With apple pay, all the liability is on you because of how secure it is. Any "misuse" that happens, the banks assume you helped the criminal, so you have to pay for any fraud that might happen.
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Wells Fargo Enticing Users to Try Apple Pay With $10-$20 Credits
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With apple pay, all the liability is on you because of how secure it is. Any "misuse" that happens, the banks assume you helped the criminal, so you have to pay for any fraud that might happen.
No, NO, NO. For the thousandth time, No!
The merchant pays the same credit card processing fee with
Pay as would be paid if the consumer presented the exact same physical card.The issuing bank pays Apple 15 cents for every $100. They are doing so because they believe the EMV tokenization standard implemented by
Pay will eliminate the kind of breaches that have happened at Target, Home Depot, etc. when their point-of-sale systems were compromised.Even if the stolen card info is never used, the issuing banks have to spend a lot of money cancelling the card, changing the account number, and sending the consumer a new card. This is a huge deal for them.
What is it going to take for the terminally clueless to get it, and stop repeating something that is so obviously wrong?
$10 credit subject to W-9 on file?
I can get a $20 credit simply by using my credit card. But they need a W-9 for my $10 debit card credit?
I opened my WF account 15 years ago, I have no idea what I signed at that time. Probably not a W-9. Guess I have to pay Tax on the $10?
From Terms: https://www.wellsfargo.com/jump/debit-card/debit-apple-pay
Customer must have a certified U.S. taxpayer identification number (W-9) on file with Wells Fargo (signed and dated).
I can get a $20 credit simply by using my credit card. But they need a W-9 for my $10 debit card credit?
I opened my WF account 15 years ago, I have no idea what I signed at that time. Probably not a W-9. Guess I have to pay Tax on the $10?
From Terms: https://www.wellsfargo.com/jump/debit-card/debit-apple-pay
Customer must have a certified U.S. taxpayer identification number (W-9) on file with Wells Fargo (signed and dated).
I looked it up yesterday.
If you are willing to sign an affidavit stating you didn't authorize an ACH withdrawal, the bank is supposed to refund your money. You have to notify them within 15(?) days of being notified of the transaction (on a statement), but I don't know if there is any time limit on how fast the bank must respond.
However, there is no protection for disputed transactions. If you buy something and the merchant is defective or the service was never provided, then you have no recourse if you can't convince the merchant to reverse the charge.
Um. NO. You are still paying with your credit card so it has the same liability protection as using your actual credit card. Nice try, but work harder next time.
normally I would agree but I think the banks are thinking
pay will lower the amount in fraud claims they pay out.If they have NFC terminals, yes to Google Wallet. Paypal Credit is an option at Apple.com.
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Right and that's why I have very little direct debit/credit to my bank account. If I could get it down to two (my paycheck direct deposit and my Wells Fargo Visa bill) I would. Alas you can't put a mortgage payment on a credit card and stupid Xcel Energy charges a $5 fee to have their bill charged to your credit card.
You could use bill pay to have your bank send those 2 a check.
But MCX business still have to pay CC fees to accept CCs. And if they stop accepting CCs... Well, they will close their doors rather quickly.
Right...
- That there is no fraud protection
- That you can use debit, which costs near 0% for substantial purchases (0.3% to retailer for $100 purchases)
- That banks and cc companies already set up a secure and anonymous system
- That I trust a bank to not data mine my financial info for profit more than a retailer
- That I certainly don't trust a retailer with dubious security to get bank account, driver license and SSN number info from me, or anyone really.
- That it is very dubious that this saving will get to consumers since the companies have to build a redundant infrastructure to handle this
- That this is slower (not just less secure and less private) than NFC
- The next to zero of ACH is basically the same cost as doing a debit transaction for customers; in my case it is NOT zero.
- That people you are lbehind the time in technology (not just in the US, but world wide)
- That you are pissing off your most affluent customers, in some places like California, a large majority of your customers.
All of that doesn't enter your equation?
This post is so factually incorrect on so many levels, I have no idea where to begin...
But I'll start here. Apple Pay transactions aren't subject to a higher fee than normal swiped credit card transactions. The credit card companies are giving Apple a small percentage of the transaction fee they collect in exchange for the higher security that comes with Touch ID. The credit card companies did a risk/benefit analysis on Apple Pay and they decided that Apple Pay lowers their risk in terms of credit card fraud (which saves them big money) so in return for the increased security, they are cutting Apple in on a piece of the fee they're already taking.
Secondly, in order to use the CurrentC service, you have to give a third-party your bank account number and social security number. Do you trust a third-party that's only been vetted by your grocery store or gas station with that information? I sure as hell don't. They can't even keep your credit card number secure and you want to give this third-party that they're using primarily because it saves them from having to pay credit card transaction fees your SSN and direct access to your bank account?
Please step right over here and sign up for CurrentC. You're exactly who we're looking for.
The "angle" you speak of is the well-known aspect of significant reductions in fraud liability the "banks" achieve when Apple pay is used.
Hardly a vast "conspiracy". And see, I can "misuse" quotation marks, too.
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That's like saying water is terrible. Water is responsible for countless drownings and property damage throughout the ages. Look at all the ships that have sank. It's among the most dangerous substances throughout history. Won't somebody think of the children!
Smh
Google "fraud liability shift NFC", first link for me is a pdf from visa saying if the store has a nfc reader AND the user is using a new secure payment, the liabilty will follow current "visa operating regulations". If the store doesn't have a NFC reader, the store is liable.
Google visa operating regulations and search the PDF for liability and it states if you don't report your card or whatever as stolen, the bank can hold you responsible if they think you had been negligent.
Edit: FYI, I'm not in favor of CurrentC. I'm happy with what I have in Canada, Chip+pin for my credit and debit cards.
Wish US BANK was already working with
Coming early November according to their web site. So I would guess in a week or two at most. Looking forward to it.
Us bank
Yeah, I'm going to guess November 7th because several other banks have publicly announced that date so I'm going to say they are probably in that grouping... Hmmm
Yeah, I'm going to guess November 7th because several other banks have publicly announced that date so I'm going to say they are probably in that grouping... Hmmm
How can anyone, want all these stores having access to your checking account and all you personal info. I don't give a frogs fat ass how much money it saves the merchant, they will never pass even a fraction of that savings on to consumers.
I would never think of asking my customers to sign up for MXC, the look on their face, and the tounge lashing I would have to endure, is not worth it!
Let me tell you, people don't like when you ask for that kind of info. I can only imagine telling them, "but I'm going to track you and send you coupons"!
Opposed to giving them Apple Pay option and say, "I won't even get your name or CC number", I won't track you in anyway, and I won't have access to to your checking account.
If you think the merchants give a **** about security breaches, NOT, that gets passed on to the bank anyway. Merchants have nothing to lose there!
MCX is not only a bad security choice, how about the time it's going to add to transactions!
Anyone who thinks opening an App in line, and scanning a QR code, searching for coupons and rewards, is going to be faster then holding my fingerprint sensor and waiving my phone in front of NFC is just plain stupid.
MXC offers consumers nothing, not convenient, to much sensitive personal info required! I don't like anyone having access to my checking account and I try to limit that!
Giving the info that MXC requires, to someone such as Walmart or Target, and after the cluster**** security breach Target had, you've got to be kidding me!!!!!
I've already switched to Wahlgreens from CVS, and Walmart is not even on my list of places to shop! I don't give a **** how good the deals at Walmart are! Walmart is a very sad experience!
Best Buy I rarely use, I'm sure I can find everything I need else where!
My big problem is not so much with MXC, as it is with the stores with NFC not giving their customers the choice!!!
That really slaps me in the face, saying very loud, "our customers mean nothing to us"!!!
If any store turns off NFC to avoid Apple Pay and Google Wallet, will be a store I do no business with!
I would never think of asking my customers to sign up for MXC, the look on their face, and the tounge lashing I would have to endure, is not worth it!
Let me tell you, people don't like when you ask for that kind of info. I can only imagine telling them, "but I'm going to track you and send you coupons"!
Opposed to giving them Apple Pay option and say, "I won't even get your name or CC number", I won't track you in anyway, and I won't have access to to your checking account.
If you think the merchants give a **** about security breaches, NOT, that gets passed on to the bank anyway. Merchants have nothing to lose there!
MCX is not only a bad security choice, how about the time it's going to add to transactions!
Anyone who thinks opening an App in line, and scanning a QR code, searching for coupons and rewards, is going to be faster then holding my fingerprint sensor and waiving my phone in front of NFC is just plain stupid.
MXC offers consumers nothing, not convenient, to much sensitive personal info required! I don't like anyone having access to my checking account and I try to limit that!
Giving the info that MXC requires, to someone such as Walmart or Target, and after the cluster**** security breach Target had, you've got to be kidding me!!!!!
I've already switched to Wahlgreens from CVS, and Walmart is not even on my list of places to shop! I don't give a **** how good the deals at Walmart are! Walmart is a very sad experience!
Best Buy I rarely use, I'm sure I can find everything I need else where!
My big problem is not so much with MXC, as it is with the stores with NFC not giving their customers the choice!!!
That really slaps me in the face, saying very loud, "our customers mean nothing to us"!!!
If any store turns off NFC to avoid Apple Pay and Google Wallet, will be a store I do no business with!
Anyone know if this is per card? Bank account or apply pay account?
For example I have say 3 Wells Fargo cards personal debit, business debit and a credit would I be able to get $10, $10 and $20?
For example I have say 3 Wells Fargo cards personal debit, business debit and a credit would I be able to get $10, $10 and $20?
I presume you have a cite for that, maclies?
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I checked, and the footnotes say one credit per ACCOUNT, not per customer.
Current Visa operating regulations are "You are liable up to $50 and no further." The liability shift is only between the retailer and the credit card processor, provided you use the credit networks. The bank can hold you liable if they feel you have been negligent, but that's going to require a burden of proof (like you gave a homeless man your card and didn't report it, then you're grossly negligent that he committed fraud with your card).