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May 10, 2006

The Sleaze of Credit-Card Fees

European travel expert Rick Steves writes for ABC News about his irritation with the card fees being imposed by many credit card issuers when their cards are used overseas - and includes some suggestions for international travelers to either avoid or reduce those fees. His bottom line: "Pay for as much as possible with cash, using a bank that charges low rates for international ATM transactions."

Wal-Mart Can Cancel Some Bank's In-Store Leases

Marcus Kabel reports for AP that Wal-Mart can terminate some of the leases it has in place for banks operating branches in its stores more easily than originally indicated in some recent comments by the retailer at hearings held by the FDIC in considering Wal-Mart's application for a special purpose banking license.

Chinese Banks Plan New Service Fees

Zhang Fengming reports for Shanghai Daily that Chinese banks will begin charging bankcard holders for making inquiries about their accounts at ATM's owned by rival banks starting on June 1. No surprise, consumers are annoyed by the news.

MPD: A Baker’s Dozen Questions for Emerging Payments

Market Platform Dynamics shares former Visa executive Win Derman's "A Baker’s Dozen Questions for Emerging Payment Technologies" from his closing keynote speech at the "CardTech/SecurTech Emerging Payment Technologies: Challengers, Contenders" workshop held recently. In his paper, Win lists 13 questions that he always asks about any new payments technology.

Netherlands: Facilitating Moving Banking Relationships

Simon Lelieveldt emails the following from the Netherlands:

"Beginning in December 2003, the Dutch banks offer a so-called Interbank Switch Support Service ("Overstapservice"). The service aims to facilitate account holders who want to move their payments relationship from one bank to another, thus increasing customer mobility and lowering switching costs for current accounts. The switch support servcie has now been operational for more than two years: this brief background paper (PDF) describes the functionality and experiences."
Editor's note: This is sort of like telephone number portability - except for your banking/payments relationships! Fascinating!

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Visa Asia Pacific Reports EMV Chip Card Growth

Visa Asia Pacific has announced that the EMV chip card migration continues with more than 43 million Visa EMV-compliant chip cards issued in the region as at the end of 2005 and the number of EMV chip terminals in the region rising to more than one million.

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Interview With NACHA Chairman Steve Ellis

Digital Transactions reports on their interview with NACHA chairman and Wells Fargo EVP Steve Ellis including his views that he expects NACHA to revisit the "network return entry fee" proposal that would compensate have originating banks compensating receiving banks for certain returned ACH items and his expectations about NACHA's new "credit push" Internet payment application.

Headline News - May 10, 2006

Note: Throughout the day, as Payments News happens, this post is updated.

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