Notice something different about our website this month??? Yep, it's PINK!! Payline is helping promote Breast Cancer Awareness Month and helping them celebrate 25 years of making a difference. Read more
(AP) — Bank of America plans to start charging customers a $5 monthly debit card fee.
The fee will be rolled out starting early next year.
A Bank of America Corp. spokeswoman says customers will only be charged the fee if they use their debit cards for purchases in any given month. Customers won't be charged if they only use their cards at an ATM.
Chase and Wells Fargo have been testing $3 monthly debit card fees in select markets. Neither bank has said when it will make a final decision on whether to make the fee permanent.
Customers have been seeing higher banking fees and fewer rewards in the past year or so. The changes come as banks adjust to new regulations that will limit traditional revenue sources.
Payline Data’s Co-Founder and CEO, Jeff Shea, has been honored with a Young Entrepreneur of the year in conjunction with the Daily Herald Business Ledger’s 2011 Entrepreneurial Excellence Awards. Jeff was recognized at an awards dinner sponsored by the Daily Herald on September 22 at Danada House in Wheaton, Illinois.
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Occasionally lax security by some merchants enables criminals to easily steal and use personal consumer financial information from payment card transactions and processing systems. It’s a serious problem – more than 234 million records with sensitive information have been breached since January 2005, according to Privacy Rights Clearinghouse.org. As a business or nonprofit accepting donations, you are at the center of payment card transactions so it is imperative that you use standard security procedures and technologies to thwart theft of cardholder data. Merchant-based vulnerabilities may appear almost anywhere in the card-processing ecosystem including point-of-sale devices; personal computers or servers; wireless hotspots or Web shopping applications; in paper-based storage systems; and unsecured transmission of cardholder data to service providers. Today, we will focus on a main concern for any business that accepts payments. Michael's was a recent example of the vulnerabilities of even the enterprise level businesses. http://news.consumerreports.org/electronics/2011/05/michaels-stores-hit-by-credit-card-skimming.html