May 9, 1990 |
Visa U.S.A. and Mastercard International agreed to abandon a national debit card venture to settle charges by 14 states that they schemed to monopolize the emerging market, it was announced Tuesday. But the giant credit card associations--the world's largest with a combined 370 million cardholders worldwide--denied the allegations and said they agreed to the settlement partly to avoid a lengthy legal battle. Both said they would continue developing separate debit card systems.
CALIFORNIA | LOCAL
October 12, 2000 |
Hoping to cash in on an increasingly cashless society, county toll road authorities are discussing ways of transforming their windshield toll transponders into rolling debit cards, good for the purchase of grub, gas, prescription drugs and more. Under the plan, the radio-signal gadgets that now smooth drivers' entry to the county's tollways could eventually be used at restaurants, gas stations, drugstores, dry cleaners and other drive-through businesses.
CALIFORNIA | LOCAL
May 7, 1998 |
These days, more mail deliveries than not include at least one sales pitch for a credit or debit card. At my house, three or four such offers arrive every week. Recently, a $100 check was enclosed in one. Cash this, and you have our card, it said. I didn't cash it. My son David, a year out of Berkeley and earning a modest salary, recently was offered a card with a $10,000 credit limit. With one card already, he passed, recognizing he needs more debt before grad school like a hole in the head.
November 1, 2011 |
Bank of America abandoned plans to charge customers $5 a month to use their debit cards, marking a high-profile retreat for a fee that became emblematic of the current populist outrage against Wall Street. The nation's second-largest bank was broadsided by customer protests — and even criticism from President Obama — after announcing the charge in September. BofA's position was further weakened as rivals including JPMorgan Chase & Co. and Wells Fargo & Co. declared they would not impose similar fees.
December 4, 2003 |
Wal-Mart Stores Inc. said Wednesday that it would stop accepting MasterCard for certain debit-card transactions, the first major retailer to make such a move after a seven-year battle over fees. Wal-Mart, the world's biggest company, said it no longer would accept MasterCard for debit-card transactions that require a signature, as of Feb. 1. The move was seen as a blow to MasterCard, which is struggling with a market share one-fourth the size of Visa's in the signature-based debit area.
June 13, 2013 |
This post has been updated with information from an amended criminal complaint filed Thursday afternoon. Hackers allegedly targeted 15 financial institutions, including JPMorgan Chase & Co., Citigroup Inc. and E-Trade, as part of a nearly two-year-long scheme to hack into customer accounts online to steal at least $15 million, U.S. authorities announced this week. "Cybercriminals penetrated some of our most trusted financial institutions as part of a global scheme that stole money and identities from people in the United States," New Jersey U.S. Attorney Paul J. Fishman said in a statement.
February 7, 2012 |
About 610,000 U.S. bank customers switched to a smaller institution in the last three months of 2011 to protest plans by major banks to impose monthly charges for using debit cards, according to a financial services market-research firm. That represented 11% of the 5.6 million U.S. people who switched banks during that period — a relatively modest number, Javelin Strategy & Research said in a report Monday. Javelin said it analyzed the online responses of 5,878 people to gauge the effect of the backlash triggered by Bank of America Corp.'s plan to charge $5 a month to customers who used their debit cards for purchases.
December 16, 1999 |
Customers using debit cards can now make cash withdrawals of up to $50 when doing business at the post office, the Postal Service announced. The service is available to customers using ATM debit cards to buy postal products at the agency's 33,000 post offices. The post office also announced that it has started accepting Diners Club-Carte Blanche and JCB International cards.
August 5, 1998 |
A group of state attorneys general, including California's, has opened an investigation into whether new debit cards being issued by Visa International Inc. and MasterCard International Inc. will harm competition. Eleven states are examining "possible anti-competitive effects against regional ATM debit cards," said Todd Boyer, a spokesman for Ohio Atty. Gen. Betty Montgomery.
October 13, 1998 |
FNet Corp., a subsidiary of Franklin Telecom in Westlake Village, has issued its first commercial prepaid telephone debit card for calls originating within the United States. FNet debit cards are already in use in Europe and South America. The marketing launch of this product came after two years of intense planning, company officials said. FNet CEO Jim Magruder said his company's network allows the user to bypass traditional public telecommunications networks and reduce long-distance costs.