Pace of Wells Fargo trial is testing judicial patience | StarTribune.com

April 30, 2010

At issue is whether Wells Fargo took unusual risk in an investment portfolio in which clients took short-term positions to gain pennies or fractions of a penny on the dollar on collateral for securities they loaned to a broker.

via Pace of Wells Fargo trial is testing judicial patience | StarTribune.com.


Visa cuts debit card fees in Europe; raises them in U.S. | Newsnet 14

April 30, 2010

Despite a recent study that found swipe fees are stalling the creation of nearly a quarter million U.S. jobs, Visa raised its debit card interchange rate for American retailers to .95 percent plus $.20 per transaction in April, according to the Retail Industry Leaders Association. In contrast, Visa Europe announced Monday that it would be capping transaction fees at 0.2 percent for the next four years

via Visa cuts debit card fees in Europe; raises them in U.S. | Newsnet 14.


Both Credit And Debit Rise for Visa, Along with Acquirer Fees

April 29, 2010

San Francisco-based Visa instituted an acquirer price increase last year (Digital Transactions News, March 17, 2009). In a conference call with analysts, Visa chief financial officer Byron H. Pollitt Jr. attributed the data-processing revenue growth to VisaNet’s 14% transaction increase and “the continuing effect of previously enacted pricing actions,” according to the Seeking Alpha transcript service.

It looks like another “pricing action” is on the way. Referring to an April price increase by MasterCard Inc., an analyst asked Visa executives if “you have raised merchant assessment pricing as well?” According to Seeking Alpha, chief executive Joseph W. Saunders responded, “Well, we’ve already announced an increase in our acquirers fees similar to the one that MasterCard did and ours is effective in July.” A Visa spokesperson declined further comment. As they do with interchange, acquirers are likely to pass on such network fee increases to their merchant clients.

via Digital Transactions: Both Credit And Debit Rise for Visa, Along with Acquirer Fees

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MasterCard is charging ahead with a new web shopping mall featuring 28,000 retailers | InternetRetailer.com

April 29, 2010

MasterCard Worldwide is inviting its cardholders to a massive new online destination, and getting personal in a big way. The payment card network last month launched the MasterCard MarketPlace, an online mall with more than 28,000 merchants. It is collaborating on the project with Next Jump, an Internet company that specializes in personalized shopping.

via MasterCard is charging ahead with a new web shopping mall featuring 28,000 retailers | InternetRetailer.com.


Thousands Swarm To Massive Protest On Wall Street (PHOTOS)

April 29, 2010

“Bust up big banks! Shame on you!” chanted protesters in bank building lobbies in midtown Manhattan this afternoon as Wall Street staffers carrying lunch back to their trading desks hustled by.

via Thousands Swarm To Massive Protest On Wall Street (PHOTOS).


The Associated Press: Protesters enter NYC bank buildings before rally

April 29, 2010

NEW YORK — Noisy protesters with signs took over two bank building lobbies on Thursday in a prelude to a Wall Street rally by workers and union leaders angry over lost jobs, the taxpayer-funded bailout of financial institutions and questionable lending practices by big banks.

via The Associated Press: Protesters enter NYC bank buildings before rally.


Visa Cuts Swipe Fees In Europe, Raises Them In America – Yahoo! News

April 29, 2010

Despite a recent study that found swipe fees are stalling the creation of nearly a quarter million U.S. jobs, Visa raised its debit card interchange rate for American retailers to .95 percent plus $.20 per transaction in April, according to the Retail Industry Leaders Association. In contrast, Visa Europe announced Monday that it would be capping transaction fees at 0.2 percent for the next four years.

A spokesperson for Visa, Inc. said the average Visa Debit transaction fee rose by less than 4 percent.

“Most of Visa’s U.S. debit rates have not changed,” she said. “Visa, Inc., did recently make a variety of program and interchange modifications to make digital currency even more convenient for consumers and merchants and to facilitate continued growth for Visa and its clients.”

via Visa Cuts Swipe Fees In Europe, Raises Them In America – Yahoo! News.

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