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The payment card interchange fee and merchant discount antitrust litigation is a United States class-action lawsuit filed in 2005 by merchants and trade associations against Visa, Mastercard, and numerous financial institutions that issue payment cards. The suit was filed because of price fixing and other allegedly anti-competitive trade ...
Interchange fee is a term used in the payment card industry to describe a fee paid between banks for the acceptance of card-based transactions. Usually for sales/services transactions it is a fee that a merchant's bank (the "acquiring bank") pays a customer's bank (the "issuing bank"). In a credit card or debit card transaction, the card ...
The Durbin amendment, implemented by Regulation II, [ 1] is a provision of United States federal law, 15 U.S.C. § 1693o-2, that requires the Federal Reserve to limit fees charged to retailers for debit card processing. It was passed as part of the Dodd–Frank financial reform legislation in 2010, as a last-minute addition by Dick Durbin, a ...
In April, ahead of SB 478's July 1 start date — but before the new carve-out for restaurants and bars — L&E Oyster Bar and sibling restaurant El Condor rolled their 4% service fees into listed ...
May 9, 2024 at 6:00 AM. Starting July 1, restaurants will join thousands of other California businesses that are required to include all mandatory fees and charges in the prices they display or ...
Diners Club International (DCI), founded as Diners Club, is a charge card company owned by Discover Financial Services.Formed in 1950 by Frank X. McNamara, Ralph Schneider (1909–1964), [3] Matty Simmons, and Alfred S. Bloomingdale, it was the first independent payment card company in the world, successfully establishing the financial card service of issuing travel and entertainment (T&E ...
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