Word: debits
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...free products. (Such cards are legal elsewhere.) Some retailers are also fighting back. When the euro became legal tender at the beginning of last year, the clothing-store chain C&A, fearing chaos at its tills, gave a 20% discount to German shoppers who paid with credit or debit cards instead of cash for the first four days. German authorities said the discount breached unfair trading laws and a court agreed, fining C&A €1 million. C&A in December decided to take its case to Germany's highest court. "We think we are in the right," says...
...Empire balance sheets show some creative accounting. Though he dutifully frowns on the horrors of slavery or, say, the Battle of Omdurman, Sudan, in 1898 (in which 10,000 Muslims were annihilated in five hours by Lord Kitchener's Maxim guns), few such moments make it into the debit column. "The question is not whether British imperialism was without blemish," Ferguson writes. "It was not. The question is whether there could have been a less bloody path to modernity." There might have been, he admits, but he clearly doubts it. Of all the benefits bestowed on the colonies, Ferguson prizes...
Thanks to what seems an infinite number of ways to earn frequent-flyer miles--debit cards, long distance calls, grocery-counter promotions and the like--Americans have trillions more such credits than ever before. According to Randy Peterson, publisher of InsideFlyer.com there were 7.9 trillion unused miles floating around at the end of 2001. The '02 numbers aren't in yet, but that's still a staggering six times as many as existed a decade earlier...
...Washington area, and while his $300 monthly savings pleased him, errors in his closing documents sent him into a rage. There was a $400 overcharge for property-tax and homeowner's-insurance escrow. The bank "forgot" a $200 credit promised to him when he signed up for automatic debit payments. And at closing, he was asked to sign off on an insurance policy to pay his mortgage should he die - the cost of which had been written into his settlement papers...
News flash from the Federal Reserve. Sorry, it's not a drop in interest rates. It's the fact that Americans now make more payments electronically--by credit or debit card or via the Internet--than by paper checks. In 1995 consumers wrote 49.5 billion checks. By 2000 that number had dropped 14% to 42.5 billion. Meanwhile, online bill payment is now used by some 12 million households, up from 10 million...