Banking From a “SouthPark” Prospective

April 30, 2009

Another Reason Bank of America CEO, Ken Lewis Should be Fired

April 28, 2009

U.S. Retail Organizations to Merge

April 23, 2009

The National Retail Federation (NRF) and the Retail Industry Leaders Association (RILA) will merge into one trade association that cohesively represents millions of workers in the industry, reports the Baltimore Business Journal.

“This is an historic time for our industry. The challenges and opportunities before our members are unprecedented. Now is the right time to bring these associations together,” said RILA Chairman Robert Niblock, CEO of Lowe’s Co. Inc. and NRF Chairman Myron Ullman, CEO of J.C. Penney Co. Inc., in a joint statement.

The combined group, which is currently unnamed, will give members a singular and stronger voice on policy, communications, and public affairs issues in Washington, D.C.; access to events and conferences for members of both groups; focused educational and operational services for independent retailers; and a fully-integrated staff.

Both groups will undergo a due diligence process to complete the merger, which has already been approved by their executive committees. Both associations’ boards must recommend the merger, and both memberships must approve it. The groups expect the deal to be completed by the summer, says the Baltimore Business Journal, with further details to be nailed out in the coming months.

Roslyn, Va.-based RILA has 200 member companies — from Abercrombie & Fitch to Wal-Mart — and it represents more than $1.5 trillion in sales. It employs 30 people.

The Washington, D.C.-based NRF is the world’s largest retail trade association with about 2,500 members, including department, specialty, discount, catalog, Internet, independent stores, chain restaurants, drugstores, and grocery stores. It employs about 100 workers.


Rebuttal to MasterCard Canada Assertions

April 22, 2009

According to Canada NewsWire, MasterCard provided the following key points regarding interchange and debit and WayTooHigh.com replied below.

MASTERCARD CANADA: Canada has a well-functioning payments system that provides significant convenience and security to consumers and merchants. It has continued to operate effectively and drive commerce despite a global credit crisis. More than $240 billion in Canadian commerce is expedited on credit card systems annually.

WAYTOOHIGH: Nobody denies that payment cards are convenient and relatively secure. However, these benefits have nothing to do with interchange fees and do not confer upon issuing banks a blank check to extort supracompetitive profits from merchants and consumers through a hidden tax. Price-fixing is illegal!

MASTERCARD CANADA: A merchant that processes a credit card transaction enjoys guaranteed payment even at a time of increasing consumer default rates.

WAYTOOHIGH: Merchants are not permitted by the Visa and MasterCard rules to separately negotiate for payment guarantee services. This should be a negotiable service subject to competitive forces. Merchants should have the choice of whether to purchase these services from the card networks, from a third party, or not at all. The card networks and issuing banks already include the risk of default in the interest rates they charge to consumers. There is no justification for forcing merchants to cover this cost.

MASTERCARD CANADA: Merchants benefit from increased sales, improved payment efficiency, reduced cash handling, customer convenience and satisfaction, e-commerce facilitation, international purchase handling, automatic currency conversion and settlement, among other benefits.

WAYTOOHIGH: There are no studies supporting the assertion that card usage increases sales, reduces checkout time, or increases consumer satisfaction. These are simple advertising puffery. To the extent that some of these claims are accurate, they are neither an excuse to price-fix supracompetitiveinterchange fees nor a justifiable expense to force upon merchants without negotiation. Just look at the tricks MasterCard and Visa (both were controlled by thousands of the same member banks) They offer sweepstakes, but the less expensive PIN-based debit cards are ineligible. They charge merchants for the high-costing affinity (frequent flier reward) signature cards, but many consumers never cash in those rewards. And now, the credit card companies are taking back the accrued rewards if a cardholder defaults by a single day, some unscrupulous companies are even paying cardholders to close their accounts, thus also losing those rewards.

MASTERCARD CANADA: Interchange is a fee that passes between acquirers (who handle card processing for merchants) and card issuers. Issuers receive interchange to compensate them for significant costs and risks borne in offering credit cards including interest-free periods, account management, credit losses, fraud protection and processing.

WAYTOOHIGH: Regarding the assertion that merchants don’t pay interchange, the rebuttal is that the merchant discount rate automatically includes the interchange fee. The rest is mere semantics. Also, why would they talk about benefits to merchants from interchange fees if merchants weren’t paying those fees? Remember: interchange fees were designed forty-years ago, when retailers used antiquated manual credit card imprinters (ScanMyPhotos.com used these way back in the early 1990’s.  The fee was cost-based; remember those stacks of carbon-copy receipts? Write a check, which passes through the Federal Reserve network and the there is no clearing (interchange) charge. Use a Starbucks gift card, and there is no interchange fee. Use a shopping mall card, good at multiple merchant locations, and there is no interchange charge. Buy a gift card for any retailer at a supermarket and even though there is a network of payment mechanisms in place, there is no interchange fee. Use a PIN-based Debit card in Canada and there is no interchange fee. Use a credit card in Iceland and… you get the idea. As to the “issuer compensation” argument, many of those expenses should be borne by the consumer, not the merchant (e.g. free funding period). Furthermore, the merchant should not be forced to purchase these alleged services as a price-fixed bundle. These should be available separately and negotiably.

MASTERCARD CANADA: MasterCard’s Canadian interchange rates remain well below those of other developed markets including the United States and below similar fees for American Express in Canada. A sampling of other countries with higher blended interchange rates than Canada include Argentina, Brazil, Germany, Greece, Indonesia, Japan, Philippines, Poland, Portugal, Switzerland, Turkey and Uruguay.

WAYTOOHIGH: The relevant comparison is not Canada v. Uruguay, it’s competitive v. anticompetitive. The fact that MasterCard’s supracompetitive interchange rates are not quite as inflated in other countries as they are in North America doesn’t render them legal. MasterCard and Visa boast 80% market power and are two giant cartels with, until recently, the same representatives on their board of directors. Collusion, greed, illegal price-fixing and hundreds of billions of dollars paid by consumers and merchants over the years is why this battle may be the largest antitrust case in U.S. history, and why the banks are engaged in a death-spiral battle against its two core customers – consumers and merchants. 

MASTERCARD CANADA: MasterCard receives no revenue from interchange.

WAYTOOHIGH: MasterCard remains a puppet of the issuing banks, who receive enormous amounts of revenue from interchange. How does MasterCard explain the term “Merchant Discount Rate?” So, where do their revenues come from, then?

MASTERCARD CANADA: Consumers do not pay interchange fees nor merchant fees.

WAYTOOHIGH: As with the argument that merchants don’t pay interchange, MasterCard exalts form over substance. As a practical matter, merchants must build in their overhead costs into the costs of their products. Increasing interchange fees effectively increases the cost of goods just as would increasing the cost of the merchant’s rent or electricity.  The nearly $60 billion dollars in merchant interchange fees in the U.S. last year came from somewhere!  It is a hidden tax that ultimately, the consumers pay.

MASTERCARD CANADA: Merchants who choose to accept credit cards pay to participate in exchange for the benefits received. The fee accounts for the multiple benefits received.

WAYTOOHIGH: The idea that merchants “choose” to accept credit cards is a myth. In reality, merchants must accept payment cards in order to stay in business. Furthermore, interchange is not cost-based. If it were, it would be far, far lower. Look at the European Union, where cross-border interchange is mandated to be cost based by law. For Ecommerce businesses, like ScanMyPhotos.com and millions of other online companies we are forced to accept Visa and MasterCard – they have an 80% market power over the industry. Their millions of dollars invested in TV commercials training consumers not to pay with cash is all the more reason why MasterCard and Visa are like drug dealers, they get consumers trained and then force them to use their products. Yes, force, and we can explain why.

MASTERCARD CANADA: Merchants pay a merchant fee established by their acquirer, not MasterCard. Interchange forms a portion, but not all, of that merchant fee.

WAYTOOHIGH: Interchange accounts for the vast majority of the merchant discount fee and is non-negotiable. The merchant discount fee is always higher than the interchange fee, meaning that merchants effectively pay interchange. If the truth were otherwise, we’d have acquirer lawsuits against the networks and the issuers. Get real, it’s all about MasterCard. Until recently, MasterCard and Visa were just brands (trade associations) fully owned by the banks. Whether the fees go to the banks or the two giant credit card association, the same pockets were being enriched.

MASTERCARD CANADA: MasterCard’s 2008 adjustment to interchange rates was the first in seven years. Some rates were reduced.

WAYTOOHIGH: Whether or not that’s true, it doesn’t change the fact that the rates are much higher than they would be in a competitive environment (assuming they’d exist at all). Some rates were 300% higher than in 1999. Without warning, millions of merchants receive a twice yearly letter explaining the new rates, just days prior to it taking effect.

MASTERCARD CANADA: A merchant can obtain his MasterCard interchange rates via http://www.mastercard.ca. This information has been available for more than two years. [There is a now similar website in the U.S. with more than one-hundred pages of rate schedules].

WAYTOOHIGH: Only two years? Why was MasterCard so secretive before that? Regardless, the merchant has no way of knowing what the interchange rate will be at the time of sale and therefore cannot make an educated decision about whether to accept the card. There is no transparency, and those website rate schedules are unclear and confusing. If MasterCard was honest, they would easily post the exact interchange fee as part of every charge card receipt (right under the sales tax breakdown).

MASTERCARD CANADA: When interchange was regulated in Australia, it led to reduced card benefits to consumers and there is no evidence that retailers passed on savings in reduced prices.

WAYTOOHIGH: To allege that a reduction in overhead costs for an entire country’s merchants would not result in lower prices is to allege a price-fixing conspiracy among all merchants. If so-called “cardholder benefits” were only available because of a price-fixing conspiracy between issuing banks, we should not lose sleep over the disappearance of those benefits when the conspiracy is busted up. The rule of law is what matters, not cardholder benefits.

MASTERCARD CANADA: MasterCard Worldwide has a PIN-based debit payment solution – Maestro(R) – used by more than 652 million cardholders in over 100 countries.

WAYTOOHIGH: Perhaps, but that doesn’t justify the price-fixing conspiracy and it doesn’t justify forcing merchants to pay supracompetitive interchange fees. MasterCard and its issuers don’t get a blank check just because they provide some benefits. Banks would need to provide debit cards even if they didn’t get interchange fees. Otherwise, it would be like banks providing a checking account but no checks.

MASTERCARD CANADA: MasterCard Canada is preparing to expand its global debit processing system in Canada where it would deliver compelling benefits to Canadian consumers and merchants.

WAYTOOHIGH: MasterCard is only increasing its market power so that it can continue to force supracompetitive interchange fees on merchants.

 
MASTERCARD CANADA: Using Maestro, Canadian consumers could use debit all over the world.

WAYTOOHIGH: See previous two arguments.

MASTERCARD CANADA: Accepting Maestro means Canadian merchants could accept international travelers’ debit cards.

WAYTOOHIGH: See above.
— 

MASTERCARD CANADA: MasterCard will provide technological advancements including greater security and fraud protections, innovations

WAYTOOHIGH: See above.

MASTERCARD CANADA: MasterCard operates a global debit infrastructure with centralized operations that run 24/7. The system delivers significantly greater scale than Canada’s incumbent debit network. It has had zero downtime in more than seven years.

WAYTOOHIGH: See above.

MASTERCARD CANADA: MasterCard will create competition in the Canadian debit market where it has never existed.

WAYTOOHIGH: MasterCard is not talking about competition for merchant acceptance, only “competition” for issuing banks, which has the effect of increasing interchange rates at the expense of merchants. Payment cards are a two-sided market (issuance and acceptance) and when MasterCard, Visa and the member banks talk about so-called “competition,” they’re never talking about the merchant side of the market.


Credit Card Executive Attendees at The White House

April 22, 2009

According to Reuters, this is the list of credit card industry executives expected to attend the Presidential White House meeting on Thursday, April 23rd.

  • Larry Sharnak – American Express,  Executive Vice President and General Manager, Consumer Cards
  • Richard Struthers – Bank of America, President, Global Card Services
  • Lloyd Wirshba – Barclaycard US, Chief Executive Officer
  • Ryan Schneider – Capital One Financial Corp, President of Cards
  • Paul Galant – Citigroup, CEO, N.A. Cards
  • David Nelms – Discover Financial Services, CEO
  • Patrick Burke – HSBC Card and Retail Services, Senior Vice President and Chief Operations Officer
  • Gordon Smith –  JPMorgan Chase & Co, CEO, Chase Card Services
  • Christopher McWilton – MasterCard Worldwide, President, US Markets
  • Pam Joseph – US Bancorp, Vice Chairman, Payments
  • David Bohne – USAA President, USAA Savings Bank
  • William Sheedy – VISA USA Inc, Global Head of Strategy
  • Kevin Rhein – Wells Fargo & Co, Division President, Wells Fargo Card Services and Consumer Lending

CREDIT CARD INTERCHANGE FEE, MERCHANT-DISCOUNT ANTITRUST LITIGATION CLASS ACTION COMPLAINT

April 20, 2009

Click here to view the consolidated complaint.


TWITTER: Follow @WayTooHigh Recent “Tweets”

April 18, 2009

WayTooHigh

  1. Credit Executives Are Summoned To White House (via Nancy Trejos and Binyamin Appelbaum Washington Post) http://ow.ly/366P

  2. Congress is trying to rein in other abusive credit card fees, but if they don’t address interchange, they’ll miss the biggest threat of all

  3. $2,100,000,000 Earned in JUST the 1st Q by JP Morgan Chase. How much derived from antiquated credit card interchange fees? http://ow.ly/33hm

  4. Q: Why hasn’t MasterCard, Visa, Chase, CitiGroup, BofA, etc… not been shut down for collusion and credit card price-gouging. A: Dunno

  5. Inside The Campaign To Oust Bank of America’s Ken Lewis: Video – http://ow.ly/3d2f

  6. Look out: Credit cards unleash big rate hikes http://ow.ly/3d2H

  7. If mortgage rates continue to decline, interest rates being lowered, why are Visa and MasterCard’s credit card interchange fees soaring?

  8. You know it’s a good day for consumers and retailers when Visa publicly expresses extreme disappointment: http://ow.ly/2DdO

  9. White House calls in credit card industry – http://ow.ly/3c5d

  10. Dow ends best 6 weeks since 1938 on econ hopes –

  11. In another gesture to vulnerable consumers, the House and Senate could take up a credit card bill of rights bill. – http://ow.ly/3c53

  12. Question for merchants: Credit card processing fees are too high because? Tweet your experience with interchange fees @wayTooHigh

  13. Encouraging Credit Card Holders to Leave Should Result in Interchange Fee Refunds – http://ow.ly/3c3k

  14. RT @katbuilder: Fight back with banks on charging high bank fees!!

  15. This Merchants Payments Coalition / UnfairCreditCardFees.com video explains why MasterCard and Visa are the new enemies http://ow.ly/2BH8

  16. Visa / MasterCard’s long history of anticomptitive price-fixing corrupts smart biz thinking; the marketplace should control competition

  17. Some Bank of America credit card rates increasing: What you can do http://tinyurl.com/cm43o4

  18. Q: How can banks (MasterCard / Visa) cite “competitive pressures” regarding need for soaring credit card rates? They own the Monopoly board!

  19. TARP-fed Banks Face Scrutiny on Credit Card Interest, Fees (USBanker) http://ow.ly/390O

  20. For balance, to represent the millions of merchants (consumers) at the White House credit card meeting consider inviting Mitch Goldstone

  21. We will be Tweeting non-stop on planned White House meeting on Thurs w/ credit card execs and URGE INTERCHANGE DISCUSSION http://ow.ly/38Q1

  22. Peter Barnes, Senior Washington Correspondent at FOXBusiness reports on White House / credit card banking exec meeting – http://ow.ly/38Pt

  23. 4 Karey Wutkowski,Patrick Rucker at Reuters NOTE: Any White House meeting with credit card cos MUST discuss interchange = $60bln annual fee

  24. White House to meet with credit card execs-sources (Reuters) http://ow.ly/38Oi

  25. Dow ends best 6 weeks since 1938 on econonic hopes

  26. MasterCard increased its network access and brand usage fee from 0.5 cents per transaction to 1.85 cents, a 270% increase http://ow.ly/2LYl

  27. Companies encourage cell phone recycling as Earth Day approaches (only 10% of cell phones were recycled on ’07) http://ow.ly/2VOG

  28. Barclays Bank exclusive VISA Black card for THREE mln consumers = tool designed to generate HIGHER interchange fees http://ow.ly/2FAg

  29. Why merchants & consumers aren’t Tweeting, blogging support for Visa, MasterCard & bank credit card Interchange fees: http://ow.ly/2sjT

  30. Other credit card fee reforms are necessary, but don’t forget about the ~$60,000,000,000 interchange tax on businesses / consumers

  31. Did Visa and MasterCard create a non-competitive environment in which businesses cannot negotiate for lower interchange rates? #credit

  32. “A Quiet Windfall For U.S. Banks” (via Washington Post, Amit R. Paley) – http://ow.ly/2Gjq

  33. The credit card interchange fee is the biggest hidden tax (~$60 bln) you’ve never head of, until now: http://ow.ly/2XC7

  34. Credit card companies are squeezing consumers in ways big and small – http://ow.ly/2R1o (consumer action)

  35. This Merchants Payments Coalition / UnfairCreditCardFees.com video explains why MasterCard and Visa are the new enemies http://ow.ly/2lwa

  36. RT @EFFIE325: @EVERYONE CREDIT CARD COMPANIES SHOULD BE GIVING PEOPLE SOME TYPE OF RELIEF INSTEAD OF RUINING THEM WRITE TO CONGRESS!

  37. RT @JeffCole53: …credit card companies are like crack dealers, they ruin people’s lives, and then want to sell them even more of the drug

  38. Avg. American household paid $427 in credit card interchange fees last year. Total interchange fee revenues have tripled since 2001.

  39. RT @geidas In addition to all the other fees, credit card banks charge merchants a 2% transaction fee on every purchase http://htxt.it/HTAW

  40. Anatomy of How Technology Should Reduce MasterCard and Visa’s Member Banks’ Credit Card interchange Fees – http://ow.ly/2HrO #congress #bank

  41. Congress can’t fix the financial services industry without reforming huge, hidden credit card interchange fees. #banking #congress

  42. “Pres Obama campaigned on credit card reforms, Fed ruled that their practices are unfair and deceptive” – http://ow.ly/368t (WashPost)

  43. Credit Executives Are Summoned To White House (via Nancy Trejos and Binyamin Appelbaum Washington Post) http://ow.ly/366N

  44. Retailers are waging a no-holds barred campaign seeking government regulation of card acceptance fees and interchange. http://ow.ly/2TnY

  45. Congress can’t fix the financial services industry without reforming huge, hidden Visa / MasterCard, member banks’ interchange fees

  46. Credit Card Execs Summoned to White House Meeting Next Thursday

  47. in 2008, Americans paid twice as much in interchange fees than in credit card late fees and three times ATM fees!

  48. Citigroup revenues neraly doubled to $24.79 billion in JUST the 1st Q. How much was derived from excessive credit card interchange fees?

  49. Merchant interchange fees cover reward points for credit cards; when banks force cardholders to close accounts, NO REFUND of paid rewards

  50. Merchants (consumers) are paying the interchange credit card fees, which includes funding reward points, but banks keep when accounts closed

  51. Financial Services Committee Chair, Barney Frank said curbs on credit-card “abuses” are among his panel’s priorities. http://ow.ly/2XAx

  52. More Reasons to Worry About Credit Card Companies (Morgan Housel, Motley Fool) http://ow.ly/2MsJ

  53. Retailers across the nation are calling for interchange independence UnfairCreditCardFees.com

  54. innovations in electronic payments should increase effeciencies and lower fees, that’s how non-monopoly cartels work

  55. Ecommerce companies, like ScanMyPhotos.com and millions of others are forced to accept Visa and MaterCard; they wield 80% market power.

  56. Convenience store owners call for card-fee action http://ow.ly/33jT

  57. U.S. Rep. Peter Welch (D-Vt.) introduced a bill in the last Congress to prohibit these unfair credit card rules http://ow.ly/33j2

  58. Undue profiteering’s in the (credit) cards (via Sean Flynn, Boston Herald) – #banking #mastercard #visa – http://ow.ly/33iM

  59. Can’t fix the economy and help small businesses without addressing the banks anticompetitive credit card interchange fees

  60. RT @jesserz: JP Morgan Chase…making billions while people lose jobs. Justice prevails!

  61. $2,100,000,000 Earned in JUST the 1st Q by JP Morgan Chase. How much derived from antiquated credit card interchange fees? http://ow.ly/33ha

  62. JP Morgan Chase, named defendant in our merchant antitrust class-action lawsuit against credit card cos reports 1st Q earnings $2.1 bln

  63. JP Morgan Chase – Earnings. Video (Bloomberg) http://ow.ly/33gG

  64. RT @krishutchinson: Wells fargo card activator just hung up on me because I wouldn’t join the credit protection program….

  65. RT @bostongal48: @waytoohigh EVERYTHING IS WAYTOO HIGH

  66. Merchants: Socked by Credit Card Fees They Can’t See http://ow.ly/2M1E. Follow along on our 4-year blog: http://www.WayTooHigh.com

  67. Using Twitter as forum to humanize and as advocacy channel in battle against Visa, MasterCard credit card fees #banks #credit WayTooHigh.com

  68. Visa and MasterCard’s fees MUST be stopped. Now that the U.S. Taxpapers own banks, interchange should disappear

  69. Visa and MasterCard, two ‘competitors’ announce price increases of nearly 300 percent at the same time in a recession? – http://ow.ly/2LYH

  70. NY Times: Small-Business Owners Lobby to Cut Credit Card Fees – http://ow.ly/2GqM #MasterCard #Visa #banking #credit

  71. Global economic recession worst since Great Depression, yet, banking credit card interchange fees still rising http://ow.ly/2Dl9

  72. Little transparency for interchange fees that banks pay each other for each credit, debit card and ATM transaction made by customers.

  73. “Small-Business Owners Lobby to Cut Credit Card Fees” 9via New York Times, by JANE BIRNBAUM) http://ow.ly/2GkF

  74. “The Credit Card Fee That Will Fleece You,” cost of using charge cards overseas could add 5% to your purchase – http://ow.ly/2GhW

  75. Homeowners taking advantage of record-low mortgages, consumers benefit from lower interest rates, BUT, INTERCHANGE FEES AT RECORD LEVEL

  76. More info visit WayTooHigh.com – the credit card interchange report Lead plaintiff, ScanMyPhotos.com has 4+ yrs of data http://ow.ly/32pQ

  77. Seeking transparancy of Visa asnd MasterCard interchange rates. There is transparacy in Europe and AUS.

  78. Rules by Visa and MasterCard are more than 1700 PAGES. Can’t discount for cash, can’t surcharge. can’t print out on receipt the fees

  79. Tweeting on local and national small business leaders discussing the looming threat to economy by hidden credit card fees – interchange

  80. Fighting interchange fees as Visa and Mastercard continue to raise credit card merchant interchange fees payment expense up 800+% since 1995

  81. Seeing D.C. support. Petro industry had $3.4 bln in profits last year. $7.6 bln in credit card fees.

  82. One PA family business saw $4.6 mln in credit card fees, $1.0 mln more than prior year. Fed Up with Visa and MasterCard

  83. Impact of uncontrolled crdit card fees on supermarkets and Main Street is devistating. Retailers are “madder than hell” at credit card cos.

  84. Interchange is a nationwide proble,. Supermarkets after tax profit is about 1-2%, thus LESS THAN COST FOR CREDIT CARD FEES = LOSS

  85. PA state wide trade assn is talking. Own about 6,000 stores in PA. Over past 5 years, members said interchaneg is fastest growing TAX

  86. POLAND ABOLISHED INTERCHANGE FEES. EU rate is about 0.30%. U.S. about 2.0% for credit card merchant interchange fees

  87. ONLY ABOUT 13% is used to cover COST OF INTERCHANGE electronic payment fees. U.S. pays HIGHEST RATE in WORLD

  88. Use your debit card with rewards benefit yields HIGHER INTERCHANGE FEES.

  89. WHEN YOU PAY CASH, low interchange fee card, FOOD STAMPS, CHECKS, cover high reward cards (signature affinity cards)

  90. When you write a check. NO INTERCHANGE FEE. Mercjhant, however only gets ~98% back from credit card fees

  91. CONSUMERS don’t know about interchange fees. About 2% per transactions. [about 100 separate rates].

  92. FIGHT against unfair credit card fees. Seeking legislative action. Credit card interchange fees HIDDEN.

  93. Taylor West intro: Lyle Beckwith, National Assn Convienence Stores (NACS) representing retailers nationwide

  94. Stand by for live Tweeting from NEWS CONFERENCE [ Pennsylvania Retailers Urge Rep. Gerlach to Take Action] #Mastercard #Visa #banking

  95. Retailers are pushing Congress to challenge the credit card industry’s little-known “interchange” fees, http://ow.ly/31Gn

  96. Apple is about to sell its 1 billionth iPhone app, but think of all those micro-payment credit card interchange fees on 99-cent orders!

  97. MasterCard, Visa and other bank card customers paid $14.6 billion in 2008 just in penalties http://ow.ly/2ODF

  98. @WayTooHigh will be Tweeting LIVE from today’s press event. #MasterCard #Visa #banking #charge #credit card #interchange #bank fees

  99. 11:15 (PDT). Today, April 16 at 2:15pm – Pennsylvania Retailers Urge Rep. Gerlach to Take Action http://ow.ly/324j

  100. Telephone Press Conference Calling on Rep. Gerlach to Stand with Pennsylvania Consumers and Small Businesses – Credit Card Fees

  101. Unfair and anti-competitive interchange fees are crippling businesses http://ow.ly/323J

  102. Local and national small business leaders will host a conference call with state reporters to discuss hidden credit card fees; interchange.

  103. Telephonic Press Conference, Thursday, April 16th, at 2:15 PM Eastern Dial-in number: 800-895-0198, Passcode: PENN**** http://ow.ly/323m

  104. It’s not often that the credit card industry faces a defeat in D.C. until now, watch video http://ow.ly/2FLz #charge #banks #TARP #antitrust

  105. Local Retailers Ask Rep. Gerlach to Stand With Them, Rein in Fees That Hurt Pennsylvania Consumers, Small Businesses http://ow.ly/323j

  106. RT @geidas: @WayTooHigh I’m doing a story on the fees. Dan Kelly, Reading Eagle, PA, can you contact me at dkelly@readingeagle.com.

  107. Growing List of Reasons to Lower and End Interchange Fees http://ow.ly/2DmH

  108. @WayTooHigh edited by Mitch Goldstone, pres & CEO, ScanMyPhotos.com. Blog launched in ’05 http://www.WayTooHigh.com http://ow.ly/2MeJ

  109. – Retailers cry foul on credit card fees http://ow.ly/31Gc

  110. Bailed-Out Banks Face Probe Over Fee Hikes – MSNBC http://ow.ly/2Me2

  111. retailers under intense pressure, interchange fees = credit card cos charge retailers every time a charge card is used http://ow.ly/2nWG

  112. Q: Why hasn’t MasterCard, Visa, Chase, CitiGroup, BofA, etc… not been shut down for collusion and credit card price-gouging. A: Dunno

  113. RT @marktzk: USAir is unilaterally canceling my BofA Visa miles card and issuing a Barclay’s Mastercard instead. Looking for a new card now

  114. Credit card-banking lobbyists, Bank of America, Chase, Citigroup, Wells Fargo, Visa, Mastercard et al won’t like this: http://ow.ly/2M2T

  115. What’s wrong with credit card companies’ argument for higher interchange fees to fund frequent flyer rewards http://ow.ly/2MkU

  116. RT @geidas In addition to all the other fees, credit card banks charge merchants a 2% transaction fee on every purchase http://htxt.it/HTAW

  117. Take a second to help out WayTooHigh! Vote for them on Twibs at http://tinyurl.com/dldx7v

  118. Did you know that there are no electronic payment merchant interchange fees for check clearing?

  119. RT @NiamhD: I really hate when you check your bank account and the back have taken notified fees that you weren’t notified about…

  120. RT @crunchysue: @jnpdx The government is run by credit card companies, and is not trying to get us out of debt at all.

  121. RT @EFFIE325: @EVERYONE I’M ANGRY AT CREDIT CARD COMPANIES…THEY ARE RUINING ARE SCORES BY REDUCING OUR LIMITS PEOPLE COMPLAIN TO CONGRESS

  122. RT @SeanMiller: Does anyone else hate Bank of America? 8 Overdraft Fees? Now I’ve been on hold all morning. Sweet.

  123. @debs2005 – Like milions of retailers, ScanMyPhotos.com is forced to accept Visa and MasterCard (80% market power) 100% online biz is cc.

  124. Question for retailers: Credit card processing fees are too high because? Tweet your experience with interchange fees @wayTooHigh

  125. We’re a real company that is fed up with credit card fees; behind the scenes at ScanMyPhotos.com. – http://ow.ly/2YDi

  126. Banks Hike Fees Despite Bailout Billions; Consumers and Congressional Panel Ask Why #mastercard #visa http://ow.ly/2M0U

  127. Credit Card, Bank Fee Hikes Spark Outrage (ALICE GOMSTYN, ABC NEWS Business Unit) http://ow.ly/2M0G

  128. NACS: New Credit Card Fees ‘Beyond Outrageous’ (National Association of Convenience Stores) http://ow.ly/2LY7

  129. AARP Magazine: Protect Your Priceless Photos – Let a scanning company digitize your pics. It’s cheap and easy as can be – http://ow.ly/2YoL

  130. in 2008, Americans paid twice as much in interchange fees than in credit card late fees and three times ATM fees!

  131. “No rhyme or reason to credit card fees” [via Stephen Campbell, New Brunswick Business Journal] http://ow.ly/2Dk5

  132. Watch What Congress Needs to Know About Interchange Fees (via http://www.UnfairCreditCard…) http://ow.ly/2Gpj #banking

  133. Where are the Pro-Interchange Fee Bloggers and Tweets? http://ow.ly/2GnF #charge #retail #economy

  134. Annual hidden credit card interchange tax on American consumers has skyrocketed from $25 billion to nearly $62 billion http://ow.ly/2Gkg

  135. good days for consumers and retailers when Visa publicly expresses extreme disappointment: http://ow.ly/2nKe

  136. with signs of global economic metldown, how are Visa, MasterCard, banks maintaining soaring merchant interchange fees? http://ow.ly/2GiE

  137. Visa Inc. Warns of Multiple Threats to F’09, Among the many risks = penalties related to litigation settlements http://ow.ly/2Gi9

  138. Financial Services Committee Chair, Barney Frank said curbs on credit-card “abuses” are among his panel’s priorities. http://ow.ly/2XA3

  139. Chris Dodd, chair, Senate Banking Committee, said banks were using lax rules to “gouge” customers http://ow.ly/2Xy1

  140. Bank of America to Raise Fee on Credit-Card Transfers [Bloomberg, By David Mildenberg] http://ow.ly/2Xxl

  141. Credit Card Interchange Fees: Issues and Answers (Merchants Payments Coalition)

  142. About the Merchants Payments Coalition – http://ow.ly/2XqV

  143. Happy that credit card interchange issue is being noticed by Chris Dodd and D.C. helps establish his independence from banking industry

  144. RT @ThreeDegrees: I hate bank fees. #hate #bank

  145. Outrageous interchange fees cost Americans $2 for every $100 they spend – whether or not they use a credit card – http://ow.ly/2zQz

  146. RT @siriuslyheather: Damnit, how I hate bank fees! :((((((((((((

  147. The credit card interchange fee is the biggest hidden tax (~$60 bln) you’ve never head of, until now: http://ow.ly/2tDX

  148. Did you Know: The actual cost to transact an electronic payment is a tiny fraction of the total fees collected

  149. The credit card interchange fee = biggest tax you’ve never heard of. Nearly $2 of every $100 charged goes directly to credit card industry

  150. RT @highking1979: Credit Card companies have no business receiving bailout funds. They charge enough.

  151. Merchant interchange fees cover reward points for credit cards; when banks force cardholders to close accounts, NO REFUND of paid rewards

  152. Rescued Banks Not Passing the Bailout Onto Customers who face steep increases in rates (avg CC int rate up 12.4% – http://ow.ly/2VE3

  153. The U.S. Securities and Exchange Commission is reviewing if Bank of America Corp violated federal securities law http://ow.ly/2OBg

  154. This is the top ranked link from @WayTooHigh mastercard and Visa Tweets: http://ow.ly/2M35

  155. RT @Whynatte: The US Airways flight attendant literally spent 15 minutes trying to sell a VISA card to passengers over loudspeaker.

  156. Retailers are waging a no-holds barred campaign seeking government regulation of card acceptance fees and interchange. http://ow.ly/2TnX

  157. RT @SuziB777 So they are saying the economy is coming back please tell my bus. bank account isn’t seeing any comebacks,,,, higher more fees

  158. RT @LotsaNews: [CNN][ Bank fees on the rise: CNN’s Mary Snow reports on growing anger over rising interest ra.. http://tinyurl.com/dkzd9c

  159. RT @DebtLawyer: Credit card companies are inclined to settle with card holders who are experiencing a genuine financial hardship.

  160. Barclays Bank exclusive VISA Black card for THREE mln consumers = tool designed to generate HIGHER interchange fees http://ow.ly/2FLj

  161. It’s not often that the credit card industry faces a defeat in D.C. until now, watch video http://ow.ly/2lw5

  162. You know it’s a good day for consumers and retailers when Visa publicly expresses extreme disappointment: http://ow.ly/2DdJ

  163. not often that the credit card industry faces a defeat in D.C. until now, watch video http://ow.ly/2nKR

  164. Thanks to Twitter, retailers and consumers have instant updates in the war against Credit Card Cos; Visa, MasterCard and its member banks

  165. When Visa and MasterCard began, there wasn’t Twitter to provide instant updates on their anticompetitive price-fixing.

  166. Credit Card Companies Pushing Back Against Udall’s Reform Bill http://ow.ly/2SkX

  167. RT @ms_elyse: just watched this documentary on Showtime called Maxed Out about credit card companies and debt. Everyone should watch it

  168. RT @mikearama: @waytoohigh Credit card companies broken contracts http://tiny.cc/O57LE #credit #creditcards

  169. Capital One hiked customer rates that it once had guaranteed would forever remain at 4.9% fixed to 17.9% variable – http://ow.ly/2R1C

  170. in 2008, Americans paid twice as much in interchange fees than in credit card late fees and three times ATM fees!

  171. The credit card interchange fee = biggest tax you’ve never heard of. Nearly $2 of every $100 charged goes directly to credit card industry

  172. Merchants (consumers) are paying the interchange credit card fees, which includes funding reward points, but banks keep when accounts closed

  173. MasterCard: The Most Absurd Statement in the History of the Credit Card Industry? http://ow.ly/2Gnb #retail #ecommerce #banking

  174. Economic Crisis has no Pricing Impact on Interchange Fees #mastercard #visa #charge #bank http://ow.ly/2Gin

  175. If you’re a retailer paying credit card merchant interchange fees watch MAXED OUT – NOW ON DVD http://ow.ly/2GhB

  176. This Merchants Payments Coalition / UnfairCreditCardFees.com video explains why MasterCard and Visa are the new enemies http://ow.ly/2i3C

  177. Credit card companies are squeezing consumers in ways big and small – http://ow.ly/2R1a (consumer action)

  178. More college students run up credit card debt for tuition, books http://ow.ly/2R0N

  179. Mitch Goldstone, president & CEO, ScanMyPhotos.com (editor WayTooHigh.com) on Fox News (Jan 19) http://bit.ly/uYLAP

  180. “Visa, MasterCard, who continue to add on fees and rules… Stand Up to Big Banks, Fix Credit Card Interchange Fees!” http://ow.ly/2zQh

  181. Web100.com selected ScanMyPhotos.com (#16) for the Photo 100 list of the web’s best photography sites: http://ow.ly/2Oon

  182. RT @briana9: I hate Bank of America. 5 overdraft fees of $35/each in one day should not be legal!

  183. Merchants (consumers) pay interchange credit card fees, includes funding reward pts, but banks keep when accounts closed http://ow.ly/2FAp

  184. Barclays Bank exclusive VISA Black card for THREE mln consumers = tool designed to generate HIGHER interchange fees http://ow.ly/2FAf

  185. What exactly does “Interchange” credit card fees mean? – http://ow.ly/2Ahd

  186. Credit card-banking lobbyists, Bank of America, Chase, Citigroup, Wells Fargo, Visa, Mastercard et al won’t like this: http://ow.ly/2D8Z

  187. RT @Denrael: Growing List of Reasons to Lower and End Interchange Fees http://ow.ly/2DmF (via @WayTooHigh)

  188. RT @mcmilker: @WayTooHigh Thx for the retweet on banks!

  189. RT @MortTwain: @WayTooHigh I just watched this video outlining credit card company abuses. Everybody should see it! Sharpen your pitchforks

  190. This Merchants Payments Coalition / UnfairCreditCardFees.com video explains why MasterCard and Visa are the new enemies http://ow.ly/2BH4

  191. SEC reviewing if Bank of America violated federal securities law http://ow.ly/2OBb

  192. Congress can’t fix the financial services industry without reforming huge, hidden credit card interchange fees. #banking #congress

  193. Credit card companies won’t like this: http://ow.ly/2M2S

  194. Congress can’t fix the financial services industry without reforming huge, hidden Visa / MasterCard, member banks’ interchange fees

  195. DOUBLE TAXATION: MasterCard and Visa gift cards charge purchase fees ~$5.95 plus merchant pays interchange fees

  196. MasterCard, Visa and other bank card customers paid $14.6 billion in 2008 just in penalties http://ow.ly/2ODr

  197. The U.S. Securities and Exchange Commission is reviewing if Bank of America Corp violated federal securities law http://ow.ly/2OB2

  198. Are Visa and MasterCard illegally fixing the fees charged to merchants who accept their cards? #banking #credit

  199. Did Visa and MasterCard create a non-competitive environment in which businesses cannot negotiate for lower interchange rates? #credit

  200. More bad news for MasterCard, Visa and the banking industry: Minnesota court ruled in favor of Al Franken in his 2008 Senate race

  201. NY Times: Small-Business Owners Lobby to Cut Credit Card Fees – http://ow.ly/2GqC #MasterCard #Visa #banking #credit

  202. This is the top ranked link from @WayTooHigh mastercard and Visa Tweets: http://ow.ly/2M34

  203. “Massive cuts in idle consumer credit lines could equal hell for credit card processors like Visa and MasterCard” http://ow.ly/2Mt3

  204. RT @thewuzz: i hate banks and stupid bank fees

  205. Growing List of Reasons to Lower and End Interchange Fees http://ow.ly/2DmF

  206. MasterCard increased its network access and brand usage fee from 0.5 cents per transaction to 1.85 cents, a 270% increase http://ow.ly/2LYg

  207. Non interchange. win 1 for the entrepreneur, ScanMyPhotos.com named #16 – Web100.com Top 100 photography-themed websites http://ow.ly/2MxZ

  208. “two-pronged battle sucking the life out of the credit card industry” http://ow.ly/2MtO

  209. More Reasons to Worry About Credit Card Companies (Morgan Housel, Motley Fool) http://ow.ly/2Mst

  210. Congratulations to United States Senator-elect Al Franken

  211. Good bye credit card Interchange Fees!!! Court ruled in favor of Al Franken, one less (R) Senator

  212. More bad news for MasterCard, Visa and the banking industry: Minnesota court ruled in favor of Al Franken in his 2008 Senate race

  213. Breaking News: Franken Declared Leading Vote-Getter in Minn. Senate Race

  214. What’s wrong with credit card companies’ argument for higher interchange fees to fund frequent flyer rewards http://ow.ly/2Mku

  215. @WayTooHigh edited by Mitch Goldstone, pres & CEO, ScanMyPhotos.com. Blog launched in ’05 http://www.WayTooHigh.com http://ow.ly/2MeD

  216. Visa and MasterCard, two ‘competitors’ announce price increases of nearly 300 percent at the same time in a recession? – http://ow.ly/2LYx

  217. Are Bank of America and Citicorp planning another fee hike and trying to get it done before the new legislation? Is it retroactive?

  218. Bailed-Out Banks Face Probe Over Fee Hikes – MSNBC http://ow.ly/2MdY

  219. Visa, MasterCard credit card interchange fees are excessive and abusive, but their 80% market power = don’t care

  220. Visa and MasterCard’s fees MUST be stopped. Now that the U.S. Taxpapers own banks, interchange should disappear

  221. Did you know, when you use your debit Pin-based card as a credit card, your funds are removed just as fast, and retailers pay MORE

  222. Q: Why hasn’t MasterCard, Visa, Chase, CitiGroup, BofA, etc… not been shut down for collusion and credit card price-gouging. A: Dunno

  223. Merchants: Socked by Credit Card Fees They Can’t See http://ow.ly/2M1C. Follow along on our 4-year blog: http://www.WayTooHigh.com

  224. Merchants: New Yorkers Socked by Credit Card Fees They Can’t See http://ow.ly/2M1u

  225. complaints about bank fee spikes have prompted the Congressional Oversight Panel to launch a probe into the issue.

  226. Banks Hike Fees Despite Bailout Billions; Consumers and Congressional Panel Ask Why #mastercard #visa http://ow.ly/2M0S

  227. Credit Card, Bank Fee Hikes Spark Outrage (ALICE GOMSTYN, ABC NEWS Business Unit) http://ow.ly/2M0y @WayTooHigh

  228. RT @MuchMoreThanMom: RT @tommytrc BoA Hikes Rates On Millions Of Credit Card Customers [Bank Of America] http://tinyurl.com/dkp5oe

  229. RT @loupnoir: Rt @CReporter RT @consumersunion: BofA coy about how many got letter re big credit card rate increase. http://bit.ly/3GNfqF

  230. Using Twitter as forum to humanize and as advocacy channel in battle against Visa, MasterCard credit card fees #banks #credit WayTooHigh.com

  231. innovations in electronic payments should increase effeciencies and lower fees, that’s how non-monopoly cartels work

  232. NACS: New Credit Card Fees ‘Beyond Outrageous’ (National Association of Convenience Stores) http://ow.ly/2LY2

  233. U.S. Senator Christopher Dodd, @SenChrisDodd, U.S. Senate Committee on Banking, Housing, and Urban Affairs is following @WayTooHigh

  234. David Buckner faints on Glenn Beck’s show – Fox Network News – Watch video. JUST IN… http://ow.ly/2LRi

  235. Banks are like drug dealers – they can’t resist Interchange profiteering; leading to billions in toxic creditcard debt : U.S. is bailing out

  236. Avg. American household paid $427 in credit card interchange fees last year. Total interchange fee revenues have tripled since 2001.

  237. Chase added a $10 monthly fee and increased the minimum payment from 2% to 5% for those who carry a large balance.

  238. Other credit card fee reforms are necessary, but don’t forget about the ~$60,000,000,000 interchange tax on businesses / consumers

  239. “A Quiet Windfall For U.S. Banks” (via Washington Post, Amit R. Paley) – http://ow.ly/2Gjk #credit #banks #mastercard #visa