NBPCA Concerned Over Interchange Loophole

While the Network Branded Prepaid Card Association (NBPCA) applauds the decisions of the Federal Reserve Board to adopt the new interchange fee cap, the Board also has issued a final debit interchange rule that will disqualify many general purpose prepaid cards and payroll cards from receiving an exemption from the new interchange rate. Under the new rule, effective October 1, 2011, a bank issuer may charge an interchange fee of 21 cents per transaction plus 1 cent for fraud prevention and an additional 5 basis points on the transaction amount to account for fraud losses. The Durbin amendment carved out an exemption from the lower interchange rate for prepaid debit cards and government benefit cards because millions of unbanked and underbanked consumers rely on these cards for basic needs. Ergo, any prepaid debit card issued by a bank with assets over $10 billion that allows cardholders to use the cards for services other than point-of-sale debit or ATM access such as check writing, bill pay, or electronic remittances would not qualify for the exemption.

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TCU Outsources ATM Service to Diebold

Teachers Credit Union (TCU) is set to implement Diebold technologies and services to enhance its operational efficiencies and improve member convenience, which will manage upgrades to its fleet of 85 “Opteva” ATMs. Upgrading the ATMs will consist of adding monitoring services to enhance security and ATM uptime and incorporating deposit automation technology to improve convenience. These measures are designed to improve the security and reliability of TCU’s self-service channel, especially with the added Diebold “Advisor” automated monitoring service, which alerts on detailed ATM status messages, such as paper jams and dispenser faults for subsequent remote fix or to dispatch repair service. TCU currently has 14 ATMs capable of deposit automation through Diebold, with more than 30 additional machines planned in the near future.

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Interchange Law Boosts eBay Stock

Shares of eBay rose 4% hours after the Fed voted to cut fees retailers pay to accept debit-card payments, which is expected to benefit eBay’s “PayPal” electronic payment service. With this, eBay shares now stand at $32.22. The Fed rule will shift billions of dollars in revenue from financial institutions to merchants. The fees that retailers are charged to accept debit-card payments would be trimmed to 21 cents plus a conditional charge of a penny and 0.05% of the transaction value for fraud prevention. eBay posted 1Q/11 net earnings of $476 million from the year previous figure of $398 million and revenue up 16% to $2.55 billion.

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TCF Requests Durbin Lawsuit Dismissal

The Eighth Circuit Court of Appeals affirmed a U.S. District Court ruling to deny TCF National Bank’s (“TCF”) motion for a preliminary injunction against the implementation of the Durbin Amendment. The decision was based mostly on the lacking clarity on the exemption effectiveness. This in conjunction with the Fed’s final rule on debit interchange led TCF to request the U.S. District Court in South Dakota dismiss the case without prejudice. TCF National Bank is a subsidiary of TCF Financial Corporation and has 442 branches in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana, Arizona and South Dakota.

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NEC Strengthens Retail and Service Solutions

NEC Corporation announced the global launch of its new “TWINPOS G Series” in addition to its “TWINPOS Series” POS terminal products to reduce total cost of ownership for customers through its exceptional serviceability, reliability and power conservation. The “TWINPOS G5″ touch screen POS terminal and the “TWINPOS G7″ compact POS console begin today throughout markets worldwide, including China, Southeast Asia, India, the Middle East, Central and North America and Europe. Shipment of the “TWINPOS G7″ and the “TWINPOS G5″ are scheduled to begin in July 2011 and October 2011 respectively. The “G Series” lineup of products is designed to meet an ever expanding range of market needs. The “TWINPOS G Series” that contribute to reducing TCO reduce maintenance costs through serviceability, high quality and high reliability.

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Citi’s U.S. Consumer Finance Unit Completes Rebranding

OneMain Financial ompleted the re-branding of its U.S. Full Service Network from CitiFinancial to distinguish its business with an identity that better represents who it is and what it does. OneMain will launch a multi-media advertising campaign comprised of television commercials, print advertisements, digital placements, and radio spots, focusing on their face-to-face solutions-oriented approach to meeting customers’ needs. Citi will continue to use the CitiFinancial name through its network of CitiFinancial Servicing Centers across the U.S. Each Center features extended hours, enhanced management support, and flexible payment options.

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Chase Offers Military Premier Checking Account

Chase launched its ‘Military Banking’ initiative to support military personnel with special benefits. The premium checking account benefits typically reserved for high-balance customers are now available to active duty Armed Forces servicemembers along with members of the Guard and Reserve. Current Chase military customers will be automatically upgraded to Chase Premier Plus with Military Banking Benefits on July 1. Military personnel qualify when they have their military base pay direct-deposited into their Chase account. This means; no monthly fee or balance requirements; no Chase ATM withdrawal fee for using non-Chase ATMs anywhere in the world; No Chase fee on incoming/outgoing wire transfers; and no fee for money orders, official checks and travelers checks at any of Chase’s 5,300 branches, and many more perks.

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Western Union Expands Ad Cash Payment Option

Western Union announced the number of countries has increased where the Western Union cash payment option is available for Google “AdSense” publishers to more than 60 in only 12 short months. The “AdSense” program for online publishers allows them to earn revenue by displaying relevant ads on a wide variety of content including website content, site search results, feeds and mobile websites. The Western Union payment option delivers cash payments quickly and conveniently to site owners and publishers who use AdSense. Check collection and clearing processes can be lengthy, especially when funds are sent internationally. With the publisher’s consent, Google communicates the name of the publisher, the amount to pay and country information to Western Union, which in turn processes a money transfer, and generates a money transfer confirmation number (MTCN) and makes the funds available at a participating Western Union Agent location in the destination country over the Google “AdSense” web system. The publisher goes to the location, presents their identification and picks up the funds.

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ScanWriter Awarded Gold Certification by Intuit

ScanWriter data entry automation technology designed to revolutionize the accounting industry, has been Certified Gold by Intuit. Personable released ScanWriter last fall and has gained notable praise from Accountants, Bookkeepers and Businesses internationally because of its technically savvy and inventive approach to data management. ScanWriter offers Data Entry Automation features which allow users the ease of converting financial documents into QuickBooks entries and supports over 30 QuickBooks transaction types including but not limited to: Bills, Checks, Credit Card Charges/Credits, etc. It automatically enters Account Coding, Customer/Vendor Name, Date, Memo Notes and much more into Quickbooks — allowing an increase of more efficient accountancy by 90%.

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First Credit Union Converts to Jack Henry Core Processing

First Credit Union is converting to a more efficient new “Symitar Episys” core processing system over the Independence Day Holiday weekend. Online account access will not be available during the conversion. Specifically, online bill pay, online banking, mobile banking and telephone banking will not be available starting close of business June 30 until the conversion is completed. Conversion communication to members included information on the First Credit Union website, printed and online Conversion Guide, member newsletter articles, in-branch posters and banners, direct mail, email messages, statement messages and t-shirts worn by employees.

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Diebold & SafenSoft Forge Alliance

SafenSoft security solutions for ATMs and other unattended devices partnered with Diebold, with plans to expand geographic focus over time. SafenSoft “TPSecure” was designed to secure unattended devices such as ATMs, POS systems, and eVoting machines to prevent unauthorized transactions and to prevent insider tampering with the device. The system is focused on maintaining system integrity rather than the resource-intensive, signature-based approach of many security solutions, and it ensures that only authorized personnel using authorized devices can access authorized data and applications.

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