Payments News from Glenbrook Partners
Glenbrook   Book   Education   Views   Archives   Store   Advertise   About         SUBSCRIBE:

« September 22, 2009 | Main | September 24, 2009 »

September 23, 2009

Intuit Holds Annual Investor Day

intuit_logo-140px.jpgIntuit held its Annual Investor Day today - the presentation slides and a webcast of the event are available online.

Congress Seeks to Accelerate New Credit Card Rules

In an article titled "Congress Seeks Faster Implementation of New Credit-Card Rules", Mary Pilon and Jane Kim write for the Wall St. Journal about pressures building in Congress to accelerate the implementation of the rest of the Credit Card Act's changes from February to December.

PBS NewsHour Looks at Debit Card Overdraft Fees

In this evening's program, the NewsHour with Jim Lehrer featured a segment titled "Banks, Customers Face Changes to Debit Card Overdraft Fees". The NewsHour's Jeffrey Brown interviewed Ron Lieber from the New York Times - here's the transcript.

Wells Fargo Joins in Changing Overdraft Practices

WellsFargo_logo-140px.jpgWells Fargo this afternoon announced changes to its overdraft practices for Wells Fargo and Wachovia customers. In a press release, Wells Fargo said it will "eliminate overdraft fees for customers when they overdraw their accounts by $5 or less and will charge no more than four overdraft fees per day. In addition, Wells Fargo and Wachovia customers will be able to opt out of overdraft coverage, meaning customers can specify that they don’t want their transactions authorized into overdraft if funds aren’t available to cover the transaction." READ MORE »

Common Sense and the Consumer Financial Protection Agency

Writing on his Payments Industry Regulation blog, Broox Peterson takes a look at the proposed revisions to H.R. 3126 suggested by Barney Frank (according to a Reuters report) to address concerns about that legislation and the creation of the proposed Consumer Financial Protection Agency.

Peterson writes: "In an important respect the proposed revisions seem quite inadequate, and that is in clarifying the scope of jurisdiction of the CFPA - in other words, who is subject to CFPA jurisdiction (and why)?"

Voltage Security Combines Encryption, Tokenization, Data Masking

Voltage_logo-140px.jpgVoltage Security, has announced it has extended Voltage SecureData™ by adding tokenization and data masking capabilities to the existing encryption functionality - enabling the end-to-end protection of data, such as credit card numbers, in applications and databases. Voltage SecureData says these additions provide "the most comprehensive end-to-end data protection solution available, giving customers the widest choice of protection options to simplify implementation, reduce PCI audit scope and lower costs." READ MORE »

Chase Launches Ink℠ - A New Small Business Card Portfolio

ChaseInk_logo-140px.jpgChase Card Services has announced Ink℠ from Chase, a suite of business cards developed specifically for small businesses. The new business card portfolio includes four distinct cards "to deliver on the unique needs of small business owners and marks Chase’s introduction of a pay-in-full charge card – a first from issuers of Visa or MasterCard." READ MORE »

First Data Adds Senior Management and New Board Members

FirstData_logo-140px.jpgFirst Data has announced the appointments of Kevin J. Schultz, 51, as president of its Financial Services business segment and John Elkins, 57, as chief marketing officer, effective immediately. In addition, Henry R. Kravis and Joe W. Forehand were appointed as new members to First Data’s board of directors. READ MORE »

NetSpend Adds “Virtual Card”, Online Financial Management Tools

NetSpend_logo-140px.jpgNetSpend has announced the availability of the first “virtual” card to be tied to an existing prepaid debit card account and a suite of online financial management and budgeting tools including a visual spending history report, online budgeting application and budgeting “report card.” NetSpend says these new products and applications "provide a level of convenience and security currently not provided to the estimated 50-100 million underbanked consumers in the United States." READ MORE »

First Data, RSA Partner on Secure Transaction Management

FirstData_logo-140px.jpgFirst Data and RSA have announced they are teaming up to provide a new service called First Data Secure Transaction Management - "engineered to enable merchants to secure payment card data and remove it from their environment while allowing access when needed." The new service "is designed to dramatically reduce the cost and complexity of complying with the Payment Card Industry Data Security Standard (PCI DSS)." READ MORE »

Bank of America, Chase Respond to Overdraft Fee Concerns

In an article titled "Chase and Bank of America Revise Fee Policies", Ron Lieber writes for the New York Times about announcements from Bank of America and Chase regarding changes both banks are planning to their overdraft fee policies.

In a press release, Bank of America announced changes to be implemented October 19 including not charging overdraft fees when a customer's account is overdrawn by a total amount less than $10 for one day, not charging overdraft fees on more than four items per day and making it easier to opt out of overdrafts altogether. Next June, the bank plans additional changes including providing customers a choice with respect to opting in or out of overdraft capability.

According to Lieber's reporting, Chase is planning changes in the first quarter including not charging a fee when the overdraft is for less than $5 and not sorting items in descending amounts prior to posting - a technique that maximizes the overdraft fees charged and has drawn criticism from consumer groups. Chase also plans to allow its customers to opt out of overdraft coverage.

Headline News - September 23, 2009

Note: Throughout the day, as Payments News happens, this post is updated. For job opportunities available for payments professionals, visit Employers looking to hire payments professionals can post their job openings there as well.


News View

Payments Consultants