Debit card

2023 - 1 - 3

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Image courtesy of "NACS Online"

FTC Orders Mastercard to Cease Anticompetitive Debit Card Practices (NACS Online)

Merchants applaud the order, as the card firm illegally blocked their ability to route e-commerce debit card transactions over competing networks.

Debit card swipe fees cost merchants and their customers $32.6 billion in 2021, with payments processed over Visa and Mastercard’s networks accounting for $28.1 billion of the total. The FTC said an investigation found Mastercard’s tokenization of debit card data and refusal to de-tokenize that data for competitors has prevented e-commerce transactions from being routed over networks like Star, NYCE or Shazam that can offer lower swipe fees for processing. “More than a decade after debit reform became law, it is well past time for Mastercard and also Visa and major banks to drop all of their efforts to undermine debit card competition.

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Image courtesy of "Bloomberg Law"

Released Inmates' Class Action on Debit Card Fees Can Proceed (Bloomberg Law)

Rapid Investments Inc. must face a lawsuit from a class of released prisoners who allege the company violated state and federal law by charging them fees on ...

Gary Moyer didn’t assent to the contract through his use of the card because he didn’t receive a “reasonable opportunity” to reject it, the court ... The denial of Rapid’s motion to compel arbitration was affirmed by the US Court of Appeals for the Ninth Circuit because the card member agreement and the arbitration clause it contained weren’t accepted by one of the named plaintiffs. must face a lawsuit from a class of released prisoners who allege the company violated state and federal law by charging them fees on unsolicited, prepaid debit cards that returned their confiscated funds.

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