September 26, 2009
Follow @WayTooHigh on Twitter. Archive of rently posted Tweets.
WayTooHigh
- American consumers and merchants pay more for credit card interchange fees than consumers and retailers in other industrialized economies6 minutes ago from HootSuite
- Merchants don’t mind paying fair share of credit card interchange fees, that amount is ~13% of the fee we (consumers) are FORCED to payabout 6 hours ago from HootSuite
- Chase and Wells Fargo cut debit card overdraft fees overdrawn by JUST $5 or less. Not very pro-consumerabout 8 hours ago from HootSuite
- O.C. 7-Eleven franchisee takes credit-card fee battle to D.C. http://ow.ly/r9VUabout 18 hours ago from HootSuite
- Priceless: The Case That Brought Down The Visa/MasterCard Bank Cartel Book Review & Giveaway http://ow.ly/r8bT4:31 PM Sep 25th from HootSuite
- Shares of Visa (NYSE: $V) and Mastercard (NYSE: $MA) are both down over 4% today on concerns regarding potential government legislation4:29 PM Sep 25th from HootSuite
- Our most clicked on Tweet today: U.S. Sen. Dodd Pushes for Interchange Fee Reform (NACSOnline) http://ow.ly/r8424:12 PM Sep 25th from HootSuite
- After watching Michael Moore’s “Capitalism: A Love Story” urge everyone to follow RT @WayTooHigh; http://www.WayTooHigh.com4:06 PM Sep 25th from HootSuite
- The credit card companies never encountered social network marketing and Twitter to challenge their immoral fees4:04 PM Sep 25th from HootSuite
- Visa and MasterCard was 100% controlled by the same 1000’s of it’s member banks.4:03 PM Sep 25th from HootSuite
- Where are the regulations and rules against MasterCard and Visa. Sherman Antitrust Act was designed just for this issue4:02 PM Sep 25th from HootSuite
- For complete info on the battle against MasterCard and Visa see http://www.WayTooHigh.com4:01 PM Sep 25th from HootSuite
- Banks and MasterCard and Visa are feeling the heat, but they are masters in manipulating Congress4:01 PM Sep 25th from HootSuite
- MUST SEE: Michael Moore’s “Capitalism: A Love Story” banks created virtual casino. http://ow.ly/r7YJ4:00 PM Sep 25th from HootSuite
- Credit card companies reached tipping point for excessive fees. Happy 5-year legal battle is being noticed.3:59 PM Sep 25th from HootSuite
- Scam to swindle merchants out of ~2% sales payable for antiquated credit card processing fees out of control 6X other nation’s fees.3:58 PM Sep 25th from HootSuite
- Banks will be hit hardest from loss of interchange fees, but, remember member banks (1000s) co-own ~50% of $V $MA #Visa #MasterCard3:50 PM Sep 25th from HootSuite
- Credit Card shares FALL; Gov’t talks on merchant interchange fees. MasterCard fell 4.8% ( $204.70), Visa dropped 3.9% ($70.66)3:47 PM Sep 25th from HootSuite
- No surprise. In the $V and $MA IPO SEC filings, but warned “insolvency” possible if our merchant interchange suit is successful3:45 PM Sep 25th from HootSuite
- Bank of America urges federal judge to dismiss the U.S. SEC’s complaint accusing it of misleading shareholders about bonuses [why?]3:38 PM Sep 25th from HootSuite
- Credit Card Fees Have Retailers Ready for War – http://bit.ly/WBVub2:24 PM Sep 25th from web
- “Credit Card Fees Have Retailers Ready for War” [Agree, I’ve been at war, suing MasterCard, Visa and banks for 5 yrs]. http://ow.ly/r7fB2:22 PM Sep 25th from HootSuite
- RT @CSNewsOnline: Consumers Respond to 7-Eleven’s Call to Action on Credit Card Fees http://tinyurl.com/ydezbqd10:50 AM Sep 25th from HootSuite
- The Electronic Payments Coalition issued the following statement: (funded by banks, who trusts banks anymore?!) http://ow.ly/qcBf10:50 AM Sep 25th from HootSuite
- RT @miaminewsnow: Major Banks Changing Overdraft Fee Rules: When Congress began to debate and credit card reform .. http://bit.ly/IxXQS10:16 AM Sep 25th from HootSuite
- RT @WBTVPrimeTime: Cover Story: Bank customers striking back: Upset over credit card ..overdraft fees http://tinyurl.com/ybpglpt8:02 AM Sep 25th from HootSuite
- Frank backs Rep. Ron Paul’s Fed audit bill – MarketWatch – http://bit.ly/iMH6h6:56 AM Sep 25th from web
- RT @glcspdn: CSP Daily News: 7-Eleven taking 1.6 million “Stop Unfair Credit Card Fees” consumer signatures to D.C. http://bit.ly/10HTxQ6:39 AM Sep 25th from HootSuite
- As Washington remedies unfair credit card interchange fees, the hundreds of billions in prior years’ charges need to be returned too6:38 AM Sep 25th from HootSuite
- “Dodd Will Push To Control Bank Fees For Merchants” (via Kenneth R. Gosselin, Hartford Courant): http://ow.ly/r1Q86:17 AM Sep 25th from HootSuite
- U.S. Sen. Dodd Pushes for Interchange Fee Reform (NACSOnline) http://ow.ly/r1MT6:12 AM Sep 25th from HootSuite
- Will those banks changing the debit card overdraft fees make it retroactive and REFUND the billions in unfair overcharges?4:54 PM Sep 24th from HootSuite
- Senator Chris Dodd is right: “the [credit card] system has gotten completely out of wack.”11:26 AM Sep 24th from HootSuite
- Credit card purchase fees gouge US merchants-group http://ow.ly/qczx10:40 AM Sep 24th from HootSuite
- Phony consumer-friendly banking overdraft rules. will get fees from other services [interchange raises?], or end when heat is off?10:26 AM Sep 24th from HootSuite
- Credit card co’s charging GIANT hidden tax on consumers. Overdraft a debit card = PAY BIG BUCKS: http://ow.ly/kJHb10:15 AM Sep 24th from HootSuite
- Report: Nine Scientifically Proven Ways to Get Retweeted on Twitter [via Fast Company] http://ow.ly/qS879:35 AM Sep 24th from HootSuite
- U.S. credit card interchange fees ~2X rates in UK, New Zealand. ~4X rates in Australia. ~6X cross border MasterCard rates in the EU9:20 AM Sep 24th from HootSuite
- The bank’s “overdraft protection” policy is to PROTECT their balance sheets with unbridled greed at expense of consumers9:19 AM Sep 24th from HootSuite
- credit card issuers curbing usurious overdraft policies raises larger question. Where’s the refund for decades of abuse?9:17 AM Sep 24th from HootSuite
- Exactly as we said. The banks will use the shift in debit card overdraft fees as marketing tool; See FULL PAGE NYT’s (9/24 p A5) Chase ad.9:13 AM Sep 24th from HootSuite
- Way to go JPMorgan Chase – 1 day after heat from usurious ~3500% annualized overdraft fee rates, they advertise a change9:12 AM Sep 24th from HootSuite
- Cavalcade of credit card company tricks continues. Wells Fargo cuts overdraft debit card fees due to criticism9:08 AM Sep 24th from HootSuite
- How to INSTANTLY save $125,000,000,000 ($125 billion) – take control of credit card interchange “swipe” fees7:15 AM Sep 24th from HootSuite
- Citigroup Inc. and Bank of America Corp. each received $45 billion in U.S. Gov’t TARP funds and have yet to repay it10:22 PM Sep 23rd from HootSuite
- NICE REACTION TO OUR EARLIER TWEET: BofA refunds 1 person’s debit card overdraft fees AFTER NBCNews how about for EVERYONE http://ow.ly/qNLD7:50 PM Sep 23rd from HootSuite
- RT @cynergydata: Credit card companies responding to overdraft criticism http://bit.ly/jUvLd6:40 PM Sep 23rd from HootSuite
- Bank of America drops arbitration requirement (via AP) – http://ow.ly/k7KX5:40 PM Sep 23rd from HootSuite
- Credit card PIRACY! video – http://ow.ly/pLZo3:40 PM Sep 23rd from HootSuite
- RT @jordancrowder: @BofA_help Now BOfA charging me overdraft protection on my CC for a service that didnt protect me in the first place!3:32 PM Sep 23rd from HootSuite
- WATCH OUT. curtailing debit card overdraft fees is nothing more than a marketing gimmick, look out for higher fees elsewhere3:22 PM Sep 23rd from HootSuite
- Nice to see that people are catching onto how the credit card issuers play their game, lower one fee, RAISE OTHERS3:21 PM Sep 23rd from HootSuite
- Candice Choi at AP wrote: “Where will banks make up lost overdraft fees?” [Answer: INTERCHANGE FEES] – http://ow.ly/qLIM2:34 PM Sep 23rd from HootSuite
- The Mirror Image: Health Insurance and Credit Card Companies (video) http://ow.ly/qLCH2:23 PM Sep 23rd from HootSuite
- Think the $38,000,000,000 in bank overdraft fees last year was high? Merchange interchange change credit card fees ~DOUBLE THAT!2:15 PM Sep 23rd from HootSuite
- Ron Lieber wrote in the NYT’s that JPMorgan Chase and Bank of America have overhauled their debit card overdraft fees. http://ow.ly/qHmG11:06 AM Sep 23rd from HootSuite
- Rulings against Visa and MasterCard in New Zealand are foreshadow of how deeply both credit card associations may fall in U.S.11:00 AM Sep 23rd from HootSuite
- Priceless: The Case that Brought Down the Visa/MasterCard Bank Cartel by Lloyd Constantine http://ow.ly/peWk10:55 AM Sep 23rd from HootSuite
- @ronlieber – Thanks for your NYT’s article on overdraft fees. I added commentary here: http://ow.ly/qHka. Mitch Goldstone 949-474-765410:09 AM Sep 23rd from HootSuite
- Banks Revise Overdraft Debit Card Fees, Why Not Interchange Fees Too? http://ow.ly/qHka8:54 AM Sep 23rd from HootSuite
- Bank of America refunds all debit card overdraft fees AFTER NBC News segment for one person, how about for EVERYONE? http://ow.ly/pnK77:55 AM Sep 23rd from HootSuite
- When consumers say retailers should pay the cost of accepting credit and debit cards, don’t they know THEY ultimately ARE!7:40 AM Sep 23rd from HootSuite
- Credit card companies once looked for reasons to keep account balances high are reshaping images as proponents of responsible money mgmt7:05 PM Sep 22nd from HootSuite
- Charge-offs+delinquencies are rising as unemployed credit-card holders are falling behind. Interchange revenues declining http://ow.ly/qAHQ4:41 PM Sep 22nd from HootSuite
- RT @TIMEMostPopular: Credit-Card Fees: Retailers Fighting Back: Restaurants retailers in the U.S. pay a steep fee .. http://bit.ly/t2Jzo10:25 AM Sep 22nd from HootSuite
- The press release FLUFF announcing the $$$ “Chase Sapphire” credit card FAILS to mention HIGHER interchange fee costs – http://ow.ly/kH0G10:20 AM Sep 22nd from HootSuite
- MORE UNFAIR CREDIT CARD FEES: Banks charging $35 for a cup of coffee (via NYT’s editorial 8/20) http://ow.ly/kJC510:05 AM Sep 22nd from HootSuite
- Join Mitch Goldstone (ScanMyPhotos.com) and other photo imaging industry execs in Cologne, Germany (Oct 21-22) http://ow.ly/q6Hi8:20 AM Sep 22nd from HootSuite
- Q: Why should retailers be taken on a ride when affinity reward credit cards R used? A: Consumers ultimately pay = NO FREE REWARDS7:35 AM Sep 22nd from HootSuite
- FEES charged by airlines to process credit card payments are excessive, disproportionate to the cost of the transactions http://ow.ly/quFJ7:34 AM Sep 22nd from HootSuite
- Credit card surcharges disproportionate to true costs, airlines hitting passengers with hefty credit card booking fees http://ow.ly/qsDF4:49 AM Sep 22nd from HootSuite
- “battle is brewing over the processing fees that banks charge merchants each time a customer uses a credit or debit card” http://ow.ly/pLYP10:40 AM Sep 21st from HootSuite
- hidden cost of credit cards should be studied by Gov Accountability Office re effects of interchange fees on consumers7:38 AM Sep 21st from HootSuite
- How to INSTANTLY save $125,000,000,000 ($125 billion) – take control of credit card interchange “swipe” fees7:15 AM Sep 21st from HootSuite
- What Is “Interchange” [video: Electronic Payments Coalition] http://ow.ly/qcFw10:53 AM Sep 20th from HootSuite
- You just gotta see this bank-funded site. Can wait for a jury to hear the real facts: http://electronicpaymentsco…10:42 AM Sep 20th from HootSuite
- Merchants don’t mind paying fair share of credit card interchange fees, that amount is ~13% of the fee we (consumers) are FORCED to pay10:39 AM Sep 20th from HootSuite
- The Electronic Payments Coalition issued the following statement: (funded by banks, who trusts banks anymore?!) http://ow.ly/qcB910:36 AM Sep 20th from HootSuite
- Think of how cool it would have been if Erin Brocovich had Twitter; used it as we are against nation’s lgst antitrust case in U.S. history10:33 AM Sep 20th from HootSuite
- Fact: Visa and MasterCard STILL charge interchange fees, but they call that portion “Discount Fees” Where’s the Discount???10:31 AM Sep 20th from HootSuite
- Visa and MasterCard say banks charge the interchange fees, but WHO OWNED 100% of Visa and MasterCard pre IPOs? BANKS!10:30 AM Sep 20th from HootSuite
- Credit card purchase fees gouge US merchants-group http://ow.ly/qczp10:28 AM Sep 20th from HootSuite
- Sen Chris Dodd, head of the Senate Banking Committee, plans to propose merger of 4 bank agencies into one super-regulator.6:35 AM Sep 20th from HootSuite
- The issue with credit card interchange “swipe” fees is a ~$48 bln annual price-fixing overcharge. My Ecommerce biz FORCED to accept CCs5:35 PM Sep 19th from HootSuite
- Emotional radio brodcast just after WWII from Germany – The Jewish Service Heard Round the World; YouTube: http://ow.ly/pZLf9:20 AM Sep 19th from HootSuite
- When consumers say retailers should pay the cost of accepting credit and debit cards, don’t they know THEY ultimately ARE!7:28 AM Sep 19th from HootSuite
- RT @BoycottBanks: Retail Credit Card Fees Much Higher in the USA….: Americans are being forced to pay significant.. http://bit.ly/1BJK2j7:24 AM Sep 19th from HootSuite
- U.S. retailers pay credit-card fees up to six times greater than those paid by retailers in other countries, (MPC)7:21 AM Sep 19th from HootSuite
- Electronic Payments Coalition (funded by MasterCard, Visa and credit card issuers) attacking its customers! http://ow.ly/pc3H4:30 PM Sep 18th from HootSuite
- Other than illegal price-fixing, technology should have significantly led to MUCH lower merchant interchange credit card swipe fees1:05 PM Sep 18th from HootSuite
- RT @SanJoseCP: San Jose: Congress considering three bills that would regulate credit card fees http://bit.ly/3t6VFu12:25 PM Sep 18th from HootSuite
- The U.S. pays approximately 60% of swipe fees globally – about double the U.S. percentage share of global GDP11:20 AM Sep 18th from HootSuite
- Banks raked in an estimated $48 billion in swipe fees in 2008 – an average of $427 per American household in just one year.11:05 AM Sep 18th from HootSuite
- Attorney Lloyd Constantine of Constantine Cannon has book coming out: “Priceless: The Case that Brought Down the Visa/MasterCard Bank Cartel10:55 AM Sep 18th from HootSuite
- Hidden swipe fees cost Americans more than all credit card annual fees, cash advance fees, over-the-limit fees, and late fees combined10:20 AM Sep 18th from HootSuite
- Interchange fees started out in the 1960s as a way for banks to cover the cost of processing credit card transactions10:02 AM Sep 18th from HootSuite
- Merchants take a swipe at card fees (via Marketplace Money) http://ow.ly/kXrE $V $MA #MasterCard #Visa #banking8:45 AM Sep 18th from HootSuite
- U.S. credit card interchange fees ~2X rates in UK, New Zealand. ~4X rates in Australia. ~6X cross border MasterCard rates in the EU8:20 AM Sep 18th from HootSuite
- How to INSTANTLY save $125,000,000,000 ($125 billion) – take control of credit card interchange “swipe” fees7:02 AM Sep 18th from HootSuite
- “battle is brewing over the processing fees that banks charge merchants each time a customer uses a credit or debit card” http://ow.ly/pLYB6:40 AM Sep 18th from HootSuite
- Credit Card interchange fees around the world, why is the U.S. among the highest? (Merchants Payments Coalition) http://ow.ly/pWJa6:05 AM Sep 18th from HootSuite
- NACS Study: US Pays More for Interchange Fees – http://ow.ly/pX7O5:47 AM Sep 18th from HootSuite
- RT @HaTaMaLbusines: Credit-Card Fees: Retailers Are Fighting Back (source: Time) http://hatamal.com/1d35a05:13 AM Sep 18th from HootSuite
- Credit card interchange fees have more than TRIPLED in the amount collected in the past 8 years!5:05 AM Sep 18th from HootSuite
- The same reckless, predatory lending practices that led to the sub-prime mortgage meltdown still prevail with credit cards (MPC)5:45 PM Sep 17th from HootSuite
- reading from @time http://bit.ly/FEQCn5:31 PM Sep 17th from web
- MasterCard and Visa are WRONG. Banks, not merchants are using interchange fees to boost profits and enhance revenues5:25 PM Sep 17th from HootSuite
- Credit card PIRACY! video – http://ow.ly/pLZk3:40 PM Sep 17th from HootSuite
- @DebitPrepaid – We get retail customers insisiting debit cards be processed as credit cards to get benefits1:49 PM Sep 17th from web in reply to DebitPrepaid
- Visa and MasterCard JUST aren’t getting the message. Other businesses are lowering costs, but them. Just got the bi annual increase letter1:40 PM Sep 17th from HootSuite
- Bank of America “Keep The Change” Round-Up credit card program; another scheme to get more interchange fees? http://ow.ly/pS8p1:28 PM Sep 17th from HootSuite
- Merchants Payments Coalition 2 release study today: European countries, Canada & New Zealand handle interchange fees http://ow.ly/pM0o10:45 AM Sep 17th from HootSuite
- About 90% of all business in U.S. from sm biz, not giant chain stores. Ending merchant credit card fees benefit us little guys too.10:45 AM Sep 17th from HootSuite
- All About the Visa and MasterCard Promotional Gift Card Scheme (repost) http://ow.ly/kdYg10:00 AM Sep 17th from HootSuite
- More consumers using debit cards (50.4%) over all noncash sales (AP), but ScanMyPhotos.com and many merchants process it at higher CC rates9:55 AM Sep 17th from HootSuite
- MasterCard Europe has promoted UK head of marketing Rita Broe to the position of group head of European marketing9:40 AM Sep 17th from HootSuite
- @nancytrejos profiled our battle against credit card interchange fees in the WashPost – http://ow.ly/pLYk8:35 AM Sep 17th from HootSuite
- “The Stimulus Didn’t Work” (WSJ John F. Cogan Opinion); Really? Why then is stock market at intra level HIGHS?!8:25 AM Sep 17th from HootSuite
- Merchants also launched antitrust suit against the banks and credit cards in connection with interchange fees. [that’s us] http://ow.ly/pOir7:50 AM Sep 17th from HootSuite
- Janet Morrissey at TIME Mag writes that retailers ready to fight credit cards fees. We’re 5 yrs in already! http://ow.ly/pOgV7:48 AM Sep 17th from HootSuite
- Visa Inc survey claims consumers want retailers to pay interchange fees, but THEY are ultimately the ones paying it! http://ow.ly/pO5r7:34 AM Sep 17th from HootSuite
- Better question from Visa Inc funded survey is: “how do you feel about illegal, anticompetitive price-fixing?” http://ow.ly/pO3S7:31 AM Sep 17th from HootSuite
- Not to laugh too loud, but you gotta read this Visa inc. commissioned survey – http://ow.ly/pO287:30 AM Sep 17th from HootSuite
- SHAME on Visa, MasterCard, credit card companies for misguided effort to shift message from BANK GREED to chain store profiteering.7:00 AM Sep 17th from HootSuite
- Merchants seek public’s support in fight with credit card issuers http://ow.ly/pMSt6:00 AM Sep 17th from HootSuite
- Merchants Payments Coalition 2 release study today: European countries, Canada & New Zealand handle interchange fees http://ow.ly/pLZY3:33 AM Sep 17th from HootSuite
- Retailers Battle Credit Card Fees – http://bit.ly/CwXD23:22 AM Sep 17th from web
- Improved processing technology and the weak economy should be driving card-acceptance prices down6:54 PM Sep 16th from HootSuite
- RT @SFBackTalk MasterCard Vs. Visa: Dueling Compliance Philosophies. David Taylor thinks he’s figured ’em out. http://tinyurl.com/pvb2zc9:35 AM Sep 16th from HootSuite
- Gold Rises to 18-Month High on Inflation Concern, Weaker Dollar9:25 AM Sep 16th from HootSuite
- ScanMyPhotos.com lowered rates over the years from $5 to under 5-cents, yet technology isn’t playing role in record credit card fees9:10 AM Sep 16th from HootSuite
- More credit card merchant interchange fee INCREASES in the works for early fall. NO JUSTIFICATION other than greed, exploiting new laws.7:50 AM Sep 16th from HootSuite
- Every time you charge your Big Gulp at 7-Eleven, a credit card company swallows part of the profit. http://ow.ly/ifsX6:05 PM Sep 15th from HootSuite
- Buy a restaurant gift card and ZERO added fees; buy a Visa or MasterCard gift card and $$$ extra.11:40 AM Sep 15th from HootSuite
- Video: Credit Card Bill of Rights (WUPW) http://ow.ly/kPdC11:00 AM Sep 15th from HootSuite
- the cost of accepting PIN-debit cards rose 305% between 1996 and 2007 http://ow.ly/k8mq10:05 AM Sep 15th from HootSuite
- Other than illegal pirce-fixing, technology should have sigtnificantly led to MUCH lower merchant interchange credit card swipe fees8:57 AM Sep 15th from HootSuite
- American Bankers Assn say merchants get enormous benefit from credit cards; WRONG, HUGE $48+ billion hidden COST8:40 AM Sep 15th from HootSuite
- Bank of America refunds all debit card overdraft fees AFTER NBC News segment for one person, how about for EVERYONE? http://ow.ly/pnJV7:44 PM Sep 14th from HootSuite
- looking forward to reading, Priceless: The Case that Brought Down the Visa/MasterCard Bank Cartel by Lloyd Constantine http://ow.ly/peWO11:55 AM Sep 14th from HootSuite
- Officially called “Credit Card Fair Fee Act,†ought to be called: “Illegal Price-Fixing Swindle Act by Visa, MasterCard and the Banks”10:30 AM Sep 14th from HootSuite
- Network Rivalry Sparks 10-Year Quadrupling of PIN-Debit Pricing (via Digital Tracations) http://ow.ly/k8mf10:05 AM Sep 14th from HootSuite
- in 2001, Sonta Sotomeyer ruled on prior class-action in Visa Check, 280 F.3d 124 by merchants challenging Visa and MasterCard fees7:11 AM Sep 14th from HootSuite
- Attorney Lloyd Constantine of Constantine Cannon has book coming out: “Priceless: The Case that Brought Down the Visa/MasterCard Bank Cartel4:43 AM Sep 14th from HootSuite
- Electronic Payments Coalition (funded by MasterCard, Visa and credit card issuers) attacking its customers! http://ow.ly/pc3E4:30 PM Sep 13th from HootSuite
- credit card assn ad SHOULD show receipt listing ADDED credit card interchange fee as extra line item: http://ow.ly/pc3Z4:20 PM Sep 13th from HootSuite
- When I sued Visa, MasterCard + its member banks for illegal price-fixing of credit card fees back in ’05, never imaginged power of Twitter9:55 AM Sep 13th from HootSuite
- RT @timharold: Learning about credit card processing fees this morning, bottom line i’m paying way too much, any ideas?9:33 AM Sep 13th from HootSuite
- Just returned from three-weeks in Europe. Off again in October to address photo conf in Germany, than New Zealand and Australia6:30 AM Sep 13th from web
- Seems a last thread of profitability for banks are their monopoly over merchant credit card interchange fees10:40 AM Sep 12th from HootSuite
- Other than illegal anticompetitive price-fixing, how can Visa, MasterCard, 1000s of member banks justify soaring interchange fees?2:45 PM Sep 11th from HootSuite
- Competition – what Visa, MasterCard, banks know little about, is why 0 interchange fees will benefit consumers = lower costs10:35 AM Sep 11th from HootSuite
- Congress must support “Credit Card Fair Fee Act,” especially in a recession. Takes ~$60 bln out of banks unfair rev into consumers pockets10:15 AM Sep 11th from HootSuite
- Improved processing technology and the weak economy should be driving card-acceptance prices down http://ow.ly/k8lT (Digital Transactions)10:00 AM Sep 11th from HootSuite
- NBC Nightly News (Aug 16) segment: credit card co’s raising fees, lowering benefits, yet interchange fees record high http://ow.ly/kn4c9:05 AM Sep 11th from HootSuite
- Consumers Petition for Lower Credit Card Swipe (interchange swipe fees TRIPLED since 2002) http://ow.ly/kXqu8:40 AM Sep 11th from HootSuite
- Think $38,000,000,000 in bank overdraft fees last year was high? Merchange interchange change credit card fees ~DOUBLE THAT!5:15 PM Sep 10th from HootSuite
- The Commerce Commission and Mastercard have signed an agreement settling the commission’s claim that the credit card company fixed fees.12:55 PM Sep 10th from HootSuite
- Circle K: Interchange fees are their 2nd largest cost after payroll. http://ow.ly/kFNy11:15 AM Sep 10th from HootSuite
- Electronic Payments Coalition (EPC) [funding by banks, Visa, MasterCard] misinformation – http://twit.ac/EK2s.html10:35 AM Sep 10th from HootSuite
- Officially called “Credit Card Fair Fee Act,” ought to be called: “Illegal Price-Fixing Swindle Act by Visa, MasterCard and the Banks”10:30 AM Sep 10th from HootSuite
- only justification [for soaring interchange fees} is when you have an anti-competitive business model and you can illegally fix prices10:00 AM Sep 10th from HootSuite
- Same banks reporting HUGE profits from “overdraft fees” often same ones that rec’d BILLION in U.S. bailout $’s8:30 AM Sep 10th from HootSuite
- credit card issuers ADVERTISE to FORCE consumers to use plastic vs cash, then disassociate for taking responsibly for the surged in charges8:00 AM Sep 10th from HootSuite
- Credit Card Follies: Abolish interchange fees altogether (via Kevin Drum, Mother Jones) http://ow.ly/hGsO #180007:25 AM Sep 10th from HootSuite
- $2 trillion (~1/2 of all credit card lines of credit might be rescinded next year (CNBC, NEW News) http://ow.ly/kn8O4:20 PM Sep 9th from HootSuite
- Bank of America drops arbitration requirement (via AP) – http://ow.ly/k7KW1:40 PM Sep 9th from HootSuite
- JUST ONE MORE FOR THE ROAD: “Credit card issuers boost rates ahead of tougher rules” (LA Times) http://ow.ly/kHHR11:50 AM Sep 9th from HootSuite
- Consumers have to pay additional fees or earn more credit card rewards for perks http://ow.ly/kdeX = WE ARE OVERPAYING INTERCHANGE FEES11:40 AM Sep 9th from HootSuite
- The new JPMorgan Chase “Chase Sapphire” credit card harms merchants/consumers WE pay the rewards, higher interchange fees10:15 AM Sep 9th from HootSuite
- More Scheming by Visa and MasterCard. Anatomy of How an Electronic Gift Card “Works:” http://ow.ly/kdWq9:50 AM Sep 9th from HootSuite
- It’s not a privilege to accept Visa / MasterCard credit / debit cards. It”s a requirement for online co’s; they wield 80% market power.1:00 PM Sep 8th from HootSuite
- Question isn’t extraordinary merchant value from credit cards, it’s about antitrust violations – illegal, anticompetitive price-fixing11:15 AM Sep 8th from HootSuite
- credit card company merchant interchange swipe fees ARE wipings independent businesses off the map in neighborhoods across the U.S.10:30 AM Sep 8th from HootSuite
- Credit card co’s NOW charging hidden tax on consumers. Overdraft a debit card = PAY BIG BUCKS: http://ow.ly/kJGB10:10 AM Sep 8th from HootSuite
- Congress must support “Credit Card Fair Fee Act,” especially in a recession. Takes ~$60 bln out of banks unfair rev into consumers pockets9:15 AM Sep 8th from HootSuite
- Mastercard agrees to let New Zealand banks issuing credit cards set interchange rates, merchants able to apply surcharges to payments8:55 AM Sep 8th from HootSuite
- get rid of interchange fees AND credit card reward gimmicks, after all consumers end up paying for those “free” rewards7:20 AM Sep 8th from HootSuite
- Small-Business Owners Lobby to Cut Credit Card Fees (repost via NY Times) #MasterCard #Visa $V $MC #banking #18000 http://ow.ly/hvbi7:15 AM Sep 8th from HootSuite
- Twitter Finally Profitable: Think of all the billable hours from legal, advocacy firms charging Visa, MasterCard and the banks to read this!7:00 AM Sep 8th from HootSuite
- SHAME on Visa, MasterCard, credit card companies for misguided effort to shift message from BANK GREED to chain store profiteering.7:00 AM Sep 8th from HootSuite
- Why Won’t Visa Give U.S. Competition & Transparency Promised to New Zealand on Credit Card Fees? (via @NCASOnline) http://ow.ly/jVvB6:50 AM Sep 8th from HootSuite
- ScanMyPhotos.com FORCED to accept Visa and MasterCard for our ecommerce business, as are most online companies, they wield 80% market power7:35 AM Sep 7th from HootSuite
- Lawsuit against MasterCard. Visa over interchange fees NOT ABOUT “extraordinary value to merchants” but ILLEGAL PRICE FIXING8:05 AM Sep 6th from HootSuite
- 4-party credit card payment systems is broken; interchange fees no longer cost-based, floods banks with $ at expense of consumers10:55 AM Sep 4th from HootSuite
- The press release FLUFF announcing the $$$ “Chase Sapphire” credit card FAILS to mention HIGHER interchange fee costs – http://ow.ly/kH0A10:20 AM Sep 4th from HootSuite
- MORE UNFAIR CREDIT CARD FEES: Banks charging $35 for a cup of coffee (via NYT’s editorial 8/20) http://ow.ly/kJBS10:05 AM Sep 4th from HootSuite
- As Citigroup and Bank of America Post Huge Profits, Why are Bank Fees Going up? (via Anthony Mason CBSNews) http://ow.ly/hzsx7:20 PM Sep 3rd from HootSuite
- banks, credit card co’s protect key source of profits: credit card swipe fees (HuffPost) http://ow.ly/gVwv5:45 PM Sep 3rd from HootSuite
- Q: Why should retailers be taking on a ride when affinity reward credit cards R used? A: Consumers ultimately pay = NO FREE REWARDS2:20 PM Sep 3rd from HootSuite
- Competition – what Visa, MasterCard, banks know little about, is why 0 interchange fees will benefit consumers = lower costs11:35 AM Sep 3rd from HootSuite
- Stop Unfair Credit Card Fees Tell Your Elected Representatives To Act On Interchange Fees http://ow.ly/iEOn10:45 AM Sep 3rd from HootSuite
- Interchange fees antiquated as manual credit card imprinters and carbon copy receipts, no longer COST BASED, now GREED BASED10:25 AM Sep 3rd from HootSuite
- About 90% of ALL overdraft bank fees HIT 10% of poorest Americans: http://ow.ly/kJLl10:20 AM Sep 3rd from HootSuite
- GREAT TO HEAR: Circle K petition expects to deliver three-quarters of a million signatures protesting card fees.11:10 AM Sep 2nd from HootSuite
- media spending for credit card ads PLUNGED 50% means LOWER interchange change fees as marketing was part of the cost, so why HIGHER fees?11:05 AM Sep 2nd from HootSuite
- credit card companies cut ad spending 50% (Brandweek) = less risk and lower mkting costs, yet record interchange fees? http://ow.ly/k8UI8:05 AM Sep 2nd from HootSuite
- Rulings against Visa and MasterCard in New Zealand are foreshadow of how deeply both credit card associations may fall in U.S.10:00 AM Sep 1st from HootSuite
- Credit card companies are cancelling cards and reducing benefits even though merchant interchange are paying the costs, incl rewards.4:15 PM Aug 31st from HootSuite
- Q: Why should retailers be taking on a ride when affinity reward credit cards R used? A: Consumers ultimately pay = NO FREE REWARDS2:20 PM Aug 31st from HootSuite
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Leave a Comment » | credit card antitrust, credit card interchange report, credit cards, debit cards, interchange fee, mastercard, scanmyphotos.com, visa | Tagged: credit card fees, waytoohigh.com | Permalink
Posted by waytoohigh
August 16, 2009
Follow WayTooHigh.com on Twitter
WayTooHigh:
Visa and MasterCard operate like price-fixing cartels and violate federal antitrust laws.
WayTooHigh:
Q: Why should retailers be taking on a ride when affinity reward credit cards R used? A: Consumers ultimately pay = NO FREE REWARDS
WayTooHigh:
Visa, MasterCard make bulk of their money from charging fees to financial institutions that issue the cards http://ow.ly/io8j
WayTooHigh:
Q: How can banks (MasterCard / Visa) site “competitive pressures” regarding need for soaring credit card rates? They own the Monopoly board!
WayTooHigh:
You know it’s a good day for consumers and retailers when Visa publicly expresses extreme disappointment: http://ow.ly/kdXF
WayTooHigh:
Q: Why hasn’t MasterCard, Visa, Chase, CitiGroup, BofA, etc… not been shut down for collusion and credit card price-gouging. A: Dunno
WayTooHigh:
MAJOR SCAM: Visa, MasterCard gift cards issued rather than checks. They keep micro-payments remaining, because you can’t exceed your balance
WayTooHigh:
@nancytrejos– As credit card companies lower reward benefits merchants interchange fees should be too, WE (consumers) pay those rewards
WayTooHigh:
Looking forward to watching NBC’s Meet the Press on Sunday – my hero, Rachel Maddow takes on someone I can’t stand, Dick Armey
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WayTooHigh:
Rob Reeg. pres Global Technology & Operations for MasterCard Worldwide, frightens consumers http://ow.ly/izsH with misinformation
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WayTooHigh:
credit card companies cut ad spending 50% (Brandweek) = less risk and lower mkting costs, yet record interchange fees? http://ow.ly/k8UC
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WayTooHigh:
Why should retailers be taken on a ride when affinity reward credit cards are used? Consumers ultimately pay = NO FREE REWARDS
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WayTooHigh:
media spending for credit card ads PLUNGED 50% means LOWER interchange change fees as marketing was part of the cost, so why HIGHER fees?
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WayTooHigh:
As recession-weary consumers are swearing off their credit cards, credit card brands are swearing off advertising http://ow.ly/k8Ua
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WayTooHigh:
only justification [for soaring interchange fees} is when you have an anti-competitive business model and you can illegally fix prices
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WayTooHigh:
Improved processing technology and the weak economy should be driving card-acceptance prices down http://ow.ly/k8lP (Digital Transactions)
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WayTooHigh:
RT @Denrael: @WayTooHigh there is competition but challenge is getting wallet space [Not really, MasterCard and Visa wield 80% Market Power]
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WayTooHigh:
When I sued Visa, MasterCard + its member backs for illegal price-fixing of credit card fees back in ’05, never imagined power of Twitter
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WayTooHigh:
Circle K Circulates Petition Chain placing petition protesting credit-card fees in its convenience stores http://ow.ly/iEN1
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WayTooHigh:
More consumers using debit cards (50.4%) over all noncash sales (AP), but ScanMyPhotos.com and many merchants process it at higher CC rates
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WayTooHigh:
Had media interview w/ biz pub. Explained credit card companies get away with high rates because they = monopoly, fix-prices, NO competition
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WayTooHigh:
The fees – known as credit-card interchange fees, or swipe fees – are unfair to us and deceptive to the donors. http://ow.ly/jwd8
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WayTooHigh:
Congress must support “Credit Card Fair Fee Act,” especially in a recession. Takes ~$60 bln out of banks unfair rev into consumers pockets
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WayTooHigh:
Maria Aspan (American Banker) says Citigroup will charge annual free for some credit cards. even as Interchange fees at record high
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WayTooHigh:
credit card company merchant interchange swipe fees ARE wiping independent businesses off the map in neighborhoods across the U.S.
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WayTooHigh:
Obama administration planning broad reworking of fees financial firms pay for their federal regulation, (WashPost) http://ow.ly/k0aJ
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WayTooHigh:
Visa and MasterCard issuers collectively set credit card interchange fees in secret. These fees can’t be negotiated
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WayTooHigh:
A central bank study in March recommended changes to Brazil’s credit-card market to make it more efficient http://ow.ly/jjm1
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WayTooHigh:
U.S. retailers and consumers refuse to be treated worse than New Zealand, Canada, Australia and other countries. http://ow.ly/jVvR
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WayTooHigh:
4-party credit card payment systems is broken; interchange fees no longer cost-based, floods banks with $ at expense of consumers
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WayTooHigh:
Competition – what Visa, MasterCard, banks know little about, is why 0 interchange fees will benefit consumers = lower costs
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WayTooHigh:
Did you know that when you make a non-profit charitable donation, Visa, MasterCard and credit card issuers MAKE $$$ off the top.
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WayTooHigh:
Retailers are asking the public to help them eliminate a credit card interchange fee that often gets passed on to users http://ow.ly/jVuD
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WayTooHigh:
Banks are like health care industry, LOADS of misinformation on credit card interchange fees. Credibility at zero.
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WayTooHigh:
Many non-profit charities HURT by MasterCard and Visa credit card fees. Forced to pay upwards of 5% interchange fee for few manual charges
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WayTooHigh:
Credit Card Issuers’ trick: Ads showing “fun” ways to design photos on credit card = distraction, should be URGING you to READ terms #18000
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WayTooHigh:
It’s Visa and MasterCard that should thank consumers every time they use a debit / credit card at stores: http://ow.ly/iftW
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WayTooHigh:
From MasterCard Inc. Q2 Earnings Call, NO explanation about price-fixing and intl interchange fees that are 1/3 that in U.S.
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WayTooHigh:
NZ Commerce Commission settled out of court w Visa in deal that will change fees charged on all retail transactions in NZ http://ow.ly/jLA1
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WayTooHigh:
Our economy lost trillions POST Bush’s $300 p/ person stimulus program. But, Republicans silent on anything but attacking current plan.
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WayTooHigh:
SHAME on Visa, MasterCard, credit card companies for misguided effort to shift message from BANK GREED to chain store profiteering.
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WayTooHigh:
Congress must support “Credit Card Fair Fee Act,” especially in a recession. Takes ~$60 bln out of banks unfair rev into consumers pockets
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WayTooHigh:
Visa, MasterCard look abroad for growth (via Reuters) [Even thought U.S. interchange fees ~3x more than abroad?] http://ow.ly/jIw9
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WayTooHigh:
When anticompetitive and illegal interchange fee price fixing ends, family-owned restaurants, dry cleaners, etc. will be SAVED
Leave a Comment » | credit card antitrust, credit card interchange report, credit cards, debit cards, interchange fee, mastercard, merchant interchange, scanmyphotos.com, visa | Tagged: credit card fees, mastercard, merchant interchange, visa, waytoohigh.com | Permalink
Posted by waytoohigh
February 20, 2008
With almost 1,000 posts since our battle against Visa and MasterCard began in 2005, we have a milestone to announce.
It is not just the multi-billion dollar interchange fees that are at record highs. Even gold and oil’s record highs today are not in a field of their own. WayTooHigh.com – The Credit Card Interchange Report also recorded its highest number of recent daily visits today. And, to think, we are not even a cartel – just entrepreneurs taking on the banks and Visa and MasterCard!
While we are heartened that the credit card associations, banks, their legal teams, advocacy groups and major media outlets are also regular readers of WayTooHigh.com, it is much more reaffirming that we are also visited each day by America’s largest multi-national conglomerates and small mom-and-pop stores.
Sunday’s Academy Awards telecast and MasterCard’s commercials will be a reminder that gimmicks and visibility do not trump the law and conviction of outrage by its cardholder and retailer customers. This Sunday, it’s the Academy Awards MasterCard commercials, then this Summer, during the Olympics, it will be Visa’s turn to spin their story.
During the 60-second MasterCard spots on Sunday’s Academy Awards, think of the single mom walking into a corner convenience store in the inner-city, rather than the planned MasterCard sweepstakes contest they will instead be promoting. Back to our profile: The mom walks in, buys a gallon of milk for cash and thus subsidizes the signature cardholder’s free trip to Europe from an identical purchase of milk because they paid with a premium signature MasterCard. The merchandise cost the same, but the interchange expense is shared by the cash paying shopper. Then, ask the question: why exactly is the person paying with cash subsidizing the frequent flier mileage gained from affinity cardholders? It would take an Academy Award performance to explain how that is a fair transaction.
Our readers are part of the reason we want to incite millions of merchants and consumers to stand up and say enough to the nearly $40 billion in hidden fees forced upon us by Visa, MasterCard and its member banks. There is no choice and there is no competition.
Leading Recent WayTooHigh.com Postings
Want to know more about lead plaintiff ScanMyPhotos.com? Click here and read their daily blog: Tales from the World of Photo Scanning
Leave a Comment » | 30 minute photos etc, American Express, antitrust, bank of america, banking, banking crisis, Chase, citigroup, credit card contest, credit card donations, credit card interchange report, credit cards, debit cards, gas prices, gift cards, interchange fee, JPMorgan Chase, life takes visa, mastercard, merchant account, merchant interchange, merchant payment, national retail federation, payment news, paymentech, PIN, price-fixing, profiteering, scanmyphotos.com, Sharon Gamsin, visa, waytoohigh.com | Tagged: ABC TV commercials, academy awards commercials, credit card interchange, mastercard, Mastercard tv, Oscar telecast, oscars TV, visa, waytoohigh.com | Permalink
Posted by waytoohigh
December 25, 2007
Leave a Comment » | 30 minute photos etc, credit card interchange report, mastercard, merchant account, merchant interchange, sherman antitrust act, visa | Tagged: 30 minute photos etc, consumer electronics show, credit card interchange, scanmyphotos.com, waytoohigh.com | Permalink
Posted by waytoohigh
December 19, 2007
WayTooHigh.com commentary on today’s European Commission ruling that MasterCard’s interchange fees imposed on retailers are illegal. Visa has an exemption that runs through the end of the year.
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The EU decision is yet another rejection of the justifications offered by MasterCard and Visa for fixing of interchange fees paid by merchants.
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The Australian RBA, the UK OFT, and the earlier EU decision on Visa all have rejected the networks’ excuses.
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This decision, and the others, will certainly get the attention of U.S. courts, regulators, and Congress. It has piqued interest by U.S. merchants and today marks the highest number of visits to WayTooHigh.com – The Credit Card Interchange Report.
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It is long past time for the networks to reduce or eliminate interchange fees in the U.S. rather than face crippling liability in U.S. courts.
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Remember, nearly 100 separate merchant interchange fees in the U.S. are more than double the rates in Europe.
[commentary: WayTooHigh.com]
Leave a Comment » | 30 minute photos etc, banking, banking crisis, credit card antitrust, credit card contest, JPMorgan Chase, life takes visa, mastercard, merchant interchange, paymentech, visa | Tagged: , European Commission, interchange fees, mastercard, RBA, UK OFT, visa, waytoohigh.com | Permalink
Posted by waytoohigh
December 18, 2007
First question after the EU’s charge that interchange rates are way too high, is this gem: why are the merchant interchange rates in the U.S. more than double the fees charged within many European nations?
Relax MasterCard. This is a rhetorical question which has been previously addressed below through more than 875 previous WayTooHigh.com news and commentary updates.
Leave a Comment » | Uncategorized | Tagged: anti competititive price-fixing, Mastercard interchange fees, visa merchant fees, waytoohigh.com | Permalink
Posted by waytoohigh
December 18, 2007
Leave a Comment » | 30 minute photos etc, banking, Chase, credit card antitrust, credit cards, debit cards, price-fixing, scanmyphotos.com, visa | Tagged: , interchange fees, MasterCard Europe, unfaircreditcardfees, Visa USA, waytoohigh.com | Permalink
Posted by waytoohigh
December 17, 2007
According to an updated Dec 17 Reuters article [click here], “MasterCard has said it should keep the principle of setting its own fees and that the EU executive has no power to cap them.”
Remember, it was MasterCard which last year, proposed a $50.00 cap on interchange fees at service stations for charge card electronic payments. Since MasterCard announced that action more than a year ago, we are uncertain whether they ever followed through. And, this raises a bigger question: if they agree to cap gas charges at service stations, then, why not for all transactions?
Interchange fees are obsolete and on Wednesday, we anticipate that the EU will provide what will generate a substantial holiday gift to all retailers and consumers.
[commentary: WayTooHigh.com, via Reuters article]
Leave a Comment » | Uncategorized | Tagged: credit card fees, EU, Mastercard interchange fees, waytoohigh.com | Permalink
Posted by waytoohigh
December 14, 2007
According to Thompson Financial News (Dec 14) [click here to read article], next week the European Commission will rule that MasterCard’s charges are illegal and violated the law. According to the report, “[t]he commission has longed feared that interchange fees, set at around 1 per cent per purchase, paid by retailers’ banks to card-issuing banks, are being abused to collect the highest rate of return.” Interchange rates for the identical services in the U.S. are nearly double the charges in Europe.
[Source, via Thompson Financial]
Leave a Comment » | Uncategorized | Tagged: , EU commission, European Commission, Mastercard interchange fees, Neelie Kroes, SEPA, visa, waytoohigh.com | Permalink
Posted by waytoohigh
December 7, 2007
EU Antitrust Chief Warns That New Bank Payment System Should Not Cost Customers More. The EU’s antitrust chief Neelie Kroes warned banks on Monday that a new payment system should not be allowed to cut down choice or increase costs for customers.
Regulators have criticized the high level of these fees, saying card networks like Visa, MasterCard and American Express have failed to explain why they need to charge so much for handling payments.
Click here to read article.
[via AP]
Leave a Comment » | antitrust, banking, credit cards, debit cards, merchant interchange, merchant payment, payment news, price-fixing, visa | Tagged: anti-competitive, credit card fees, electronic payment, European Commission, mastercard, Neelie Kroes, visa, waytoohigh.com | Permalink
Posted by waytoohigh
December 1, 2007
We’ve written in the past about MasterCard’s sweepstakes scheme. It’s back. Same trick, just different name.
This time you can “win two identical gifts in the MasterCard® Joy of Giving Sweepstakes. Every time you … use your MasterCard® card between 11/1/07 – 1/2/08, you’ll be entered for a chance to win.
In big print, MasterCard brazenly explains that the sweepstakes is for “two identical prizes and two times the joy” if you win the two identical gifts in the MasterCard® Joy of Giving Sweepstakes. But, don’t even think about using your PIN-based debit card! PIN-based & international transactions are ineligible.
Here’s the scheme: even though MasterCard [and Visa] have ocean-sized marketing, advertising and public relations campaigns promoting their PIN-based debit cards, just make sure not to use it! Oh, you can use it, but you must insist that the friendly retailers’ sales clerks – already crazed with holiday shoppers – process your payment at the much higher credit card signature interchange fee rate. It’s just the press of a button on the electronic card terminal, and it’s not that you then get anything special. Your funds are still withdrawn from your bank account nearly as quickly. The threat of fraud is minimized and the card associations’ member banks reap the much higher interchange revenues and get your money extra fast.
See the following link for the fine print [official rules] from this holiday sweepstakes. We have enlarged it for your easy understanding:
NO PURCHASE NECESSARY. Void where prohibited. Restrictions apply. PIN-based & international transactions ineligible.
We wonder how many cardholders actually recognize that when they use their debit card, they are ineligible to participate? Then again, since lotteries and sweepstakes were designed for people who weren’t good at math, it probably won’t matter anyway. If the card associations held such equal value for their debit card products as they do for signature credit cards, why the discriminatory distinction? Unless, oh yes, they make more money when they condition debit card holders to force merchants to process the cards at the much higher credit card rate.
This is about as scheming as were the recent Visa TV commercials and its attempt at Pavlovian-training cardholders not to use cash. They explain it slows down the cashiers line, ruins the fun of shopping and makes you feel inferior as everyone behind you in line gets really, really annoyed with you. Just watch the commercials to see for yourself – see link.
[Commentary: WayTooHigh.com]
Leave a Comment » | 30 minute photos etc, bank of america, credit card donations, credit cards, debit cards, interchange, interchange fee, life takes visa, merchant account, merchant interchange, merchant payment, payment news, price-fixing, visa | Tagged: consumerist.com, holiday contests, interchange fes, joy of giving sweepstakes, mastercard PIN cards, Mastercard sweepstakes, paypass, the consumerist, unfair card fees, visa, Visa tv Commercial, visa tv commercials, waytoohigh.com | Permalink
Posted by waytoohigh
November 28, 2007
We’re pausing for a moment from our mission to invalidate the merchant interchange fees to identify yet another windfall for Visa and MasterCard. Have you seen those Visa and MasterCard gift cards that you can purchase?
The first round of hidden fees is when you charge those “gift” cards to your credit or debit card. As you swipe your card, the merchant is charged one of the nearly one-hundred interchange fees, which could be as high as 3-5 percent of the transaction.
The next charge is one what we just experienced. A friend presented us with a $25.00 charge card gift. After several uses, there was about a $2.00 balance, but when we presented the card at Starbucks, the Barista explained that the card was not accepted. That was an uncomfortable moment, but one that generated this question: what happens to the millions of dollars in change that is accumulated on this gift cards? What do you do when the balance is too low for ordinary redemptions? When consumers discard the cards with a few cents or a few dollars remaining, the card associations and issuing banks make even more windfall profits.
Just how much money each yet is never cashing in from those gift cards and add that to the total cost of each electronic payment transaction.
[Commentary: WayTooHigh.com]
Leave a Comment » | antitrust, banking, banking crisis, gift cards, interchange, interchange fee, merchant account, merchant interchange, merchant payment, payment news, visa | Tagged: gift cards, hidden interchange fees, mastercard gift card, merchant interchange fees, more credit card fees, starbucks, visa gift card, waytoohigh.com | Permalink
Posted by waytoohigh
November 27, 2007
From the Visa and MasterCard merchant requirements, it is clear that many retailers regularly violate their rules, but we are still unfamiliar with how many are penalized.
At 30 Minute Photos Etc., ScanMyPhotos.com and our online ecommerce business, if a picture-taker orders a single 4×6″ photo online, for instance, we charge 26-cents. But the electronic payment fees are substantially more than that. As the lead plaintiff in the merchant interchange litigation and as a Visa and MasterCard customer, we are careful not to violate the minimum payment requirement. But, what about others?
From the Rule for Visa Merchants website listing for card acceptance [page 9], it clearly explains that: “Dollar Minimums and Maximums: Always honor valid Visa cards in your acceptance category, regardless of the dollar amount of the purchase. Imposing minimum or maximum purchase amounts in order to accept a Visa card transaction is a violation of the Visa rules.”
The question is why are merchants, especially non-profits still posting notices requiring minimum payments?
The concern is that record high merchant interchange fees are causing retailers to create their own rules to help soften the effects of these fees. Previous WayTooHigh.com articles identified groups which blatantly impose minimum charges on their website.
Test for yourself: when you visit a “mom and pop” store take a look and see if they have a handwritten notice requiring a minimum payment.
Related blog posting: “Requiring minumum credit card purchase is a violation.”
Leave a Comment » | 30 minute photos etc, american red cross, antitrust, bank of america, banking, banking crisis, credit cards, debit cards, interchange, mastercard, merchant account, merchant interchange, merchant payment, payment news, paymentech, price-fixing, profiteering, sherman antitrust act, visa, wachovia, waytoohigh.com | Tagged: , 30 minute photos etc. unfair merchant fees, american red cross, credit card payments, debit card payments, hidden fees, how credit cards work, interchange, minimum payments, payment processing, scanmyphotos.com, violation mastercard rules, violation visa rules, waytoohigh.com | Permalink
Posted by waytoohigh
November 15, 2007
Excerpt:
Top executives at 14 major European retailers are asking the European Commission (EC) to lower what they call excessive interchange fees charged by payment card companies. Card companies earn €13 billion euro (US$19.08 billion) in annual revenues from card transaction fees, which the retailers say is excessive.
The letter appears to be timed to coincide with the final stages of the EC’s enquiry into the charges currently levied by MasterCard on cross-border transactions within the European Union. A decision by the EC is expected in mid- to late November 2007
Click here to read more.
(Source: ePayNews.com)
Leave a Comment » | Uncategorized | Tagged: , antitrust, ec, European Commission, excessive interchange fees, interchange fees, mastercard, visa, waytoohigh.com | Permalink
Posted by waytoohigh