HSBC Bank has opened the doors to its latest full-service retail branch, situated in the heart of Koreatown, Los Angeles. The addition of this facility extends HSBC Bank USAâs network in California to more than 35 branches. The Bank’s presence in over 80 countries and territories is perfectly aligned to Koreatown. The brand-new, 2,534 square-feet facility features two teller stations, a Premier banking center, customer meeting rooms and 24 hour ATM, as well off-street parking and the latest in customer-friendly design. Operating initially with a staff of seven locally employed banking professionals, the Koreatown branch provides a full range of financial services to both businesses and individuals including Premier.Details
Dollar Financial Corp financial services for the unbanked and
under-banked announced an agreement to settle its British Columbia class
action litigation, in which the plaintiffs claimed collection of
excessive fees. The business model used by the Company’s Canadian
subsidiary, National Money Mart Company (NMMC), according to plaintiffs,
resulted in the collection of fees in excess of the statutory limit for
payday loans made since 1997. The Company announced court approval of
the previously announced settlement of its comparable Ontario class
action litigation. Subsequently, the Company will create a settlement
fund in an amount of C$24.75 million, consisting of C$12.375 million in
cash and C$12.375 million in vouchers. Fees payable to plaintiffs’
counsel will be paid from this fund. The remaining amount of the fund
will be available to class members who make claims, with the Company
receiving a credit for any unpaid debts incurred through November 1,
2009 and owed by claimants to the Company.
TX-based Cirro Energy has expanded its payment program to include the
option to pay their bills using a Visa or
MasterCard. Unlike other electricity provider programs, the latest
solution from Cirro Energy is free of charge when a commercial customer
makes a payment with a credit card. Cirro Energy has offered electronic
payment options, including credit
card payments, to residential customers since 2002. With this expanded
program, Cirro Energy’s small and mid-size commercial customers can now
also make automatic, recurring or one-time payments using a Visa or
MasterCard with no fee. Payments can be made through the Cirro Energy
customer care center at 1.800.MY.CIRRO or online at www.cirroenergy.com.
Companies taking advantage of this payment program may also enjoy
benefits such as extra miles or points on their qualifying reward credit
Young Enterprise East of England, a business and education charity in the UK, and prepaid card provider M-Cube have launched “Y Cash”. The new student based programme has been developed in partnership with M-Cube, a leading UK prepaid card business, to provide young people with a modern payment method that encourages good financial behaviour. It also offers schools an innovative way of raising funds while supporting the financial capability agenda, with the opportunity of school events and promotions to support the message. Y Cash is available to students up to the age of 25 or adults over the age of 18 that are residing in the UK, at a cost of GBP7.50. Consumers need only follow the simple online registration process to receive their personal login details and a personalised card; a UKash Voucher can also be used as an alternative purchase method. Top up is easy using online or via the Post Office, mobile or standing order. Students can also take advantage of free purchase transactions. The Y Cash programme will raise funds for participating schools through usage of a Y Cash Prepaid MasterCard(R) Card which is issued by Newcastle Building Society. Fifty per cent of the profit generated by the scheme will be shared equally between a school nominated by the cardholder and the Young Enterprise. There are also many benefits including exclusive shopping discounts and cash back through specially selected partners. Special giveaways are also available through the online portal.Details
Prepaid card supplier NetSpend reports that its customers have loaded
$1.04 billion onto the NetSpend prepaid cards during February.
NetSpend Corporation is one of the leading providers of prepaid debit
cards in the United States. A pioneer in the industry since its
inception in 1999, NetSpend prepaid debit cards give financial freedom
and convenience to the more than 60 million underbanked consumers in the
United States. NetSpend is the only company in the prepaid debit
industry to offer an end-to-end solution for consumers and merchants
with a proprietary processing platform, card fulfillment, customer
service and risk management capabilities.
PizzaExpress restaurants has partnered with Barclaycard. A leading global payment business which understands the needs of both purchasers and sellers, Barclaycard allows retailers and merchants to accept cards, helps customers make payments through card, contactless and mobile applications as well as extending credit to consumers. The company is one of the pioneers of new forms of payments and is at the forefront of developing viable contactless and mobile payment schemes for today and cutting edge forms of payment for the future. It also issues credit and charge cards to corporate customers and the UK Government. Barclaycard partners with a wide range of organisations across the globe to offer their customers or members payment options and credit.Details
Dollar Financial Corp financial services for the unbanked and under-banked announced an agreement to settle its British Columbia class action litigation, in which the plaintiffs claimed collection of excessive fees. The business model used by the Companyâs Canadian subsidiary, National Money Mart Company (NMMC), according to plaintiffs, resulted in the collection of fees in excess of the statutory limit for payday loans made since 1997. The Company announced court approval of the previously announced settlement of its comparable Ontario class action litigation. Subsequently, the Company will create a settlement fund in an amount of C$24.75 million, consisting of C$12.375 million in cash and C$12.375 million in vouchers. Fees payable to plaintiffsâ counsel will be paid from this fund. The remaining amount of the fund will be available to class members who make claims, with the Company receiving a credit for any unpaid debts incurred through November 1, 2009 and owed by claimants to the Company.Details
The Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009, which took effect February 22, 2010, requires new disclosures on monthly credit card statements, which the Financial Services Roundtable and the Center for Responsible Lending have teamed to explain. Intending to make the cost of credit clearer to American consumers, the new disclosures WILL:
Show you how long it will take to pay off your entire balance if you pay only the minimum payment each month and make no additional purchases or advances; Show how much you would have to pay each month to pay off the entire balance in 3 years; Show the total cost, including principal and interest, if you make only minimum payments to pay off the balance; and Show how much more in interest you will pay by making the minimum payments rather than the larger payments to pay off the balance in three years. The disclosures will NOT, however, Change or extend your monthly due date; Take into account future transactions; nor Answer all questions regarding new disclosures.
American Express and the National Trust for Historic Preservation have announced the Seattle-Puget Sound area has been chosen for the community-based Partners in Preservation program. Providing restoration grants for local historic places, the Partners in Preservation program launches in Seattle on April 14 with the unveiling of the 25 historic sites competing for funding dollars. American Express is committing $1 million in preservation grants to the Seattle-Puget Sound area and is encouraging local residents and people across the country to participate by voting for their favorite historic place from a diverse slate of 25 sites. Once the 25 places are revealed on April 14, the public will be invited to vote online for its favorite historic places at www.PartnersinPreservation.com through May 12. The winner of the popular vote is guaranteed funding. Additional grants will be awarded on June 15 to a number of the other sites after review by American Express, the National Trust for Historic Preservation and an advisory committee composed of Seattle-Puget Sound civic and preservation leaders. In total, $1 million in preservation grants will be awarded.Details
Drina C. Yue has joined the Western Union Company as Senior VP to head the Asia-Pacific region. In her new role, she will be growing core consumer-to-consumer money transfer business, adopting innovative delivery channels and making strides in payments to address new market opportunities across Asia Pacific from her offices in Hong Kong. Bringing with her more than 25 years’ experience in the telecommunications industry, U.S. patents and years of go-to-market experiences that span the telecommunications and broadband video sectors in the United States and Asia Pacific, Yue has headed up the Broadband Communications, Home & Network Mobility business of Motorola in Asia Pacific. Drina holds a bachelor’s and master’s of science degrees from the University of Illinois, Urbana and speaks fluent English, Mandarin and Cantonese.Details
Hypercom is set to
present at the Wedbush Morgan Securities 8th Annual New York Management
Access Conference for Micro-Small-Mid-Cap Companies at 1:15pm EST on
Tuesday, March 9 in New York City.
Hypercom Corporation delivers a full
suite of high security, end-to-end electronic payment products, software
solutions and services. The company’s solutions address the high
security electronic transaction needs of banks and other financial
institutions, processors, large scale retailers, smaller merchants,
quick service restaurants, and users in the transportation, petroleum,
healthcare, prepaid, self-service and many other markets.
Gemalto Smart card has posted revenue of EUR453million for 4Q/09 and EUR1.7billion for the entire year, for a 2% increase over 2008 full year revenues. The IFRS consolidated income statement for the full year 2009 shows an operating income of EUR136 million and a net profit of EUR118 million, compared with an operating income of EUR127 million and a net profit of EUR115 million reported in the full year 2008. For the quarter, meanwhile, gross margin increased by 80 basis points to 36.3%, on the back of performance improvements in all three main segments. Operating expenses accounted for 26.2% of revenue, compared to 25.6% a year ago. Operating income was EUR171 million and the operating margin 10.3%. Excluding the special provision, operating income came in at EUR182 million and the operating margin at 11%, an increase of 90 basis points year on year. Net interest income was reduced by the significantly lower market yields on short-term investments, and was down EUR9 million to EUR 0.1 million. For more details on Gemalto’s performance visit CardData (www.carddata.com).Details