Word: mastercards
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...foreign" machine, Senator Al D'Amato wants to outlaw surcharges, the $1.50 that cardholders increasingly also have to pay to the ATM operator. Last week the Justice Department began investigating whether the two largest ATM networks, Cirrus and Plus, are preventing small banks from abolishing surcharges. (Owners MasterCard and Visa, respectively, say they are cooperating.) For now, look for small banks that are cutting ATM fees for their customers...
Cash is already headed for a whole new dimension. MasterCard, for example, has invested millions in the development of an E-cash system called Mondex. Smart Mondex cards have tiny embedded microchips that can store not only electronic dollars but also five other types of currency, an abbreviated medical history and even a personalized electronic "key" that can open everything from your apartment to your office. Says Henry Mundt, MasterCard executive vice president for global access: "The chip that we are putting on the card now will form the platform for the ultimate in remote access for consumers to their...
...cash to try it? Rather than saving up for a plane ticket to Grand Cayman, check out a new online bank opening its virtual doors this week. Sicherheit und Privat (Security and Privacy) is an Austrian bank that offers encrypted communications, digital cash transactions and a privacy-protected MasterCard for a minimum deposit of $1,000 (as opposed to $10K to $50K in a typical Swiss bank). Could be just the thing for low rollers trying to hide cash from a spouse's divorce lawyers...
...FAFSA. Moreover, counting in those "aid" packages Knowles lauds are of course the unsubsidized loans, all 100 percent repayable (with interest). These loans are fully funded by the federal government and they are available to any student at any accredited institution. If outside loans really constitute aid, Mastercard and Visa are some of the biggest suppliers of student aid today...
...trend gained momentum last September when GE Capital, the finance arm of General Electric, announced it would slap a $25 annual penalty on holders of its GE Rewards MasterCard who did not accrue interest-bearing debt. Since then, issuers have come up with a slew of punitive measures--er, fees--that squeeze responsible cardholders as well as slackers. Just two years ago, no company charged a late fee of more than $18; today almost half do. Even grace periods are shrinking from the average 25 to 30 days to 20 days, which means some customers could get hit with...