University federal credit union credit card

The result is that those who use credit cards are penalized by paying more than those who pay with cash, but you just can’t call the higher-priced transaction a “surcharge.”Sound confusing? Well, these so-called no-surcharge laws have caused a conundrum of sorts in the federal courts. The laws have fared differently in federal appeals courts, setting the stage for possible future review by the U.S. Supreme Court.Some merchants and consumer rights advocates believe such no-surcharge laws violate First Amendment free speech rights because they restrict the way merchants can describe transactions. They question why merchants can call something a “discount” but are limited in talking about higher fees for credit cards. State officials and the credit card industry counter that the laws merely regulate price controls and economic conduct. According to this view, the laws don’t even implicate the First Amendment.Florida’s law, for example, prohibits … [Read more...] about Federal appeals courts split over law on credit card surcharges

WASHINGTON (AP) — President Donald Trump says "unity" will be the theme of his State of the Union address next week, and says he respects Stacey Abrams, who will give the Democratic response.Trump told reporters Thursday that he's familiar with Abrams from the 2018 Georgia governor's race, which she narrowly lost to Republican Brian Kemp.Trump said, "I hope she does a good job. I respect her." Trump said his speech next Tuesday will be sweeping "but part of it's going to be unity."Abrams will be the first black woman to deliver a Democratic response. Democrats chose her in part because she represents the future of the party and the black women who anchor it. 85 PHOTOS State of the Union addresses through the years See Gallery State of the Union addresses through the years (Original Caption) President Truman appearing before a joint session of the new Republican controlled Congress is shown here to deliver his annual State of the Union message. He recommended a strong … [Read more...] about Trump says theme of his State of the Union address will be ‘unity’

The death blow for Michael Dalrymple’s Phoenix eco-friendly building supply company was the credit freeze that paralyzed the banking system and the nation in the fall of 2008.His business, called a.k.a Green, held on a little longer, but closed its doors for good in 2009.Dalyrmple said he blames the big banks and their political enablers for credit freeze that killed his business. “It was extremely frustrating as an entrepreneur looking to be in charge of my success or failure to come to the realization that the fate of my business was determined by greed, corruption and illegal behavior on Wall Street and in Washington,” he said.It took more than two years, but Dalrymple will soon extract his own very small measure of revenge.He is cutting ties with JPMorgan Chase & Co., his longtime lender, and moving all of his banking assets to a regional Arizona bank with no link — as far as he knows — to the financial crisis. In doing so, he will join a growing … [Read more...] about Customers Close Accounts to Protest Wall Street, Abusive Lending Practices

Big credit unions say processing costs 2 cents per swipe, lower than Fed's planned 12-cent capIn tallying up how much it costs banks to process debit card swipes, every penny counts.But even as the U.S. Senate prepares to vote on a measure to delay a fee cap that would eliminate about $16 billion in annual profits banks earn from debit cards, there is little consensus on a key question: How many pennies does it cost a bank or credit union to process a debit transaction?Two government regulators have come out with significantly divergent cost figures, while those who will be affected by the cap say neither figure is accurate. Banks and credit unions closely guard the information as proprietary.Ed Mills, a Washington policy analyst with FBR Capital Markets, says the lack of transparency is an advantage for card issuers and “a key part of the fight” now underway between bank and retail lobbyists.The Federal Reserve, directed by the Dodd-Frank financial reform law to … [Read more...] about Credit Union Study of Swipe Costs Adds Confusion to Debit Fee Battle

When it comes to credit cards, we have a tendency to compare things like promotional interest rates, frequent flier points and cash back offers while skimming over the fine print on the back of the contract that generally reads something like this: “We reserve the right to change the APRs, fees and other terms of the account at any time.”The risks of ignorance about the fine print might not have been so damaging during flush times, but since the 2008 financial meltdown, millions of Americans have been coming to grips with the ramifications of the terms in their cardholder agreements. Already staggering under the onslaught of a recession, cardholders have opened their mail only to learn that financial institutions hiked interest rates, pumped up minimum payments, applied a smorgasbord of fees, cut credit lines or closed accounts altogether—in some cases even for people who never missed a payment.During the second half of 2009, banks and other credit card issuers were … [Read more...] about Banks Had Free Rein to Set Credit Card Rules, Now Congress is Looking to Restack Deck