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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 ...
Chargeback. A chargeback is a return of money to a payer of a transaction, especially a credit card transaction. Most commonly the payer is a consumer. The chargeback reverses a money transfer from the consumer's bank account, line of credit, or credit card. The chargeback is ordered by the bank that issued the consumer's payment card.
There are reputable credit repair companies, but not every company offering credit repair services is legitimate. Warning signs of a credit repair scam include demanding payment upfront or ...
Typically, rules are published within days of their adoption, meaning that consumers can expect to see the FTC’s fake review ban go into effect starting in mid-October. “Fake reviews not only ...
In testimony before the Senate, Consumer Financial Protection Bureau Director Rohit Chopra rejected arguments by banks that capping late fees would force them recover the lost revenue by charging ...
Friendly fraud, also known as chargeback fraud occurs when a consumer makes an online shopping purchase with their own credit card, and then requests a chargeback from the issuing bank after receiving the purchased goods or services. Once approved, the chargeback cancels the financial transaction, and the consumer receives a refund of the money ...
Two of the world’s largest credit card networks, Visa and Mastercard, as well as the banks that issue cards with them, have agreed to settle a decadeslong antitrust case brought upon by merchants.