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Feds in NYC: Hackers Stole $45M in ATM Card Breach

Debit Cards

A gang of cyber-criminals stole $45 million in a matter of hours by hacking their way into a database of prepaid debit cards and then draining cash machines around the globe, federal prosecutors said Thursday.


Wal-Mart and Amex prepaid card gets FDIC insurance

American Express and Wal-Mart announced Tuesday that their prepaid debit card accounts will now be backed by the Federal Deposit Insurance Corp., making them one of the last major providers to sign on to the government backstop. Read full article >>


"Cyber Security Fails As 3.6 Million Social Security Numbers Breached In South Carolina"

South Carolina Governer Nikki Haley announced Friday that, “This is not a good day for South Carolina.” The bad news was having to admit a massive security breach in the State’s Department of Revenue that resulted in the theft of 3.6 million social security numbers and 387,000 credit/debit card numbers (only 16,000 of which, it is believed, were unencrypted,) This incident affects more than three-quarters of South Carolina’s 4.6 million population.


Despite 'egregious' fees, prepaid card sales soar

Prepaid Cards

There’s a big change taking place. Many young people and those who want to avoid, or don’t qualify for, traditional financial products are choosing to use prepaid debit cards. A new study from Javelin Strategy and Research finds that the use of prepaid cards rose by about 18 percent last year. About 13 percent of the households in this country had one of these cards in 2011. Debit cards linked to checking accounts are still significantly more popular than prepaid cards. But the Javelin report points out that prepaid cards are “one of the few major financial products that has grown in usage in the past year.” In fact, the number of Americans with credit cards, checking accounts, and bank debit cards is actually falling.


Bank of America nixes $5 debit card fee

Bank of America nixes $5 debit card fee

Bank of America Corp. is scrapping its plan to charge a $5 monthly debit card fee. The bank's decision to drop the fee came after a roar of customer outrage in recent weeks over the fee. Other major banks, including JPMorgan Chase & Co. and Wells Fargo & Co., already canceled tests of similar debit card fees last week.

Senh: It's good to see that the banks are listening to their customers. It's also good to see that the public come together and have a positive affect on debit card fees. I only wish the airlines would do the same with their fees.


Bank of America Rethinking Controversial Debit Card Fees

Bank of America is reconsidering its plan to charge $5 monthly debit card fees after public outrage has caused several other large banks to drop their own plans to charge similar fees.

Senh: I think they need to get with the program and start flip-flopping. HP did it by not killing their PC business. Netflix did it by killing Qwikster. And Mitt Romney has already did it several times.


Some big banks back down from debit-card fee

Sometimes, the big banks can hear their customers. J.P. Morgan Chase & Co. has decided that it won't charge customers who use their debit cards to make purchases.


A debit of gratitude to Bank of America

Its planned $5 fee for using a debit card has driven out into the open other fees that were long hidden to consumers. This may be a very unpopular thing to say about Bank of America and its planned $5 monthly debit card fee, but it's worth saying anyway: Thank you, Bank of America.

Senh: The article makes a good point. It gives a good summary of how debit card fees work, and how it eventually goes to consumers.


Obama chides banks, taps anger over Wall St

President Barack Obama launched a broad onslaught against banks on Thursday, tapping into public anger over rising fees to garner populist support ahead of his 2012 re-election campaign.


Obama blasts Bank of America debit card fee

President Obama slammed Bank of America’s $5 debit card card fee in an interview with and Yahoo on Monday, calling the charge “not good business practice.”


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