New Jersey enacts law capping surcharges
Payments Dive
AUGUST 23, 2023
New Jersey’s governor signed a new law capping credit card surcharges, limiting the amount merchants can charge for processing a transaction.
Credit Card Surcharge Guidance: A State-by-State Overview of Surcharging Laws
Stax
JULY 30, 2024
Some nationwide rules that apply to surcharging are: the surcharge rate is capped at 4% (3% for Visa) of the total transaction, businesses mustn’t use surcharging to earn a profit, surcharging doesn’t apply to debit cards, customers need to be informed of the program, and the surcharge has to be listed clearly in the receipt.
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European retailers say card costs rose after EU capped fees
Payments Source
MAY 14, 2020
called on European Union regulators to crack down on credit and debit card fees that have increased after laws capped so-called interchange fees five years ago. Retailers including Tesco Plc, Ikea and Amazon.com Inc.
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Cap One could dodge law requiring added processing capacity
Bank Automation
FEBRUARY 23, 2024
Capital One could be excluded from the proposed Credit Card Competition Act of 2023 if its acquisition of Discover Financial Services goes through and the bank creates an in-house processor. Read more on the Capital One, Discover deal The proposed act, introduced in June 2023 by U.S. Richard Durbin, D-Ill, would require credit card […]
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Under 2 Weeks Left for Large Firms to Join ‘Multi-Billion Pound’ Lawsuit Against Visa and Mastercard
The Fintech Times
JANUARY 28, 2025
” Since 2015, UK law has capped the level of MIFs at 0.3 These capped fees, however, exceed the competitive level of charge. We hope Mastercard and Visa will stop punishing charities who accept commercial card payments by removing these onerous fees.” per cent on consumer credit transactions, and 0.3
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NYC OKs Delivery Fee Caps
PYMNTS
MAY 14, 2020
The New York City Council doesn’t want to let food delivery apps charge restaurants too much for delivery fees, as it voted to put a cap on the fees. On Wednesday (May 13), the Council voted to cap fees from the apps for restaurants at 15 percent. Other types of charges will be capped at 5 percent.
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California’s New Ridesharing Law Could Hurt Drivers
PYMNTS
SEPTEMBER 22, 2019
Gavin Newsom signed into law a controversial bill that could reclassify ridesharing and other gig economy workers as employees instead of independent contractors, The Wall Street Journal reported on Saturday (Sept. New York has already tackled the gig economy issue by passing a minimum wage law. It was the first law in the U.S.
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Singapore’s Competition Regulator Says No Merger Notification from Grab, GoTo
Fintech News
MARCH 19, 2025
The Competition and Consumer Commission of Singapore (CCCS) acknowledged media reports on the possible deal and advised the companies to seek legal counsel to ensure compliance with Singapore’s competition laws. The regulator remains open to discussions through its merger notification and pre-notification processes.
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India Introduces New Laws, Cap Regarding P2P Lending
PYMNTS
DECEMBER 23, 2019
On a review, it has been decided that the aggregate exposure of a lender to all borrowers at any point of time, across all P2P platforms, shall be subject to a cap of [Rs 5,000,000] provided that such investments of the lenders on P2P platforms are consistent with their net-worth,” the RBI said.
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Capitol Hill Hearing Examines ‘Rent-A-Bank’ Schemes To Sidestep Interest Rate Caps
PYMNTS
FEBRUARY 6, 2020
The hearing was titled “Rent-a-Bank Schemes and New Debt Traps: Assessing Efforts to Evade State Consumer Protections and Interest Rate Caps.”. She noted that states have interest rate caps on non-bank installment loans, with a median cap on a $500 loan of about 37.5 The Rent-a-Bank Scheme.
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Wells Fargo Says Lift Asset Cap To Helps SMBs
PYMNTS
APRIL 6, 2020
But to do that, the bank may have to have its asset cap, placed there by law after a fake accounts scandal in 2018, lifted so it can do more to help, according to the Financial Times. Scharf said the bank had extended nearly $70 billion in new loan commitments last month to help clients during the pandemic.
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Bitcoin Daily: Bitcoin Sheds $20 Billion Off Market Cap; Gibralter-Based FinTech Launches Tokenized Securities Platform
PYMNTS
MAY 10, 2020
According to the law, digital securities “presumptively not an investment contract” would not be subjected to the sometimes contradictory rules between organizations. The law is an amendment to a bill filed by Majority Leader Ian Calderon. It would mean assets that have value not contingent on others’ managerial efforts.
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OJK Plans to Raise P2P Funding Limit for Business Loans
Fintech News
JULY 21, 2024
Indonesia’s Financial Services Authority (OJK) plans to raise the maximum limit for peer-to-peer (P2P) funding above the current IDR 2 billion cap, specifically for productive funding used for business and economic activities, rather than consumptive funding for personal use.
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Uber Sues City Of New York To Get Driver Cap Lifted
PYMNTS
FEBRUARY 17, 2019
Uber , the ride-hailing startup, filed a lawsuit against the city of New York last week seeking to overturn a rule that puts a cap on the number of drivers that work for ride-hailing companies that can operate in the city. Uber wants the law thrown out, fearing the city could make it a permanent cap.
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As Amazon’s Market Cap Takes Hit, Bright Spots Emerge
PYMNTS
OCTOBER 30, 2018
An MKM analyst said in a research note to clients that AWS may be worth $1 trillion in six years – that would be larger than Amazon’s market cap, which currently stands at $929 billion. Now, though, discussions about Amazon and its market cap are — for the time being, at least — a more subdued affair.
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Lyft Follows Uber With NYC Lawsuit Over Cruising Time Cap
PYMNTS
OCTOBER 14, 2019
The law imposes a 31 percent cap on cruising time for most vehicles before 11 p.m. Lyft says the mandate is based on old, inaccurate TLC data and doesn’t hold taxis to any caps. . The law was first passed by New York City in August 2018, limiting the number of ride-hailing cars that could be on the street at once.
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43 Why The Loan Shark Prevention Act Will Harm Consumers
PYMNTS
MAY 13, 2019
The proposed credit card interest rate cap legislation , courtesy of Democratic presidential hopeful Senator Bernie Sanders and Rep. Alexandria Ocasio-Cortez is in serious need of an almost half-century-old refresher course in the unintended consequences of price caps on the American consumer. Here’s why. A 46-Year-Old History Lesson.
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Uber Pilot Lets Some CA Drivers Set Rates In Response To New Employment Law
PYMNTS
JANUARY 21, 2020
With the newest of many initiatives to reportedly provide drivers with greater independence as a reaction to the state’s new gig economy law, Uber Technologies Inc. Uber put a cap on its commissions for trips in California earlier in January. is piloting a function that allows some drivers in California to set their own rates.
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Mastercard Incurs $650M Fine Over EU Antitrust Law
PYMNTS
DECEMBER 4, 2018
Mastercard actually stopped the practice in December of 2015 after the European Commission (EC) adopted charge-capping rules. Mastercard, along with Visa, has offered to put a cap on the fees applied to card payments by tourists in the EU, and to put an end to the antitrust investigation.
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What You Should Know About Visa Surcharge Rules in 2024: A Guide for Merchants
Stax
AUGUST 1, 2024
However, card brand rules and state and federal laws have been established to prevent merchants from abusing this privilege. Visa’s surcharge rules around disclosure, compliance, options (brand-level/product-level), notifying acquirers, surcharge cap, etc. Earlier, the surcharge cap used to be 4%.
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Lawsuits Pile Up For Cap One, Amazon Post Hack
PYMNTS
AUGUST 11, 2019
It argues that the company knew about the vulnerability exploited by Thompson and “did nothing to fix it,” and also violated Washington state’s Consumer Protection Act and Data Breach Disclosure Law. The suit also alleges the companies did not disclose the breach when they learned of it.
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China Eyes Limits On Bank, FinTech Partnerships
PYMNTS
DECEMBER 20, 2020
A cap also would support competition, he said, according to Reuters. "We Reuters reported that Chinese officials last week invoked a pro-competition law for the first time since its 2008 inception to levy fines against companies such as Ma's Alibaba Group. Jiwei was speaking at a wealth management conference.
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Credit Card Surcharges: What Are They, and How Do They Work?
Stax
SEPTEMBER 26, 2024
It requires stringent adherence to regulatory guidelines and card network rules, from surcharge caps to disclosure requirements. Learn how your business can capitalize on these transaction fees while staying on the right side of the law. But they advise businesses to check state laws for stricter limits or an outright surcharging ban.
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What Is a Credit Card Surcharge?
Stax
JANUARY 24, 2024
It is added at the point of sale and depends on the total amount of a transaction and the cap set by credit card companies. Once you have ensured that surcharges are permissible by law in your state, you must meet card brand guidelines for compliance. The state law, however, determines the final percentage.
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What Is a Credit Card Surcharge?
Stax
JANUARY 24, 2024
It is added at the point of sale and depends on the total amount of a transaction and the cap set by credit card companies. Once you have ensured that surcharges are permissible by law in your state, you must meet card brand guidelines for compliance. The state law, however, determines the final percentage.
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Predatory ‘Rent-a-Bank’ Lending Practices Trigger Calls For Regulation
PYMNTS
MARCH 11, 2020
A California statue caps interest to an annual rate of 37 percent a year but out-of-state banks have figured out how to sidestep the law and use rates allowable where they are headquartered. Utah has no caps on interest rates. “A ” An uprush in predatory lending has prompted more states to institute interest rate caps.
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U.S. Marshals Service Selects Coinbase to Hold & Trade Digital Assets
Finovate
JULY 3, 2024
Marshals Service (USMS) has selected Coinbase Prime to hold and trade the agency’s “Class 1” (large cap) digital assets. Marshals Service (USMS) announced it has selected Coinbase to hold and trade the agency’s “Class 1” (large cap) digital assets. judicial system.
How to Successfully Implement a Credit Card Surcharge Program In Your Business
Stax
FEBRUARY 28, 2024
There are federal laws and state laws that need to be followed to implement surcharging legally. However, debit card processing fees are capped, and the interchange rates are less than credit card processing rates. The surcharge program must comply with the credit card networks’ rules and applicable laws.
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Ex-US Bank Risk Officer Fined For AML Failure
PYMNTS
MARCH 4, 2020
Bank had in place erroneously capped the number of alerts, which hindered law enforcement’s ability to spot suspicious activity. LaFontaine was warned by his subordinates and by regulators that capping the number of alerts was dangerous and ill-advised. The capped alerts were in place for at least five years.
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What is a Surcharge Fee? How it Helps Consumers and Businesses
Stax
DECEMBER 6, 2023
Businesses that choose to add surcharges can either charge a fixed flat fee or a percentage of the transaction amount with a cap on the total. Businesses that choose to add surcharges can either charge a fixed flat fee or a percentage of the transaction amount with a cap o n the total. Get in touch now!
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Cap One Hack Hits 100M Credit Card Applications
PYMNTS
JULY 29, 2019
The company revealed Monday (July 29) that on July 19 it discovered that there was unauthorized access by an outside individual, adding that it immediately fixed the configuration vulnerability that was exploited and immediately notified federal law enforcement. Thompson, on a charge of computer fraud and abuse.
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46 Rhode Island Eyes Capping Credit Card Interest Rates
PYMNTS
APRIL 9, 2019
As noted by the site, a Supreme Court ruling dating back to the 1970s means that banks (and their credit cards) are bound by the states in which they are based, rather than the laws of the states where their customers live. each state could enforce state-wide usury laws against lenders doing business within its borders.
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Three ways APP mandatory reimbursement can work for PSPs and victims of fraud and scams
The Payments Association
OCTOBER 21, 2024
Collaboration between regulators, law enforcement, and the counter-fraud community is needed to ensure the effectiveness of the reimbursement scheme and to mitigate emerging fraud risks. The rule changes provide stronger consumer protection but also raise concerns about industry costs and potential fraud exploitation. What’s next?
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Despite Caps On Ridesharing In NYC, Uber And Lyft Have Biggest Month Ever
PYMNTS
MAY 31, 2019
New York City also passed a law requiring that Uber and Lyft drivers make a minimum wage, which also affected prices. In August, NYC Mayor Bill de Blasio signed bills meant to curb the number of licenses given to new ridesharing drivers, and the surcharge congestion fee was passed earlier this year.
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Credit Card Surcharge Sign Examples and Templates for Merchants
Stax
DECEMBER 13, 2023
However, you must keep in mind several federal and state laws as well as credit card network guidelines (e.g. Surcharging rules Surcharge laws and guidelines can vary from state to state. Plus, there are federal laws governing surcharges. Visa, Mastercard, American Express, Discover, etc.) before you can start surcharging.
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FinCEN Reminds FIs To Beware During COVID-19 Crisis
PYMNTS
APRIL 3, 2020
Bancorp, was warned by colleagues and regulators that capping the number of alerts was dangerous and ill-advised. His actions prevented the proper filing of suspicious activity reports which hindered law enforcement’s ability to fully combat crimes and protect people, the agency said.
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Lawmakers Mull Overhaul Of Student Debt System
PYMNTS
FEBRUARY 14, 2019
A proposed law aims to completely overhaul the student loan system by having monthly bills automatically deducted from borrowers’ paychecks. “I think this proposal is likely to become law, after some tweaks,” said Mark Kantrowitz, an expert on student loans. In November, student loan debt in the U.S.
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Amazon (And Others) Brace For India’s New eCommerce Tax
PYMNTS
FEBRUARY 10, 2020
Separately, Facebook has reportedly settled a lawsuit for violating laws in the state of Illinois tied to facial recognition technology, agreeing to pay a fine of $550 million. The Illinois law — on the books for more than a decade — sets parameters for the collection, use and storage of biometric information.
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Are Debit Card Surcharges Legal? What Businesses Need to Know
Stax
DECEMBER 20, 2023
This article explores the legal landscape surrounding surcharges, shedding light on the intricacies of state and federal laws and strategies for small businesses to manage processing costs. TL;DR Card brands such as Visa and MasterCard along with state and federal laws prohibit debit card surcharging.
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Supreme Court: Amex Anti-Steering Does Not Run Afoul Of Antitrust Law
PYMNTS
JUNE 25, 2018
did not violate federal antitrust laws with business practices — known as anti-steering — that prohibit merchants from, in turn, dissuading consumers from using American Express cards. The June 25 decision may cap a legal battle that began years ago.
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Wells Fargo Shifts Gears To Extend Small Business $10B In Relief Loans
PYMNTS
APRIL 6, 2020
It anticipates that its loan capacity will be maxed out under the program since it is operating with the current asset cap limitations. Today, the company continues to operate in compliance with an asset cap imposed by its regulator due to actions of past leadership. Customers will be notified with updates in the coming days.
Fleet Cards Caught In Crosshairs Of Corporate Card Fee Debate
PYMNTS
FEBRUARY 6, 2019
” Regulators have not accused the company of wrongdoing, and FLEETCOR said all of its fees are lawful and comply with regulations. Analysis in 2015 from the National Consumer Law Center (NCLC) found that employees in Missouri and Kansas were hit hardest by payroll card fees imposed by issuers.
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66 US Bank Pays Justice Department $613M For Money Laundering Settlement
PYMNTS
FEBRUARY 15, 2018
Bank chose to manipulate their software to cap the number of suspicious activity alerts rather than to increase capacity to comply with anti-money laundering laws,” said FinCEN Director Kenneth A. Blanco in the press release. Banks in the U.S. FinCEN, the OCC and the DOJ contend that U.S.
Credit Card Surcharges OK’ed In New York
PYMNTS
JANUARY 9, 2019
8 to dismiss a challenge to such charges, seemingly capping a battle stretching back years. In the wake of court filings this week that effectively ended a challenge to surcharges on credit card transactions in New York, merchants in the Empire State can indeed embrace those fees, contingent upon stating those costs to consumers up front.
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