Target Corp. and Macy’s Inc. have joined 15 other retailers to sue Visa and MasterCard over credit card and debit card fees. The payment card firms are accused of illegally restraining competition for interchange fees by setting almost identical rules for accepting cards and setting default rates. This news comes after a failure to settle
Read »City National Bank has started to issue next-generation credit cards that have the traditional magnetic stripes and an embedded microchip that offers compatibility with payment terminals in other countries. Foreign nations have adopted the new card standard due to rampant card-skimming fraud. “We want our clients to have the best possible experience while making purchases
Read »Apple’s $102 billion in “offshore” profits are actually stored in bank accounts in New York. While the money is being managed by one of its wholly owned subsidiaries in Reno, Nev., technically, the funds belong to an Irish subsidiary of Apple. Many companies move their money overseas in order to avoid taxes, with close to a
Read »Bank of America is looking for buyers for 40 branches in New York and Pennsylvania, according to Bloomberg, citing unnamed sources. The branches, located in rural location in southeastern New York and northeastern Pennsylvania, hold a total of nearly $1 billion in deposits. The sale of the branches would include the deposits, but not the
Read »More indication is rolling in that the housing market is recovering. Sales of new homes rose in April, coming in at the second highest level since the summer of 2008, and the average price for a new home hit a record high. New home sales have risen to a seasonally adjusted annual rate of 454,000,
Read »People’s United Bank has upgraded its ATMs to accept EMV (Europay, MasterCard and Visa) cards, also known as “chip and PIN” cards. EMV is considered to be more secure than traditional magnetic strips, which is why many non-U.S. countries have adopted it as the standard. “Financial institutions through the U.S. are evaluating and making plans
Read »Apple is one of the most profitable companies in the world. With success comes a big tax bill, and Apple has been avoiding just that for years through offshore accounts. The truth: Apple is sitting on billions of either tax-free money or have paid a lower tax rate through offshore deposits. There is no foul
Read »Single or divorced: you may be at a disadvantage for fringe benefits. If you are/were married for ten years or longer, you qualify for benefits based on your counterpart’s covered earnings records. If you’re divorced, you cannot obtain these records as the Social Security Administration does not release this information. Find out the details here.
Read »Boost Mobile, the company that provides no-contract wireless services, has launched a reloadable prepaid card account that is tied to its Boost Mobile Wallet application. The account lets consumers load cash at Boost Mobile retail locations, send money, pay bills, fund prepaid wireless accounts and transfer funds. Customers also get a Visa prepaid card that
Read »Starting June 1, the United MileagePlus Explorer Card (from Chase) will no longer carry foreign transaction fees. Cardmembers won’t have to pay the extra cost to make purchases when traveling abroad. Currently, the card’s foreign transaction fee is 3%. “With the enhancement of no foreign transaction fees, we can now provide cardmembers tangible savings when
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