While U.S credit card defaults are now at the lowest level since early-2008 while delinquencies are at the lowest level in four years, consumer bankruptcies jumped 4% from the May 2011 consumer bankruptcy total of 114,803 filings to 119,768, 5% greater than the year ago figure of 126,270 filings. The Fitch Prime Credit Card Chargeoff…
Citigroup reported second quarter 2011 net income of $3.3 billion, or $1.09 per diluted share, on revenues of $20.6 billion. Second quarter net income grew 24% from the prior year period and 11% from the first quarter 2011, while net revenues were 7% lower versus the prior year period and 5% higher than the first…
Amalgamated Bank of Chicago has signed a five-year agreement for several FIS card processing and fraud protection solutions, enhancing its customer experience as well as its consumer and commercial card processing and fraud prevention capabilities. With this, Amalgamated Bank selected FIS’ “Base2000,” “ScoreCard,” FIS card personalization and fulfillment, FIS “Secured,” “COMPROMISE MANAGER,” Merchant Processing and Fraud Alert Management to ultimately enhance its ability to provide personalized card services and quickly deliver new financial solutions.. The “ScoreCard” card loyalty solution has proven to increase card acquisition, activation and usage of both credit and debit card programs by members.
Discover announced it has been awarded first place in Best Overall Customer Experience for prospects in the 2011 Keynote Competitive Research Industry Study of U.S. credit card marketing websites. “As Discover continues to grow in the direct banking industry, we will continue to pay close attention to the online experience and extend our leadership.” As…
M&T Bank is set to purchase a building in Amherst, New York from HSBC, which it will then convert to its primary data center, then retrofit its current data center, located on Commerce Drive in Amherst, into additional office space. M&T said it will invest more than $105 million to improve and equip the two buildings over the next 10 years if the purchase goes through. M&T also would locate approximately 75 new jobs and retain 45 existing jobs in Amherst as a direct result of this investment. Some of those jobs will be located at the new data center, while others will go in the Commerce Drive location. M&T Bank already employs 1,314 people at two major operations centers and nine branch locations in the Town of Amherst. Across Western New York, M&T has approximately 5,000 employees, operates 84 branch office locations and owns and/or occupies nearly two million square feet of commercial real estate.
Bank of Internet USA introduced “MyDeposit,” allowing customers to deposit checks from their home or office using a variety of scanning devices. Offered free of charge to Bank of Internet customers, “MyDeposit” requires a personal scanning device and a registered Bank of Internet account. To deposit checks using a scanner, Bank of Internet customers should visit bankofinternet.com and log into their accounts. Choose MyDeposit, select the account into which the deposit should be made, endorse the check, enter the amount and scan both sides of the check.
InfoTouch Corporation has deployed its optional add-on module that is compatible with InfoTouch touch screen convenience store POS software, incorporating the new Honeywell’s EasyDL age verification handheld scanners. Honeywell’s Easy DL scanners are now available on InfoTouch’s touch screen convenience store POS software. All merchants currently utilizing InfoTouch’s touch screen convenience store POS software can benefit from hand held scanners integrating Honeywell’s new age verification enhancement by scanning the driver’s license. The InfoTouch touch screen convenience store POS software now is providing this advanced feature available for thousands of our merchants throughout the US and Canada.
Credit.com consumer education and financial resource website announced the winners in the second installment of its best-in-class series, “The Best Credit Cards in America.” This installment features Credit.com’s picks for the “Best Student Credit Card” and the “Best Secured Credit Card.” BEST STUDENT CREDIT CARD goes to the Discover Student More Card, built with Discover’s CardBuilder tool (Harzog used CardBuilder to create a student card with up to 5% rewards and a 12-month 0% intro rate), followed by 1st Runner-up PenFed Visa “Platinum Cash Rewards for Students” and 2nd Runner-up, “Journey Student Rewards” from Capital One. Meanwhile, BEST SECURED CREDIT CARD goes to Orchard Bank Secured Credit Cards, followed by 1st Runner-up, Navy Federal Credit Union “nRewards Secured Credit Card” and 2nd Runner-up, Citi Secured MasterCard.
USAA Bank is eliminating its debit card rewards program thanks to the Durbin Amendment, effective September 1. This is because the Durbin Amendment requires a cap on interchange fees, which reduces the revenue banks receive from merchants when customers use debit cards. The reduction in fees prompted the bank to re-evaluate the value of its debit reward offerings and since members favored free checking and ATM fee refunds over debit card rewards, the program has to go. Subsequently, any rewards customers have accumulated through the debit card program will be eligible for redemption or a cash payout in the fall.
The Payment Processing Solutions (PPS) division of Jack Henry & Associates will begin offering Visa-branded chip-and-signature debit and credit cards to its credit union customers. Also equipped with the standard magnetic stripe for use in traditional card readers, the Card is initially being beta tested by Star One Credit Union in Sunnyvale, CA. EMV is valued for its enhanced security.
Metro PCS gave its dealers a pat on the back for an auspicious start to 2011 with a Dealer Appreciation Evening at Caesar’s Hotel and Casino in Atlantic City, NJ. As the company continues its 4GLTE service rollout across the nation, it’s seen a 28% increase in its subscriber base for the first quarter of 2011 vs. 2010, and a 21% increase over the preceding twelve month period. Its Wireless for All philosophy, with unlimited talk, text and web, with all-in pricing seems to be ringing loudly with consumers. Metro PCS dealers lauded B2B Soft’s “Wireless Standard” Retail Management Platform for being an instrumental part of some of that success.
Element Payment Services PCI compliant payment processing and ThoughtKey PCI-focused consulting firm released the “Point-to-Point Encryption (P2PE): Reduce PCI Scope, Protect Cardholder Data and Preserve Profit” white paper. The white paper compares the benefits and pitfalls of relying solely on payment network segmentation to the robust option of point-to-point encryption (P2PE) coupled with tokenization in a highly secured hosted environment. The informative document will help merchants and independent software vendors (ISVs) address the challenges of achieving and maintaining PCI compliance. By eliminating cardholder data from a merchant’s environment, which in turn removes the payment network as a target, merchants significantly reduce the risk, cost, liability and the burden of achieving and maintaining PCI compliance.