article thumbnail

There’s a Push to Ban Junk Fees. Does It Affect Credit Card Surcharging?

Stax

In recent years, market adoption of credit card surcharging—a practice by which merchants pass on the transaction fee for accepting a credit card to the cardholder—has increased dramatically. In 2024 alone, more than a dozen state legislatures introduced bills related to surcharging and consumer fees generally.

article thumbnail

Everything You Need to Know About the Credit Card Competition Act

Evolve Payment

Table of Contents Senator Dick Durbin (D-IL) is looking to breathe new life into his Credit Card Competition Act bill thats been stuck in Congress for two years and counting. credit card market. Here is all you need to know about the Credit Card Competition Act and the bill’s future in Congress.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

Widespread Consequences of Junk Fees Uncovered, With Financial Transactions Showing Most Impact on Americans

Fintech Finance

As political efforts intensify to combat junk fees across various sectors, a groundbreaking study conducted by Wise , the global technology company building the best way to move and manage money internationally, unveils a hidden landscape of fees plaguing the everyday lives of Americans.

article thumbnail

Bank of America fined $250M over fake accounts, junk fees

Payments Dive

Regulators say Bank of America opened credit card accounts without customers’ consent and misled consumers with respect to rewards for card applications.

article thumbnail

Finding Hidden Gems in Your Merchant Processing Program

Evolve Payment

They streamline everything from manually keying in a credit card transaction to handling payroll and reconciliation. If not, you’re subject to penalties in the form of non-compliance fees. Unfortunately, merchant processing is unavoidable since your business can’t accept credit cards without a merchant account.

Process 52
article thumbnail

CFPB Finalizes Rule Limiting Credit Card Late Fees

Global Fintech & Digital Assets

The rule targets a statutory loophole that the CFPB asserts large credit card issuers exploited to exact excessive late fees from consumers. The Rule aims to ensure that credit card late fees are “reasonable and proportional” to the costs that issuers incur in collecting late payments, as required by TILA.

CFPB 59