Monday, January 30, 2006

Advisory.... The Credit Card Interchange Report will be posting a commentary later this week detailing how banks are manipulating interchange fees. The nation's largest financial instritutions, which control Visa and MasterCard are forcing merchants to process debit ATM cards at the higher credit card rates at the same time they are compensating their "advocacy groups" to promote the convienence and budgeting benefits of ATM, debit cards.

This news should especially be of interest to institutions like The Reserve Bank of Australia, which already is reviewing their own debit card network. The Green Sheet reported that the RBA, Australia's central bank - the equivalent of the Federal Reserve in the United States - has an "eye toward revamping interchange." They are studying their nation's electronic payment system and POS debit networks (EFTPOS).

Our fact-based, actual customer experience will profile the banks' overt manipulation, trickery and unethical marketing practices; it will reverberate both abroad and domestically.