FTC files lawsuit against credit card processor

Sometimes consumers who are drowning in debt get desperate. Unable to make ends meet, they seek out quick-fix solutions to their financial woes. Enter the scam artists. While we are all too familiar with identity theft and online rip-offs, there’s a lesser-known hoax making the rounds: credit card debt relief scams. Most often, crooks will use a robocall service – automated phone calls completed using a computerized dialer – promising cash-strapped consumers relief from high credit card interest rates. Many will purport to have an inside connection that allows them to negotiate more favorable rates. It is understandable why people

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RBC, CIBC introduce new mobile payment options

Two major Canadian banks are preparing to roll out new mobile payment services. Today the Royal Bank of Canada (RBC) and CIBC announced smartphone payment systems which it will introduce to customers in the coming months. RBC has partnered with Bell to offer its mobile banking customers an option to pay for purchases with debit or credit using compatible smartphones. It will be integrated into its existing banking app and will now appear as an option on the home screen. It should be available by the end of the year. CIBC is preparing to introduce mobile payment to Rogers-powered Android

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Canadian merchants to charge back credit card fees?

Canadian consumers may find themselves in the same position as their U.S. counterparts when it comes to credit card swipe fees. The Consumers’ Association of Canada issued a warning this week that depending on the outcome of a decision by the country’s competition tribunal, merchants may soon be permitted to tack additional fees on to credit card transactions to help cover their own costs. “It’ll be like striking the marketplace with lighting. It’ll disrupt the whole way that we pay for our goods,” Consumers’ Association of Canada Vancouver president Bruce Cran was quoted as saying. “Nobody knows about it but

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Is mobile payment the next big cash grab?

Canadian telecom giant Rogers Communications has expanded its mobile payment service to Android and BlackBerry 10 devices, allowing even more customers to use their smartphones to pay for purchases instead of traditional plastic credit cards. The suretap service works with compatible terminals, allowing users to pay wirelessly or collect loyalty rewards points without having to produce a physical card. Currently tens of thousands of MasterCard PayPass and Visa payWave terminals across Canada are equipped for the service. “To continue driving adoption and growth of mobile payments in Canada, it is essential that a strong ecosystem is established to include multiple

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Retailers can now charge swipe fees back to customers

Starting yesterday, you may have paid a bit more at your local retailer to use your credit card … or maybe not. As of Sunday, merchants in most U.S. states have the option of tacking on an extra fee to credit card transactions to help cover the fees that card companies charge to retailers, commonly known as swipe fees. Stores can charge up to four per cent for credit card purchases, but must notify customers before processing the payment. The move is a result of a 2005 lawsuit filed against credit card giants Visa and MasterCard, and some card-issuing financial

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Merchants facing credit card fee hike

MasterCard Canada is planning a significant hike in card processing costs for small business effective this July. The move – which will see assessment fees jump to 7.7 basis points from 6.4, a 20 per cent increase – comes on the heels of a similar announcement by Visa, which will boost its fees by one-third this April. Visa also plans to increase the cost of foreign card transactions by 40 basis points and introduce an “uber-premium” card for its top spenders, which will carry a higher processing fee for merchants. The Canadian Federation of Independent Business (CFIB) – which has

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Sprint Nextel Suffers 3rd Quarter Loss as Customers Jump Ship

Sprint Nextel lost $326 million in the third quarter as it continued to lose customers.  They also announced a change in its credit terms that restricts the payment of dividends. The loss amounted to 11 cents per share for the three months ending Sept. 30. To read more go to: Full Article

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Sprint to Lower Early Termination Fees

From the FCC: Consumers will be pleased that another cellular provider has announced it will prorate early termination fees (ETFs).  Starting this week, Sprint will lower its ETF by $10 per month after six months of service.  With this announcement, all four nationwide wireless providers – which together serve more than 200 million customers – now prorate their ETFs.  In this highly competitive wireless telecommunications market, wireless providers differentiate themselves in terms of size of network, customer service, additional features, “free phones” and even the terms of their ETFs.  This announcement by Sprint is simply one more example of how

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FCC Approves Sprint-Nextel and Clearwire Merger

From the FCC: Merger Will Increase Competition, Bring Added Benefits to Consumers by Expanding Choices for Commercial Wireless Devices and Applications Washington, D.C. – The Federal Communications Commission (FCC) today approved, with conditions, the transfer of control of licenses held Sprint-Nextel Corporation and Clearwire Corporation to New Clearwire Corporation.  The merger is expected to facilitate the build-out of a nationwide WiMAX-based network that will lead to increased competition, greater consumer choice and new, innovative wireless services. In analyzing these applications, the FCC examined the market for various services and concluded that the companies had demonstrated that the transaction will be

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Bell Mobility Introduces New Plans with Rollover Minutes

Bell today announced the introduction of Rollover Minutes plans, Canada’s only monthly rate plans that let wireless clients carry over unused local voice minutes into their next month of service. To read the full article go to:  http://ca.news.finance.yahoo.com/s/03112008/30/link-f-cnw-bell-launches-unique-rate-plans-roll-unused-airtime.html

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