenient, but no significant changes needed. The real question moving forward is how the industry will respond to Wall Street reform and growing public anger. Will it react to all the new cops on the beat just by hiring more lobbyists? Will it continue to spend $1.4 million a day to beat back anything that could mean more accountability and oversight? Or will the financial services industry finally begin to rethink its business models, lobbying approach, and attitude toward the public?

READ ARTICLE via Lynn Parramore: Exclusive Interview: Elizabeth Warren Says Big Banks Must Stop Blocking Reform.

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Olympia Snowe a yes on reg reform – Meredith Shiner – POLITICO.com

Republican Olympia Snowe of Maine announced Monday night that she will support the Wall Street reform bill, effectively securing Majority Leader Harry Reid’s path forward to delivering final legislation to the president’s desk as early as this week.

Reid issued a statement later Monday saying, “We will finish our work on this bill this week to ensure that these critical protections and accountability for Wall Street are in place as soon as possible.” He did not specify when a vote would take place.

READ ARTICLE via Olympia Snowe a yes on reg reform – Meredith Shiner – POLITICO.com.

Republican Sen. Scott Brown backs Wall Street bill – USATODAY.com #SwipeFees

Senate Democrats inched closer to finding the 60 votes they will need to pass new Wall Street regulations today after Republican Sen. Scott Brown of Massachusetts said he will support the measure.

“While it isn’t perfect, I expect to support the bill when it comes up for a vote,” Brown, who was elected in January to fill the seat left vacant by the death of Edward Kennedy, said in a statement. “It includes safeguards to help prevent another financial meltdown, ensures that consumers are protected, and it is paid for without new taxes.”

READ ARTICLE via Republican Sen. Scott Brown backs Wall Street bill – On Politics: Covering the US Congress, Governors, and the 2010 Election – USATODAY.com.

GOP’s Scott Brown to vote for financial regulation overhaul | D.C. Now | Los Angeles Times

Massachusetts Sen. Scott Brown said on Monday that he will support the financial regulation overhaul, becoming one of the Republicans needed to moved one of the Obama administration’s key pieces of legislation into law.

Brown had announced that he would oppose the compromise bill that had been negotiated by the House and Senate, but shifted his support after bargainers went back to the table and restructured about $19 billion in payments that was opposed by banks in Brown’s state. A final Senate vote could come this week.

“I appreciate the efforts to improve the bill, especially the removal of the $19-billion bank tax. As a result, it is a better bill than it was when this whole process started. While it isn’t perfect, I expect to support the bill when it comes up for a vote,” Brown said in a prepared statement.

READ ARTICLE via GOP’s Scott Brown to vote for financial regulation overhaul | D.C. Now | Los Angeles Times.

Wall St. Bill One Vote Away After GOP’s Brown Voices Support – ABC News

As the Senate returns from a week-long Independence Day recess today, Democrats are trying to finish work on a Wall Street bill that has been in the making since the financial crisis began in the fall of 2008.

If the Senate passes the measure, possibly as soon as this week, it would then go to President Obama’s desk for his signature. It would marking the administrations second-biggest legislative achievement after the health care legislation that passed earlier this year.

READ ARTICLE via Wall St. Bill One Vote Away After GOP’s Brown Voices Support – ABC News.

The Associated Press: MasterCard names Menendez leader of debit business

MasterCard Inc. on Monday named Carlos Menendez to lead its global debit card business.The payments processor said Menendez, 40, will join the company as group executive, global debit, effective Sept. 1. Menendez most recently worked as chief operating officer for Western Europe at Citigroup, where he spent 14 years.

READ ARTICLE via The Associated Press: MasterCard names Menendez leader of debit business.

In battle over swipe fees, it’s banks vs. almost everybody | Regional Voices – The News Tribune

The U.S. House of Representatives has done the right thing and passed the financial reform bill; the Senate should do the same.

The Wall Street Reform and Consumer Protection Act will give an important boost to small businesses like mine, and that is good for our communities here in Washington – and for jobs and economic recovery across the country.

One part of the bill commands particular attention.

One of the biggest expenses for any business that sells things to consumers is credit and debit card fees. Most people never know that because the giant card companies keep these fees hidden.

READ ARTICLE via In battle over swipe fees, it’s banks vs. almost everybody | Regional Voices – The News Tribune.

Battle over card fees pits small businesses against issuers

What Kavanaugh doesn’t like, however, are the fees that cards issuers tack onto those electronic transactions. He estimates paying $2,000 to $3,000 a month in interchange or “swipe fees.”

READ ARTICLE via Battle over card fees pits small businesses against issuers.

House Passes Legislation to Help Hold Down $20 Billion in Debit Card #SwipeFees : Dealerscope

The National Retail Federation welcomed a provision in financial services reform legislation passed by the House last week that will help hold down the $20 billion in debit card swipe fees charged annually by the banking industry and allow merchants to give discounts to customers who don’t use credit cards.

“The House has sent a clear message that big banks shouldn’t be allowed to drive up consumer prices by charging fees that are outrageously out of proportion to the actual cost of processing a transaction,” NRF Senior Vice President and General Counsel Mallory Duncan said in a release. “The requirements of this bill should result in debit card swipe fees that are truly ‘reasonable’ and ensure that banks can’t put their hands quite as far into consumers’ wallets as they do today.”

READ ARTICLE via House Passes Legislation to Help Hold Down $20 Billion in Debit Card Swipe Fees : Page 1 of 2 : Dealerscope.

Visa can take credit for this sly debit-card bill – Press-Telegram

The consumer advocates’ lobby has put its name behind Oropeza’s legislation. But the real force behind the bill is Visa, that company that is everywhere it wants to be.

The credit card giant is orchestrating a lobbying effort here and in no fewer than 10 other states, among them Vermont, New York, Illinois and Colorado. Each would bar merchants from charging fees when customers use debit cards, which could mean big bucks for Visa

READ ARTICLE viia Visa can take credit for this sly debit-card bill – Press-Telegram.

Overdraft Bank Fees: How To Avoid Them With New Fed Rules | Connecticut Watchdog

If you have a checking account, you now have a choice to make about overdraft protection.

New Federal Reserve rules require banks to receive permission from each checking account customer before the bank provides overdraft protection for ATM and debit card transactions.

The change started July 1 for new customers and takes effect on Aug. 13 for existing customers.

READ ARTICLE via Overdraft Bank Fees: How To Avoid Them With New Fed Rules | Connecticut Watchdog.