Cardline articles from December 2006

Cardline archives from December 2006

SHOPPERS SPENT MORE DURING "BLACK WEEKEND".
December 1, 2006... Shoppers kicked off the holiday shopping season this weekend by spending more per transaction and more online than last year, according to several reports. Visa USA reports the average amounts of its credit, signature debit and Interlink...

SECURITY COMPANY WARNS OF ATM NETWORK FLAWS.
December 1, 2006... A company that develops security technology for financial institutions has published a paper purporting to show how insiders at ATM networks and issuing banks can steal personal identification number codes and card account numbers, enabling...

DISCOVER RELAUNCHES CASH OVER PROGRAM.(Discover Network)(Brief article)
December 1, 2006... Discover Network today relaunched its Cash Over program, which allows customers to receive between $20 and $100 more than the amount of their purchase made with Discover Network credit cards. While the program has long been available at more...

HERE WE GO AGAIN: BANKRUPTCY TO RISE.(Brief article)
December 1, 2006... Bankruptcy filings are trending upward and by the second half of 2007 will return to levels prevailing before the change in federal bankruptcy law a year ago, predicts Rui Pinto-Cardoso, chief operating officer at B-Line, LLC, a major purchaser...

CARD SELLER IS SUED FOR FAILING TO DELIVER.(The Gift Assistant Company LLC)(Brief article)
December 1, 2006... Ohio Attorney General Jim Petro has sued The Gift Assistant Company, LLC, an online marketer of gift cards, accusing the Norwood, Ohio-based company of delivering purchased gift cards with little or no value and failing to give promised...

'TIS THE SEASON FOR GIVING FOR (SOME) ISOS.(Brief article)
December 1, 2006... Most firms that responded to a recent survey say 'tis the season for giving in the independent sales organization world, but when it comes to ISO customers, many are left empty-handed. In a survey of about 130 subscribers of CardLine sister...

CREDIT UNION CARD SALES NEAR $338 MILLION.(Workers' Credit Union's partnership with Elan Financial Services)(Brief article)
December 1, 2006... Brookwood Capital reports that 46 credit unions with credit card portfolios of more than $1 million sold their portfolios in the first three quarters of 2006. The value of the total balances sold was nearly $338 million, Brookwood reports. The...

SOFTWARE GLITCH DISRUPTS MONERIS PROCESSING IN CANADA.(Moneris Solutions Corp.)
December 1, 2006... A software glitch is to blame for a nearly 2 1/2-hour disruption Friday afternoon of the Moneris processing system in Canada, says a Moneris spokesperson. Moneris Solutions, a Toronto-based processor, says the problems began at about 4 p.m....

BRIEFS.(NACHA-the Electronic Payments Association promoted -Debbie Barr, Samantha Carrier and Cari Conahan)(Brief article)
December 1, 2006... NACHA-the Electronic Payments Association promoted Debbie Barr, Samantha Carrier and Cari Conahan to senior director, and hired George Throckmorton as a senior director.... VeriFone Holdings, Inc. announced today that it is providing its...

DEBITMAN CHANGES NAME, FORMS ALLIANCE WITH FISERV, MULLS NEW PRODUCTS.
December 1, 2006... Debitman this week reported it has a new name, is considering offering other payment products and has signed a deal with one of the country's largest payment gateways. Tempo Payments Inc., formerly Debitman Card Inc., today announced an...

CEO RESIGNS AT CARD VENDOR OBERTHUR.(Oberthur Card Systems- Pierre Barberis)(Brief article)
December 1, 2006... France-based Oberthur Card Systems, the second-largest manufacturer of banking smart cards worldwide, announced today the resignation of CEO Pierre Barberis. Since this summer, the company's chief financial officer and chief technical officer...

HEARTLAND AND PEPPERCOIN PARTNER.(Heartland Payment Systems Inc.)(Brief article)
December 1, 2006... Merchant acquirer Heartland Payment Systems will begin selling small-payment products from Waltham, Mass.-based Peppercoin Inc. The partners announced the deal today at SourceMedia's 2006 Micro and Small Payments Conference in New York....

CITIES ROLL OUT, PILOT MULTISPACE METERS.(Brief article)
December 1, 2006... St. Louis recently replaced 80 single-space parking meters with eight parking kiosks in the city's South Grand neighborhood. Four of the new meters are multispace parking kiosks manufactured by Harrison, Ark.-based Duncan Parking Technologies...

AMEX ADDS FREEBIES TO GIFT CARDS.(American Express Co.)(Brief article)
December 1, 2006... A new set of American Express Co. gift cards and gift checks announced today provide rewards and discounts beyond the monetary value loaded on the cards. Recipients can choose from such special offers as two-for-one games at bowling alleys,...

OCC SAYS BE AWARE OF GIFT CARD CONDITIONS.(Office of the Comptroller of the Currency)(Brief article)
December 1, 2006... The Office of the Comptroller of the Currency, which regulates national banks, issued a list today of holiday tips consumers should follow when buying or receiving gift cards. Among the suggestions are to read the terms and conditions of the...

WANT LOWER CARD RATES? ALL CONSUMERS HAVE TO DO IS ASK.(Brief article)
December 1, 2006... Consumers who ask credit-card issuers to reduce interest rates have a good chance of success, according to a survey from Synergistics Research. The Atlanta-based firm in September surveyed 1,000 adult cardholders. One-third had asked their card...

BRIEFS.(Service Credit Union's smart cards)(Rabobank Nederland's dataprocessing contract with TSYS Inc.)(Brief article)
December 1, 2006... Cineplex Entertainment introduced a gift card program for its 132 movie theaters in Canada. First Data International processes the cards.... Service Credit Union, a $1 billion-asset credit union serving members of the military in New England...

CONTACTLESS SHOWS STRONG PROMISE, BUT HURDLES COULD SLOW GROWTH.(Brief article)
December 1, 2006... Contactless purchase volume in the United States could explode from $500 million this year to $79 billion in 2010, but security worries and lackluster marketing could slow the growth, according to a report today from JupiterResearch. The New...

CANADIAN NETWORKS ANNOUNCE CHIP CARD TRIAL.(The Interac Association, MasterCard Canada, Inc., Visa Canada Association)(Brief article)
December 1, 2006... The Interac Association, MasterCard Canada, Inc., Visa Canada Association and several undisclosed issuers and processors today announced plans to conduct a chip card technology trial in Kitchener and Waterloo, Ontario, by the fall of 2007. The...

FED SAYS DROP RECEIPT FOR $15 PURCHASES.(Federal Reserve Board)(Brief article)
December 1, 2006... The Federal Reserve requested public comment Monday on a proposed rule change that it says could encourage debit card use for low-value transactions. The amendment to Regulation E would exempt transactions of $15 and less from a requirement...

SMALL PURCHASE MAY BECOME BIG DEAL: DATAMONITOR.(Atos Origin S.A.'s acquisition of Banksys and BankCard Co. )(Brief article)
December 1, 2006... The major card industry event in Europe in the third quarter may prove to be the acquisition of two Belgian card processors, according to Datamonitor's Payment Card Competitor Tracker Q3 2006. The analysis from Datamonitor's Cards & Payments...

EFUNDS NAMES NEW U.S. GROUP PRESIDENT.(EFunds Corp.- Nelson Eng )(Brief article)
December 1, 2006... EFunds Corp. on Monday named Nelson Eng president, U.S., replacing Rahul Gupta, who will leave the Scottsdale, Ariz.-based processor next month. Eng most recently was general manager and group vice president at Oracle Corp. EFunds has seen a...

VISA'S BUXX FACING CHALLENGERS.(Visa Buxx card)
December 1, 2006... The teen prepaid card field is seeing several entrants, as MasterCard lines up to take on the Visa Buxx card, CardLine sister publication Prepaid Trends reports. The By Kids for Kids (BKFK) card and the PAYjr card both carry the MasterCard...

DISCOVER CERTIFIES OTI'S CONTACTLESS READER.(Discover Financial Services LLC)(On Track Innovations Ltd.)(Brief article)
December 1, 2006... Discover Financial Services LLC, certified a contactless reader from Israel-based On Track Innovations Ltd. for use in a future contactless card program. Discover says it has already certified OTI's Saturn 5000 contactless reader and adds that...

BRIEFS.(Four Seasons Hotel and Resorts chain is offering a $100,000 gift card)(ICICI OneSource Ltd. changed its name to Firstsource Solutions Ltd)(Elan Financial Services purchased the $2.6 million credit card portfolio of Leaders Credit Union)(Brief article)
December 1, 2006... The Four Seasons Hotel and Resorts chain is offering a $100,000 gift card, an addition to its cards in $1,000, $2,500 and $5,000 denominations.... Tio Networks Corp. is testing hybrid ATMs that accept bill payment and dispense cash at 52...

DEMS, ACTIVISTS EYEING REGS FOR ISSUERS.(Democrat)
December 1, 2006... Sen. Carl Levin (D-Mich.) told consumer activists on Capitol Hill today that the new Democrat-controlled Congress would see credit card issues take on new prominence with Sen. Chris Dodd (D-Conn.) in charge of the Senate Banking Committee....

CARD ALTERNATIVES HELP SET ONLINE SALES RECORD ...
December 1, 2006... Consumers racked up $608 million in online purchases on Cyber Monday, the first Monday after the Thanksgiving weekend, according to comScore Networks. That was the largest single online shopping day ever and a 26% gain from the same day a year...

... BUT CAP ONE'S FAIRBANK CITES CARD BRANDS' RESILIENCE.(Capital One - Richard Fairbank's thoughts on Visa USA's and MasterCard Worldwide's resilience)(Brief article)
December 1, 2006... Asked during an investor conference this morning about the potential impact alternative payment networks such as PayPal might have on credit cards, Capital One Chairman and CEO Richard Fairbank noted his appreciation for Visa USA's and...

REPORT: CONTACTLESS PAYMENT COULD GET A BOOST FROM MASS TRANSIT.
December 1, 2006... Mass transit projects could spark mainstream acceptance of contactless payments, according to a recent study from Mercator Advisory Group. Mass transit fares in the United States topped $9.5 billion in 2005, according to the American Public...

CONTACTLESS PAYMENT COMPANY SHIFTS GEARS.(Dexit Inc. appointed Paul Howell and changed its name to Dexit Hosted Data Solutions )(Brief article)
December 1, 2006... Dexit Inc., a Toronto-based company that tried unsuccessfully to introduce a prepaid contactless tag for small purchases in Canada, has changed its name to Dexit Hosted Data Solutions as it shifts its focus to providing merchant-branded payment...

NEW MOBILE TEXT SERVICE FEEDS COLORADO CUSTOMERS.(Feed Tribes' online payment services through mobile phone)(Brief article)
December 1, 2006... A new text-based mobile phone payment and loyalty service uses the automated clearing house network to load and draw value from prepaid payment accounts. Boulder, Colo.-based Feed Tribes announced its launch this week with payment acceptance by...

WAY SYSTEMS SIGNS WITH APRIVA, RECEIVES COMSTAR OK.(Brief article)
December 1, 2006... Cellphone-based payment terminal maker Way Systems Inc., announced today that Apriva, a wireless payment technology company, will resell its Way Systems Mobile Transaction Terminal. Way also reported that both Apriva and Comstar Interactive...

BRIEFS.(Processor Metavante Corp. - lay off )(euroConex Technologies Ltd. named Christopher Barrett European sales director)(Apollo Enterprise Solutions)(Brief article)
December 1, 2006... Processor Metavante Corp. says it will lay off about 180 workers, or about 3% of its workforce, by the end of the year.... U.S. Bancorp's euroConex Technologies Ltd. named Christopher Barrett European sales director.... TNB Card Services...

SEN. LEVIN WANTS HEARINGS, LEGISLATION ON CARD "ABUSES".(credit card issuers)(Brief article)
December 8, 2006... "You can make all your [credit card] payments on time and still find yourself in the crosshairs of a powerful industry that is thriving in part on unfair and confusing practices," Sen. Carl Levin, D-Mich., said Thursday in his keynote address...

CANADIANS TO SPEND $20 BILLION ON GIFTS.(Brief article)
December 8, 2006... Canadians plan to spend C$20 billion (US$17.6 billion) on holiday shopping this year with 22 million Canadians each spending an average of $930 (US$817), according to a survey from Visa Canada. Canadians spent $2.8 billion (US$2.5 billion) on...

DVD KIOSKS WILL EXPAND IN FIRST HALF OF 2007.(Brief article)
December 8, 2006... Merchants are using kiosks and cards to make it easier for consumers to rent DVDs. Consumers spend $7.8 billion annually renting DVDs and videos, according to the Video Software Dealers Association, but only spend $100 million of that at...

DEBT WILL RISE IN 2007, BUT SO WILL DEBT PRICES:.(Brief article)
December 8, 2006... Despite an expected increase in consumer debt and credit card charge-offs, debt prices will likely remain favorable for issuers next year, say economists and debt buyers. Consumer credit quality will be weaker in 2007 than it has been for...

MALL CARDS SEE GENERAL GROWTH.(mall card usage)(General Growth Properties)(Brief article)
December 8, 2006... General Growth Properties, a Chicago-based owner or manager of 220 shopping malls in 44 states, is offering its own mall card with American Express Co. and Discover Financial Services. The prepaid gift cards can be used at a majority of stores...

HSBC RETAIL SIGNS CORNERSTONE.(credit card program by financial services)(Brief article)
December 8, 2006... HSBC North America's Retail Services group announced this week it will launch and manage the private-label credit card program for Cornerstone Brands, a retail umbrella covering home, leisure and casual apparel brands. HSBC introduced the...

FIRST DATA EARLY TENDER DEAL OVERSUBSCRIBED.(Brief article)
December 8, 2006... First Data Corp. announced last week that investors had tendered nearly $2.9 billion following its offer to purchase up to $1.6 billion of its outstanding notes (CardLine 11/10). First Data had offered to repurchase up to that amount of nine of...

BRIEFS.(David Riddiford is new chief financial officer of Apriva Inc.)(Thomas Sheridan is financial institution sales vice president of TransFirst Corp.)(Capital One Financial Corp. acquires North Fork Bancorporation Inc.)(Brief article)
December 8, 2006... Apriva named David Riddiford chief financial officer.... Home improvement chain Lowe's will give customers two tickets to the film "Night at the Museum" if they buy a $100 Lowe's gift card between Dec. 1 and Dec. 20.... Atlanta-based InComm's...

SEN. SCHUMER CALLS FOR BETTER CONTACTLESS PAYMENT SECURITY:.(Charles Schumer)
December 8, 2006... Sen. Charles Schumer (D-N.Y.) wants stronger encryption for contactless payment cards and better warnings from card issuers about the technology's potential security risks, according to press reports of remarks he made Sunday in Manhattan....

VISA TAKING BITE OUT OF CASH-ONLY MARKET.(Visa U.S.A. Inc.)(Safeway Inc.)(Brief article)
December 8, 2006... Visa prepaid cardholders will be able to reload their cards at the 1,550 Safeway Inc. supermarkets beginning next week, in the first implementation of Visa's card-reloading network, ReadyLink. Visa had announced in March plans for a network for...

CREDIT BUREAU NEWCOMER OBTAINS A PATENT ON BILL PAYMENT SYSTEM.
December 8, 2006... Alternative credit bureau Pay Rent, Build Credit Inc. (PRBC), which provides credit information based largely on rent and utility bills, has been granted a patent for its method of collecting data and incorporating it in a credit report and...

DEBT SALES CLIMB, AND ARE EXPECTED TO CLIMB MORE.(Brief article)
December 8, 2006... More than $1.6 billion of bad debt portfolios are for sale this week via various Web sites, up sharply from pre-Thanksgiving levels of $73 million. The increase largely can be attributed to a $1.5 billion listing on New York-based debt broker...

PROCESSOR STOCKS JUMP 5.9% IN NOVEMBER.(Brief article)(Statistical data)
December 8, 2006... The stocks of the 13 large publicly traded payment processors generated a 5.93% mean return in November, led by Lightbridge, Euronet and Electronic Clearing (ECHO), according to Chicago-based Barrington Research. The return easily beat the...

PAPER CHECKS TOO OLD-FASHIONED FOR ONLINE BANK.(Brief article)
December 8, 2006... Online bank ING Direct is offering 400,000 of its current customers checking accounts and will open the program to the general public in early 2007. "Electric Orange" checking accounts will earn a 3% interest rate and will favor debit cards...

FEAR OF ID THEFT AFFECTS CANADIAN CONSUMER BEHAVIOR.
December 8, 2006... More than 90% of Canadians say they closely review their monthly financial statements due to fear of identity theft, according to a recent survey sponsored by issuer Capital One Canada. The survey says 92% of Canadian consumers also pay closer...

BRIEFS.(Springbok Services Inc)(Brief article)
December 8, 2006... Springbok Services Inc. has launched a Web site that enables Denver businesses to customize MasterCard-branded gift cards for employees and customers with images of Denver landmarks.... Chicago public school teachers received $50 gift cards on...

CREDIT CARD CHARGE-OFFS RISE AGAIN.(Brief article)(Statistical data)
December 8, 2006... The charge-off rate on credit cards issued by U.S. commercial banks rose to 3.94% during the third quarter ended Sept. 30, up nearly 12% from a rate of 3.53% during the second quarter, but down about 11% from the 4.41% rate in the third quarter...

FITCH CHIMES IN ON CHARGE-OFFS.(Fitch Inc. (New York, New York))(Brief article)
December 8, 2006... Fitch Ratings is joining the chorus expecting higher credit card charge-off rates in 2007, pointing to the subprime sector being hit the hardest. Accounts with late-stage delinquencies, those 60 days or more past due on credit card payments,...

MASTERCARD TO LOWER EUROPEAN DEBIT INTERCHANGE.(MasterCard Worldwide)(Brief article)
December 8, 2006... MasterCard Worldwide announced Monday it will lower the interchange it charges for its Maestro-branded debit program in Europe as of January 1, 2008. MasterCard will reduce the interchange on Maestro point-of-sale purchases to between nine and...

BOSTON'S PARKING METERS AGAIN ACCEPT CARDS.(Brief article)
December 8, 2006... Boston's new pay-and-display parking kiosks will again accept credit and debit cards beginning in mid-December, following the city's elimination of the kiosks' $2 credit and debit card minimum payment requirement. Boston stopped card acceptance...

BELGIAN CUSTOMERS SNAP UP PERSONALIZED CARDS.(KBC bank)(Brief article)
December 8, 2006... About 120,000 customers of Belgian bank KBC have put their own pictures onto debit cards, Adam Elgar, president of United Kingdom-based card personalization company Serverside Group, tells CardLine. KBC began offering card personalization about...

VISA TAKES STEP WITH DIGITAL DISPLAY CARD.(Brief article)
December 8, 2006... Visa International today announced it has created test requirements for battery-powered cards and display cards designed to ensure the cards meet Visa standards for security, safety and interoperability. The cards have an embedded battery that...

CARDS MAKE LAUNDRY TIME (A LITTLE) EASIER.(Brief article)
December 8, 2006... Though still in the nascent stage, card-operated washers and dryers are on the rise at laundromats nationwide, according to the Coin Laundry Association. The Downers Grove, Ill.-based trade group estimates that 4% of the 1,500 to 2,000...

BRIEFS.(Utix Group)(Co-Op Financial Services)(Brief article)
December 8, 2006... Steve Apesos rejoined prepaid ticket card firm Utix Group as executive vice president and general manager after a year with GE Money.... Co-Op Financial Services has certified its ATM check-imaging services, allowing credit union members to...

PBT PULLS OUT THE LETTUCE FOR 21ST-CENTURY GREEN STAMPS.(Pay By Touch )
December 8, 2006... Pay By Touch announced today it has purchased loyalty provider S&H Solutions for more than $100 million in cash and stock. The deal gives the biometric provider Pay By Touch immediate credibility in the growing loyalty and rewards field,...

PACIFIC GAS WILL TRY ACCEPTING VISA, AGAIN.(Pacific Gas and Electric Co.)(Brief article)
December 8, 2006... Pacific Gas and Electric Company announced a pilot today that allows residential customers to pay their bills online using Visa-branded credit, debit and prepaid cards. The 18-month pilot will explore the cost-effectiveness of card payments for...

AMERICAN EXPRESS OUTSOURCES PREPAID PROCESSING TO EFUNDS.
December 8, 2006... American Express, which now processes its prepaid cards internally, announced today it will outsource that work to Scottsdale, Ariz.-based eFunds Corp. "Our prepaid program is growing very fast and we felt we needed to find a partner who could...

LOUSY MONEY MANAGEMENT DRIVES BANKRUPTYCY FILINGS.(survey by National Foundation for Credit Counseling)(Brief article)
December 8, 2006... Americans filing for bankruptcy over the past year had unsecured debt that was 1.43 times their average annual incomes, says Susan C. Keating, president of the National Foundation for Credit Counseling, in testimony she was scheduled to deliver...

VISA UK FOLLOWS GARANTI ON CONTACTLESS.(Visa EU Ltd. to roll out contactless cards in UK)(Garanti Bank)(Brief article)
December 8, 2006... Datamonitor presciently selected Turkey's Garanti Bank's July launch of the first commercial contactless card in Europe as one of the important payment events in the third quarter. In November, Visa Europe announced it would roll out...

CHASE PAYMENTECH OK'D FOR CANADIAN CHIP TRANSACTIONS.(Chase Paymentech Solutions)(Brief article)
December 8, 2006... MasterCard Canada says Chase Paymentech Solutions is the first Canadian acquirer to get the card company's approval for chip transactions in Canada. William Giles, vice president of advanced payments for MasterCard Worldwide, says Chase...

BOFA EXTENDS 70 COLLEGE CARD DEALS (BUT LOSES ONE).(Brief article)
December 8, 2006... MBNA Corp. was long the expert at forging affinity card relationships and may well have written the book on creating card deals with alumni associations at schools nationwide. Indeed, it signed its first deal 22 years ago with Georgetown...

BRIEFS.
December 8, 2006... Standard Register will provide loyalty program materials to merchants using Pinnacle Corp.'s payment systems.... Nova Information has added NACHA's back-office conversion program to its check image exchange and direct demand deposit account...

MASTERCARD WINS WORLD CUP SPONSORSHIP CASE.
December 8, 2006... MasterCard Worldwide has the rights to sponsor the next two World Cup tournaments, a judge ruled today, in a huge marketing victory for the network over rival Visa International. MasterCard sued the Federation Internationale de Football...

FIFA GETS PLAYED AFTER PLAYING RIVALS AGAINST EACH OTHER.
December 8, 2006... Visa International was awarded top sponsorship rights to soccer's World Cup after pledging to pay $195 million for the privilege, beating MasterCard International's bid of $180 million, according to court documents released today in a suit over...

EURONET'S HENRY RETIRES, THREE PROS PROMOTED.(Daniel R. Henry quits Euronet Worldwide Inc. and Larry Fogelson, Steve Adams and Karyn Clewes Zaborny promoted)(Brief article)
December 8, 2006... Euronet Worldwide Inc. announced today that President and Chief Operating Officer Daniel R. Henry would retire at the end of the year. The Leawood, Kan.-based operator of ATM networks in Europe and India reported it would not immediately...

VISA PLANS LATIN AMERICAN TRIAL OF BATTERY-POWERED CARD.(Visa International)
December 8, 2006... Visa International will launch one of its first trials of battery-powered payment cards somewhere in Latin America next year. Tom Manessis, vice president of the card organization's innovation division, tells CardLine sister publication...

FIFTH THIRD RENEWS THREE MERCHANT CONRACTS.(Fifth Third Bank)(Abercrombie and Fitch Co.)(Belk Department Stores)(tein Mart Inc.)
December 8, 2006... Fifth Third Bank Processing Solutions, the transaction-processing subsidiary of Fifth Third Bancorp, says it has renewed credit and debit card processing contracts with Abercrombie & Fitch Co., Belk Department Stores and Stein Mart Inc....

GREEN DOT AND INCOMM SHARE RELOADING POWER.(InComm Holdings)(Brief article)
December 8, 2006... Two companies that have built retail networks where consumers can add value to prepaid cards have announced a deal that gives cardholders access to both networks. The agreement by Green Dot Corp. and InComm Holdings appears to be a response to...

USB TOKEN COULD ADDRESS TWO-FACTOR NEEDS.(US BAN CORPORATION)(Brief article)
December 8, 2006... Two good to be true? A vendor has introduced a new technology that gives consumers the authority to manage their own two-factor authentication program when conducting their banking transactions. Better yet, the consumer pays for the technology....

BRIEFS.(Network Branded Prepaid Card Association )(Brief article)
December 8, 2006... The Network Branded Prepaid Card Association selected Washington, D.C.-based attorney Dan McDermott as the group's government relations specialist.... Metavante Corp.'s NYCE network is processing transactions in the U.S. of PIN-debit cards...

CONSUMER BORROWING FALLS INTO NEGATIVE TERRITORY.(Brief article)
December 15, 2006... Consumer credit decreased at an annual rate of 0.6% in October, following an upward-revised increase of 5.75% in the third quarter, according to the Federal Reserve Board's monthly Consumer Credit survey, known as the G.19, issued Thursday. The...

VERIFONE REPORTS DOUBLE-DIGIT REVENUES-AGAIN.(Brief article)
December 15, 2006... VeriFone Inc. late yesterday afternoon reported net income of $13.9 million for its fiscal fourth quarter ended Oct. 31, up 15% from $12.1 million during the same period a year ago. Revenues for the quarter totaled $156.6 million, up 20% from...

DODD WANTS TO REVIEW CARDS AND MUCH MORE:.(Sen. Christopher Dodd)(Brief article)
December 15, 2006... The incoming leader of the Senate Banking Committee said yesterday the committee could conduct a review of credit cards next year. Sen. Christopher Dodd said in prepared remarks that it "is highly appropriate that the committee consider the...

FISERV REVAMPS BUSINESS INTO FIVE UNITS.(Brief article)
December 15, 2006... Fiserv Inc. revealed its revamped corporate structure this week, making payments one of its five industry-oriented divisions. Jeffrey W. Yabuki, president and CEO of the Brookfield, Wis.-based bank-services provider, announced Fiserv would...

BOFA MAY BUY BARCLAYS, MERRILL SAYS.(Bank of America Corp., Merrill Lynch & Co.)
December 15, 2006... Bank of America is likely to bid for Barclays PLC, the third-largest bank in the United Kingdom, in a move that would make BofA the world's largest bank, Merrill Lynch & Co. analysts reported Friday in a note to investors. Merrill's analysts...

INDEX TRACKS ONLINE SHOPPING AS RED PREDICTS BUSIEST SHOPPING DAY.(Chase Paymentech Solutions LLC's Pulse index)(Brief article)
December 15, 2006... Online sales for the 10 largest Internet merchants were up 17% from Nov. 20 through Dec. 6 compared with the same period a year ago, according to a new sales index created by Chase Paymentech Solutions LLC, the Dallas-based merchant acquirer....

REWARDS CARDHOLDERS FAIL TO REAP REWARDS, SAYS SURVEY.(Brief article)
December 15, 2006... Nearly 41% of consumers holding one or two rewards credit cards either rarely or never redeem their cards' rewards, according to a survey sponsored by GMAC Mortgage. Moreover, the survey found, nearly 25% of rewards cardholders would use their...

BRIEFS.(Palisade Systems' PacketSure appliance )(1st Global Financial Corp. appoints T.A. Gillis)(American Express Co. partners United States Golf Association)(Brief article)
December 15, 2006... Kentucky expanded acceptance of its Unbridled Spirit Gift Card to the state's museum and art center in addition to 53 state parks.... Palisade Systems says several NFL teams, including the Denver Broncos, are using its PacketSure appliance to...

COURT ORDERS DEPOSITIONS IN ATM INTERCHANGE FEE SUIT.
December 15, 2006... The U.S. District Court for the Northern District of California has ordered depositions in a lawsuit alleging that Star Network and Star's bank members colluded to set the interchange rate, or fees that a bank pays ATM owners when the bank's...

BANKRUPTCY REFORM 'WORKING WELL' ... OR NOT.
December 15, 2006... The U.S. Senate Judiciary Committee's Subcommittee on Administrative Oversight and the Courts last week held a one-year review of the 2005 bankruptcy law's effectiveness. Some proponents of the legislation, like Steve Bartlett, president and...

SECURITY FEARS REDUCE U.S. ONLINE COMMERCE.(Brief article)
December 15, 2006... Nearly 47% of the 155 million U.S. online consumers have curtailed their online transactions due to concerns over data breaches, information theft and Internet attacks, according to a report by Gartner Inc., a research and advisory firm. The...