While recently announcing their quarterly profits Visa also disclosed that the U.S. Department of Justice has requested more information about changes in their interchange pricing structure related to processing debit cards. Read More
Banks Back Off Debit Card Usage Fees
Chase and Wells Fargo had been trialing $3 debit card usage fees in a couple pilot markets but have since decided to discontinue the monthly charge. SunTrust and Regions Banks also eliminated usage fees they were planning to implement on check cards. In early November Bank of America, who was originally going to adopt a
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Increased Legislation Causing Waves in the Online Landscape
In the United States debit interchange rates will be capped at around 21 cents beginning in October, 2011. Meanwhile, more states explore eCommerce tax revenues as a solution to budget deficits. In the European Union recent amendments to the Consumer Rights Directive improve customer refund and return rights affecting all internet, phone and mail order transactions.
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