Pricing

By Peter Lucas@DTPaymentNews Consumers continue to pay higher fees for out-of-network ATM transactions, but have more access to free, non-interest checking accounts, says Bankrate Inc.’s annual survey of checking-account fees. Combined surcharges levied by

• The U.S. Supreme Court agreed to hear a challenge to a New York state law barring retailers from imposing credit card surcharges, Reuters reported. A federal appellate court upheld the law a year ago; nine other states have similar laws. • Online business lender Merchant Advance Capital said it …

By John Stewart @DTPaymentNews A federal appeals court on Monday handed American Express Co. a signal victory in the age-old battle with merchants over card-acceptance costs, but in doing so it may also have bolstered the card giant in its efforts to set and enforce merchant pricing. The U.S. Court …

By John Stewart@DTPaymentNews Wal-Mart Stores Inc.’s deal with JPMorgan Chase & Co.’s ChaseNet processing network, announced Thursday morning, proves that the nation’s biggest retailer can make peace with the big card brands if the terms are right. And it may indicate bigger prospects for Chase’s ambitious merchant-acquiring operation. Under the …

• U.S. Attorney General Loretta Lynch is expected to announce a crackdown on a global mail-fraud scheme that allegedly stole millions of dollars from elderly victims, CNNMoney reported. At the center of the investigation is an Canadian processor named PacNet Services Ltd. that reportedly deposited many of the victims’ checks. …

By Jim Daly@DTPaymentNews If you think the upcoming 2016 elections are only about The Donald versus Hillary, think again. A bill in the House of Representatives that would significantly alter the controversial Dodd-Frank Act and repeal its contentious Durbin Amendment passed the House Financial Services Committee Tuesday on a 30-26 …

By John Stewart @DTPaymentNews For years, payments providers have struggled to make money on person-to-person payments, and now Square Inc. is taking a swing at the problem. Starting now, Square is offering to make instant transfers of Square Cash funds into users’ bank accounts if they pony up a 1% …

• A consumer class-action lawsuit filed by the United Kingdom government’s former financial-services ombudsman against MasterCard Inc. seeks 14 billion pounds ($18.6 billion) in damages for allegedly charging excessive merchant fees between 1992 and 2008, expenses merchants passed on to consumers. In a statement, MasterCard said it “firmly” disagrees with …

By Jim Daly@DTPaymentNews An eyebrow-raising consumer class-action lawsuit filed Thursday in the United Kingdom against MasterCard Inc. over payment card acceptance costs has parallels with U.S. card litigation, and like its American cousins, the British lawsuit faces an uncertain future. The suit seeks £14 billion ($18.6 billion) in damages, the biggest …

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