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.
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.
July 6, 2008 |
Consumers can now use Visa debit cards for smaller purchases without entering a personal identification number, the same way they can skip signing receipts. Visa said last week that it would no longer require merchants to treat its debit cards differently when customers use them as PIN debit cards rather than signature cards. The move prompted the Justice Department to drop an antitrust investigation of the practice. Visa has allowed banks to permit merchants to waive the signature requirement when customers use Visa debit cards, usually on purchases of less than $25, the department said.
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.
May 12, 2003 |
Bank One Corp. said Sunday that Visa USA Inc.'s recent $2-billion settlement of a debit-card lawsuit would cost the sixth-biggest U.S. bank $60 million a year in retail debit card revenue. The Chicago-based bank, which made the disclosure in a filing with the Securities and Exchange Commission, has nearly 5 million debit card users, company spokesman Tom Kelly said. Bank One also is the largest issuer of Visa credit cards in the world.
June 22, 2004 |
Customers of Wal-Mart Stores Inc. can use MasterCard Inc.'s signature debit cards to make purchases for the first time since February, when the world's largest retailer suspended their usage in a disagreement over fees charged to merchants. Bentonville, Ark.-based Wal-Mart said in December that MasterCard's fees were too high. The move made Wal-Mart the first major retailer to take such action since a lawsuit settlement freed merchants to pick which credit and debit card services to use.
CALIFORNIA | LOCAL
September 11, 2000 |
Jeanette Thompson is a grandmother and office manager who has constant pain in her hand from arthritis. Most arthritis drugs, she said, "feel like they are burning a hole in my stomach." Her doctor prescribed Celebrex, a newer anti-inflammatory that eliminates gastrointestinal irritation. Her insurer, United Healthcare, refused to pay, saying that she would have to suffer with older, cheaper drugs like Naprosyn until her doctor proved she was developing an ulcer. So much for preventive medicine.