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☆ Credit Card Companies Are About to Invent New Fees for Consumers
▼ + stars: | 2024-04-07 | by ( Emily Stewart | ) www.businessinsider.com time to read: +8 min

Some of those annoying fees on your credit card may soon be getting smaller. Banks and credit-card companies are almost certainly trying to figure out where else they squeeze money out of you. The response to the interchange-fee settlement has been a bit more muted: The Electronic Payments Coalition, which represents Visa, Mastercard, and other credit-card companies, said it was OK with the swipe-fees cap. Taken together, it's clear that many companies in the credit-card business would rather not be dealing with this situation. According to the Merchants Payments Coalition, Mastercard is now planning to increase different credit card fees soon, it's "network assessment" fee.

Persons: Banks, Matt Schulz, JPMorgan Chase, Mark Elliot, Doug Kantor, Mark Mason, Rich Fairbank, We've, it's, Ira Rheingold, Amanda Jackson, Emily Stewart Organizations: Consumer Financial, Mastercard, Visa, Bank Policy Institute, Electronic Payments Coalition, UBS, JPMorgan, American Express, National Association of Convenience Stores, Merchants Payments Coalition, Capital, JPMorgan Chase, National Association of Consumer, Companies, Financial Reform, Business

☆ Hacked health care giant makes progress in recovery, but concerns for small clinics remain
▼ + stars: | 2024-03-18 | by ( Sean Lyngaas | ) edition.cnn.com time to read: +3 min

Change Healthcare says it handles one in every three patient records in the US. Change Healthcare restored its electronic payments platform on March 15 and “is proceeding with payer implementations,” UnitedHealthGroup said in a statement on Monday. “Billions of dollars” stopped flowing to health care providers because of the hack, according to AHA, which represents thousands of hospitals across the country. The unprecedented pressure on a hacked US health care firm won’t go away with the restoration of billing services. HHS has opened an investigation into whether Change Healthcare has complied with federal law to protect patient data.

Persons: ”, ” UnitedHealthGroup, won’t Organizations: CNN, Biden, American Hospital Association, Healthcare, AHA, White House, Department of Health, Human Services, HHS Locations: United States, Colorado, Oregon

☆ UnitedHealth Group has paid more than $2 billion to providers following cyberattack
▼ + stars: | 2024-03-18 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +3 min

UnitedHealth Group said Monday that it's paid out more than $2 billion to help health-care providers who have been affected by the cyberattack on subsidiary Change Healthcare. "We continue to make significant progress in restoring the services impacted by this cyberattack," UnitedHealth CEO Andrew Witty said in a press release. "We know this has been an enormous challenge for health care providers and we encourage any in need to contact us." It also introduced a temporary funding assistance program to help health-care providers experiencing cash flow trouble because of the attack. A survey published by the American Hospital Association on Friday found that 94% of hospitals have experienced financial disruptions from the Change Healthcare attack.

Persons: it's, Andrew, UnitedHealth, Rick Pollack, Biden, UnitedHealth hasn't, Scott Gottlieb Organizations: UnitedHealth, Change Healthcare, Healthcare, Medicare, Medicaid Services, American Hospital Association, Administration, U.S . Department of Health, Human Services, Office, Civil Rights, Palo Alto Networks, Google Locations: Palo

UnitedHealth is testing the last major system it must restore from last month’s Change Healthcare cyberattack, but it has no date yet for finishing the recovery. The health care giant said Monday that it is testing software for submitting medical claims. Photos You Should See View All 60 ImagesEarlier this month, UnitedHealth said that it restored nearly all of Change Healthcare’s system for processing prescriptions. Late last week, the company restored Change Healthcare’s electronic payments platform, which involves billing and payments between care providers and payers like insurers. UnitedHealth said Monday that it is expanding temporary funding to support doctors and other care providers affected by the attack.

Persons: UnitedHealth Organizations: Healthcare, American Hospital Association, Federal, Associated Press Health, Science Department, Howard Hughes Medical Institute’s Science, Educational Media Group, AP

The ramifications of a cyberattack on a critical health care technology company are still being felt across the U.S. nearly two weeks later. Change Healthcare has acknowledged the hack, which reportedly affected billing and care authorization portals. “Our experts are working to address the matter, and we are working closely with law enforcement and leading third-party consultants such as Mandiant and Palo Alto Networks on this attack against Change Healthcare’s systems,” Change Healthcare said. “On Feb. 21, 2024, we discovered a threat actor gained access to one of our Change Healthcare environments,” Change Healthcare said. A spokesperson affiliated with Change Healthcare declined to answer whether a ransom has been paid, according to Wired.

Persons: paychecks, Chuck Schumer, Jesse Ehrenfeld, Rick Pollack, “, ”, Schumer, ” Schumer, Pollack Organizations: Healthcare, Palo Alto Networks, New, American Medical Association, Department of Health, Human Services, American Hospital Association, HHS, AHA, UnitedHealth Group, The Washington Post, Justice Department, Health, Medicare, Medicaid Services, Wired, Change Healthcare Locations: U.S, Palo, New York, Optum

If you get a tax bill you can't afford, you can apply for a payment plan to pay it back over time. That's the day your tax return and payment for any tax owed is due to the IRS and most local tax agencies. That's because filing your tax return can come with some surprises — the least pleasant of which is a tax bill you weren't expecting. Prepare for next yearThe best way to avoid a surprise tax bill is to pay what you expect to owe in taxes year-round. If you're self-employed (including any freelancing on the side of other employment), make quarterly estimated tax payments to stay ahead of your liability and avoid additional penalties.

Persons: —, that's, they'll Organizations: Service, IRS, Google

☆ Bank of Spain seeks details on pre-Black Friday payment network crash
▼ + stars: | 2023-11-24 | by ( Jesús Aguado | ) www.reuters.com time to read: +1 min

MADRID, Nov 24 (Reuters) - The Bank of Spain has asked for detailed information after recent disruptions to the country's payments network, a source close to the central bank said. Customers complained on social media about failed ATM withdrawals and credit card payments on Nov. 18. "A technical incident has occurred which has caused temporary instability in the system responsible for processing payment transactions. The central bank is looking into both incidents, which come as European Central Bank (ECB) data shows cash payments in Spain fell by 18% between 2019 and 2022, a figure only surpassed in the euro zone by Cyprus, where transactions fell 23%. Redsys competes with another payment provider in Spain, which belongs to Cecabank and holds a market share of about 15%.

Persons: Redsys, Jesús Aguado, Emma Pinedo, Inti Landauro, Alexander Smith Organizations: Bank of Spain, BBVA, Central Bank, Redsys, Thomson Locations: MADRID, Santander, Spain, Cyprus

☆ Chaos as Optus outage disconnects half of Australia
▼ + stars: | 2023-11-08 | by ( Byron Kaye | ) www.reuters.com time to read: +3 min

"Because of the outage it won't load," Rogers told Reuters while he was waiting at the pharmacist for the internet to return. Optus, which is owned by Singapore Telecommunications, (STEL.SI) gave no explanation for the outage except to say it was investigating it. Until then, even taking a walk became more difficult, at least for people who needed directions. An office worker from Sydney told Reuters he could not get into his building because the door required an internet-connected smartphone application to unlock. ($1 = 1.5538 Australian dollars)Reporting by Byron Kaye with additional reporting by Kirsty Needham and Sam Holmes; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: Chris Rogers, Rogers, I've, Michael Clements, Angela Ican, we've, Roderick Geddes, Byron Kaye, Kirsty Needham, Sam Holmes, Stephen Coates Organizations: SYDNEY, Optus, Reuters, Reserve Bank of Australia, Royal Australian College of General, Singapore Telecommunications, Sydney, Thomson Locations: Sydney

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhat's wrong with U.S. cashThe U.S. hasn't updated physical currency like the rest of the world. Other countries have turned lower denomination bills into coins and paper notes have been converted to polymer. While electronic payments are on the rise in the U.S., physical cash is circulated more than ever. Experts claim that the choice to continue printing paper notes is fueled by special interests but the Federal Reserve says changing currency is costly and complex.

Organizations: U.S, Federal Reserve Locations: U.S

☆ Why the U.S. won't change physical cash
▼ + stars: | 2023-11-07 | by ( Mark Licea | ) www.cnbc.com time to read: +2 min

The Federal Reserve will spend $931.4 million to print bills in 2023 — but there's a problem with U.S. cash. Physical currency has been updated around the world but not in the U.S., and while an increasing number of Americans are ditching cash for electronic payments, experts say cash isn't going away. In 2017, the $100 bill surpassed the $1 bill as the most popular currency denomination. Some speculate that the rise in $100 bills in circulation may be to avoid taxes or for illegal activity. … In the 1960s, the half dollar lost its place because it wasn't included in the use of parking meters," said Mudd.

Persons: Aaron Klein, Douglas Mudd, Franklin Noll, Mudd Organizations: Federal Reserve, Brookings Institute, CNBC, American Numismatic Association, Federal Reserve Bank of Kansas City Payments, U.S Locations: U.S

☆ Chaos as Optus Outage Disconnects Half of Australia
▼ + stars: | 2023-11-07 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +3 min

"Because of the outage it won't load," Rogers told Reuters while he was waiting at the pharmacist for the internet to return. Optus, which is owned by Singapore Telecommunications, gave no explanation for the outage except to say it was investigating it. Until then, even taking a walk became more difficult, at least for people who needed directions. An office worker from Sydney told Reuters he could not get into his building because the door required an internet-connected smartphone application to unlock. ($1 = 1.5538 Australian dollars)(Reporting by Byron Kaye with additional reporting by Kirsty Needham and Sam Holmes; Editing by Stephen Coates)

Persons: Byron Kaye SYDNEY, Chris Rogers, Rogers, I've, Michael Clements, Angela Ican, we've, Roderick Geddes, Byron Kaye, Kirsty Needham, Sam Holmes, Stephen Coates Organizations: Optus, Reuters, Reserve Bank of Australia, Royal Australian College of General, Singapore Telecommunications, Sydney Locations: Sydney

☆ Banking industry direct deposit delays: Customers of Bank of America, Chase, and more have reported payment issues
▼ + stars: | 2023-11-06 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN —Some customers still haven’t received their direct deposit paychecks following a “human error” last week deep in the plumbing of America’s banking system. The deposit delays are linked to a problem that emerged on Friday with the Automated Clearing House (ACH) payments system, causing headaches for consumers and employers. An industry source confirmed to CNN on Monday that it’s likely some customers haven’t received their deposits yet. Clearing house says it was a ‘manual error’Asked for comment, multiple banks referred inquiries to The Clearing House, which is owned by the largest commercial banks including Bank of America, JPMorgan Chase, CitiBank and Wells Fargo. The Clearing House did not provide an updated comment on Monday or any timetable for when the problem will be fully resolved.

Persons: haven’t, Banks, Chase, ”, Downdetector, Wells, “ Wells, Wells Fargo, Jim Seitz, ” Chase, Greg MacSweeney, MacSweeney, Dennis Kelleher, ” Kelleher Organizations: New, New York CNN, CNN, Consumer Financial, Bureau, Bank of America, US Bank, Twitter, “, ” Bank of America, JPMorgan Chase, CitiBank, House, Federal Reserve, Fed, ACH Network, Better Locations: New York, Wells Fargo, ACH, United States

A man walks by the Bank of America headquarters in New York on July 18, 2023. Customers at several big banks on Friday wrestled with direct deposit delays stemming from an industry-wide processing issue. There was a surge of "outages" reported by banking customers Friday morning, including Bank of America, Chase, Truist, U.S. Bank and Wells Fargo, according to Downdetector. All Federal Reserve Financial Services are now operating normally, according to a Federal Reserve statement released Friday. Banks are now working to correct the errors in those payments, he said.

Persons: Chase, Gregory MacSweeney, Banks, Lee Henderson Organizations: Bank of America, U.S . Bank, Financial Services, Finance, Social Security, Fed, Electronic Payments, CNBC Locations: New York, Truist, U.S, Wells Fargo

☆ ECB's Nagel: possible to pay with digital euro in roughly 5 years
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: 1 min

Joachim Nagel, Bundesbank president and European Central Bank policymaker, prepares for an interview at the Jackson Lake Lodge in Jackson Hole, Wyoming, where the Kansas City Fed holds its annual economic symposium, August 24, 2023. REUTERS/Ann Saphir/File Photo Acquire Licensing RightsBERLIN, Oct 19 (Reuters) - European Central Bank policymaker Joachim Nagel said on Thursday that he assumes it will be possible to pay with the digital euro in roughly five years. The president of Germany's Bundesbank told the Deutschlandfunk radio station that the digital version of the euro, which will let people in the 20 countries that share the single currency make electronic payments securely and free of charge, was "a huge IT project." Reporting by Frank Siebelt, Writing by Miranda Murray, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

Persons: Joachim Nagel, Ann Saphir, Central Bank policymaker Joachim Nagel, Germany's Bundesbank, Frank Siebelt, Miranda Murray, Friederike Heine Our Organizations: European Central Bank policymaker, Kansas City Fed, REUTERS, Rights, Central Bank, Thomson Locations: Jackson, Jackson Hole , Wyoming

☆ ECB starts preparation for digital euro in multi-year project
▼ + stars: | 2023-10-18 | by ( Francesco Canepa | ) www.reuters.com time to read: +4 min

A number of Caribbean countries and Nigeria have already launched digital currencies while China and Sweden are among those that have rolled out pilot projects. The ECB says a digital euro will create competition in the market for payments, dominated by U.S. credit card companies. The digital euro will distributed by the ECB as well as commercial banks and digital wallet providers. Many of these projects surged around 2019, when Facebook announced plans to introduce a digital currency, which were then ditched. But the rise of stablecoins – crypto tokens backed to some degree by traditional currencies – gave central bank’s digital currencies, or CBDC in financial jargon, new impetus.

Persons: Markus Ferber, Francesco Canepa, Alex Richardson, Deborah Kyvrikosaios Organizations: European Central Bank, ECB, Bank of England, Bank of Canada, European People's Party, U.S, Monetary Fund, Commission, Bank for International, Facebook, Thomson Locations: FRANKFURT, Nigeria, China, Sweden

☆ ECB must gauge digital euro impact on banks before launch -Spanish official
▼ + stars: | 2023-08-25 | by ( Jesús Aguado | ) www.reuters.com time to read: +2 min

A view shows the logo of the European Central Bank (ECB) outside its headquarters in Frankfurt, Germany March 16, 2023. REUTERS/Heiko Becker/File Photo Acquire Licensing RightsMADRID, Aug 25 (Reuters) - The European Central Bank needs to measure the impact of the digital euro on the euro zone's banking system before any final decision on its potential launch, Spain's deputy central bank governor Margarita Delgado said on Friday. The ECB is due to decide in October whether to push ahead with a digital euro, which aims to tackle a shortage of European payment service providers. A digital euro would provide a payment solution based on European infrastructure and accepted throughout the entire euro area, she said. Electronic payments in the EU grew from 184.2 trillion euros ($201.7 trillion) in 2017 to 240 trillion euros in 2021, accelerated by the COVID-19 pandemic.

Persons: Heiko Becker, Margarita Delgado, Delgado, Jesús, Andrei Khalip, Mark Heinrich Our Organizations: European Central Bank, REUTERS, Rights, ECB, European Union, Bank of Spain, Thomson Locations: Frankfurt, Germany

"We understand there is a crisis, and the need for banking, but this is our money," Hernandez said. Her business had already adopted electronic banking but she often needs quick access to cash to pay for emergencies on job sites, she added. Rodriguez said he and many other entrepreneurs began using electronic banking long before the new measures were announced to comply with tax laws that have evolved with the growing private sector. But for many smaller businesses and mom-and-pop stores in Cuba, the formalities of doing business, like paying taxes, remain novel concepts, he said. Cuban officials have said the new banking measures are necessary for transparency, to assure transactions are recorded and taxes are paid.

Persons: Alberto Quinones, Yulieta Hernandez, Hernandez, Fidel Castro, Leonardo Rodriguez, Rodriguez, Ronald Venero, Nelson Acosta, Anett Rios, Carlos Carrillo, Dave Sherwood, Marc Frank, Rosalba O'Brien Organizations: Reuters, Thomson Locations: HAVANA, Cuba, Cuban, Havana, Santiago de Cuba

☆ Using a Credit Card? At These Restaurants It’ll Cost You.
▼ + stars: | 2023-08-14 | by ( Christina Morales | More About Christina Morales | ) www.nytimes.com time to read: +1 min

Then he took a closer look at his statements and found that he was paying $2,000 a month in credit card fees. “They pile fees on top of fees, on top of fees,” Mr. Theoktisto said about credit card processing companies. In January, he decided that instead of raising prices, he would add a 4 percent convenience fee to the bills of customers who pay by credit card. He is just one of an increasing number of restaurant owners adopting these policies as inflation cuts into his bottom line and credit card fees rise. Arepas about seven years ago near Troy, N.Y., the number of customers using electronic payments has increased from 50 percent to 90 percent.

Persons: José Theoktisto, ” Mr, Theoktisto Locations: New York, Troy, N.Y

☆ Cuba bans company access to ATMs, limits cash transactions
▼ + stars: | 2023-08-03 | by ( Nelson Acosta | ) www.reuters.com time to read: +2 min

HAVANA, Aug 3 (Reuters) - The Cuban Central Bank issued rules this week banning state and private businesses from using ATMs and limiting cash transactions between them, as it seeks to tame runaway inflation and off-the-books business amid a grave economic crisis. They limit cash transactions to 5000 pesos and will be implemented gradually over six months, official media said. The government pegs the dollar at 24 pesos and for select companies, tourists and residents at 120 pesos, though it has few to exchange. The dollar currently fetches 230 pesos on the informal market. The crisis has led to a lack of confidence in the state-run banking system, resulting in a lack of cash at some ATMs as businesses use them, leaving residents in the lurch.

Persons: Alejandro Gil, Nelson Acosta, Marc Frank, Deepa Babington Organizations: Cuban Central Bank, Economy, Thomson Locations: HAVANA

The Credit Card Competition Act was reintroduced last month in both the House and the Senate, after not being brought up for a vote in either chamber during the previous Congress. Retailers in support of the legislation argue credit card processing costs are hurting consumers by driving up the cost of business, and, in turn, the price shoppers pay at checkout. On the other side of the fight, major credit card processing networks like Visa , Mastercard , Discover and Capital One say the bill will actually hurt consumers by diminishing popular credit card rewards programs and lessening fraud protections. Visa and Mastercard account for 80% of all credit card volume, according to data from the Nilson Report, a publication tracking the global payment industry. On average, U.S. credit card swipe fees account for 2.24% of a transaction, according to the Merchants Payments Coalition.

Persons: Doug Kantor, Sen, Dick Durbin, He's, Nilson, Durbin, Harley Finkelstein, Finkelstein Organizations: Visa Inc, Mastercard Inc, Visa, Mastercard, Kroger, Walmart, Discover, Merchants Payments Coalition, CNBC, Main, Electronic Payments Coalition Locations: Tiskilwa , Illinois, U.S, Washington, Shopify, Target, America

☆ German ATMs keep getting bombed as a crime wave exploits the country's preference for cash
▼ + stars: | 2023-07-24 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

In the past few years, Germany has become a hotbed for ATM bombings, the Financial Times wrote. That's because Germans still favor cash over electronic payments, making ATMs ripe targets. Last year, about 30 million euros were stolen via ATM bombings, up 53% from a year earlier. That translated to 30 million euros that were stolen via ATM bombings last year, up 53% from a year earlier. Meanwhile, attempts to fortify ATMs against earlier types of detonations were thwarted when the criminals switched to different explosives, according to the FT.

Persons: That's Organizations: Financial Times, Service, Federal Criminal Police Office, FT Locations: Germany, Wall, Silicon, Netherlands

☆ FedNow: A new instant payment system may be coming to a bank near you
▼ + stars: | 2023-07-20 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +6 min

“The Federal Reserve built the FedNow Service to help make everyday payments over the coming years faster and more convenient,” said Fed Chair Jerome Powell. FedNow instant payments won’t benefit you, however, if:You don’t have a bank or credit union accountYour financial institution is not part of the FedNow network. If your bank or credit union is among them, it may take some time before they start offering instant payments and deposits for customers using FedNow. And some initially may only offer to receive FedNow payments for their customers, but not send them. And in this first phase of use, the FedNow Service will only be available to process domestic payments between US depository institutions.

Persons: ”, Jerome Powell, “, it’s, Wells Organizations: New, New York CNN, Federal Reserve, Service, FedNow Service, …, Fiscal Service, JPMorgan Chase, Community Bank Locations: New York, Treasury’s, Wells Fargo

☆ EU proposes payments sector shake-up, legal backing for digital euro
▼ + stars: | 2023-06-28 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, June 28 (Reuters) - The European Union on Wednesday proposed injecting more competition into the payments sector, giving legal backing to a digital euro, and preserving the role of cash as fewer people use coins and notes. EU states and the European Parliament have the final say on the package, with some changes likely. "We are going to clearly identify the obstacles that the fintechs should never have been encountering," an EU official said. Electronic payments in the EU has grown from 184.2 trillion euros ($201.7 trillion) in 2017 to 240 trillion euros in 2021, accelerated by COVID-19. The European Central Bank is due in October to decide whether to push ahead with a digital euro.

Persons: Huw Jones Organizations: European Union, Commission, Visa, Mastercard, COVID, EU, European Central Bank, Thomson Locations: U.S

☆ ACI Worldwide fined $25 mln for multibillion-dollar mortgage payment 'fiasco'
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +2 min

[1/2] Signage is seen at the Consumer Financial Protection Bureau (CFPB) headquarters in Washington, D.C., U.S., May 14, 2021. REUTERS/Andrew KellyJune 27 (Reuters) - The top U.S. consumer finance watchdog on Tuesday said it had fined the Nebraska payment processor ACI Worldwide (ACIW.O) $25 million for improperly processing more than $2 billion in mortgage payment transactions without customer authorization. ACI Worldwide consented to the CFPB order without admitting or denying responsibility. According to the CFPB, during a test of the payments platform in April 2021, ACI improperly used actual consumer data, rather than dummy data, which illegally initiated more than $2.3 billion in payments. Reporting by Douglas Gillison; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Cooper, Rohit Chopra, Douglas Gillison, Chizu Organizations: Consumer Financial Protection Bureau, Washington , D.C, REUTERS, Mr, Consumer Financial, Bureau, ACI, Thomson Locations: Washington ,, Nebraska

But using the dynamic currency conversion to pay the restaurant bill directly in euros would end up costing them €107.60. Despite the high fees, our research shows that more than half of international customers still choose to pay in their familiar home currency. The companies which provide dynamic currency conversion options earn significant conversion revenues – a portion of which is often shared with the business where the transaction takes place. It's better to make electronic payments using the local currency. PeopleImages/iStockphoto/Getty ImagesGreater transparencyAnd despite the high conversion fees involved with dynamic currency conversion, most government regulators around the world have been hesitant to intervene.

Persons: Dirk Gerritsen, Coen Rigtering Organizations: CNN, European Union, Utrecht University Locations: French

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