Bank of America (BAC.N) agreed to pay nearly $800 million in fines

Credit card (Photo credit: Wikipedia) Bank of America (BAC.N) agreed to pay nearly $800 million in fines and restitution to settle allegations of deceptive marketing and unfair billing involving credit card products, U.S. regulators said on Wednesday. The Consumer Financial Protection Bureau and Office of the Comptroller of the Currency said they had ordered the bank to pay ...

Credit card fees on foreign transactions

Pay with your credit card when you travel abroad and you may find an unwelcome souvenir from the trip when you open your statement: a foreign transaction fee. Many travelers fume at being charged an extra 3 percent or so of their international purchases, so some credit card issuers are now getting rid of the ...

Big retailers are muscling in on the likes of Visa, MasterCard

  Big retailers are muscling in on the likes of Visa, MasterCard and Google in a fiercely competitive and growing mobile payment market that promises to cut transaction costs and increase customer loyalty. Stores such as British supermarket Tesco and France’s Auchan hope their “digital wallets” – apps which allow users to pay with their smartphones rather ...

Stronach’s compensation with Magna to end 2014

Magna International Inc (MG.TO), one of the world’s biggest auto parts makers, paid $52 million in consulting fees to billionaire founder Frank Stronach in 2013, but the company is stressing that his compensation will stop at the end of this year. Stronach, who started the auto parts giant in a Toronto garage in 1957, was ...

Microsoft and Oracle lead the way

Worldwide software revenue totaled $407.3 billion in 2013, a 4.8 percent increase from 2012 revenue of $388.5 billion, according to a report from IT research firm Gartner. Microsoft held a dominant market lead with 65.7 percent share, followed by Oracle with nearly 30 percent. IBM, SAP and Symantec rounded out the top five vendors. Salesforce.com, ...

Judge allows tech workers class action to proceed

A U.S. judge on Friday rejected a request from Apple, Google and two other tech companies to avoid a trial in a class action lawsuit alleging a scheme to drive down wages. Tech workers sued the companies alleging they conspired to avoid competing for each other’s employees in order to avert a salary war. Trial ...

class-action lawsuit challenging the fees paid by merchants

A multi-billion dollar class-action lawsuit challenging the fees paid by merchants on credit card transactions has been approved to go ahead in a B.C. court. The two B.C. law firms that launched the action, Branch MacMaster LLP and Camp Fiorante Matthews Mogerman, say the Supreme Court of British Columbia granted the class action status on Wednesday. The lawyers filed ...

NACHA has just announced a new ACH settlement plan

Great news for merchants who accept ACH as a payment method. NACHA has just announced a new ACH settlement plan, which will allow ACH transactions to settle in the same day. This is a very big change for NACHA. The organization announced on Tuesday, March 18 that it will use a phased approach in rolling out a ...

Security specialist Malwarebytes announced the launch of Anti-Malware Premium

Security specialist Malwarebytes announced the launch of Anti-Malware Premium, a tool designed to proactively protect home PCs against advanced criminal software that traditional antivirus programs cannot detect. In development for more than 18 months, Premium is the first completely new version of the company’s flagship security software in six years, and is designed to work ...

Satya Nadella CEO Microsoft announces iPad products

Satya Nadella, the Indian-born self-described cricket fanatic who took over as Microsoft Corp’s chief executive last month, makes his public debut on Thursday and is expected to go on the offensive right away with some bold strokes. When Nadella hosts his first major press conference this week, he’s likely to describe – if not officially ...