The issue of revenue that banks and credit unions make from transactions on their debit cards moved from the obscure corners of the financial services industry into the national spotlight last week as the Federal Reserve's debit interchange cap came into effect.
While the credit union model is the most effective one for helping middle-class citizens improve their financial health, government officials should enact policies to enable credit unions to do even more, Wright-Patt CU President/CEO Doug Fecher told a Senate panel.
Retailers received $1.7M in interchange fee savings from just one processor over three days.
Rep. Brad Miller's bill would prohibit financial institutions from levying fees or charges once they received a request to close an account.
Former St. Paul Croatian FCU President/CEO Anthony Raguz, whose actions helped trigger one of the largest credit union failures in history, pleaded guilty on Sept. 29 to six criminal counts, including bank fraud, money laundering and bank bribery in federal court in Cleveland.
Durbin amendment poised to set commerce for many consumers back 60 years.
Cases typically involved keylogging malware that ended up with money transferred overseas.
Members of the 121 Financial Credit Union in Jacksonville, Fla., will now be able to send person-to-person payments to anyone with a cellphone number or e-mail address.
Jacksonville, Fla., credit union adds person-to-person service to online offerings.
NCR Corp., one of the two largest ATM manufacturers, is hard at work on a prototype ATM that it hopes will enable financial institutions to better reach out to underserved populations and help bring ATMs up to a new standard.