Credit card

“ Tens of thousands of credit card numbers were spirited away from bank computers everywhere. You can imagine the shock when tens of millions of dollars of purchases were contested by the legitimate credit card holders. ”

“ Changes by card issuer.—If a card issuer makes a material change in the mailing address, office, or procedures for handling cardholder payments, and such change causes a material delay in the crediting of a cardholder payment made during the 60-day period following the date on which such change took effect, the card issuer may not impose any late fee or finance charge for a late payment on the credit card account to which such payment was credited. ”

“ Prompt notification of returns ``With respect to any sales transaction where a credit card has been used to obtain credit, where the seller is a person other than the card issuer, and where the seller accepts or allows a return of the goods or forgiveness of a debit for services which were the subject of such sale, the seller shall promptly transmit to the credit card issuer, a credit statement with respect thereto and the credit card issuer shall credit the account of the obligor for the amount of the transaction. ”

“ For Brunei Darussalam, in accordance with its laws and regulations, a payment instrument, whether in physical or electronic format, that enables a person to obtain money, goods or services, or to otherwise make payment, including credit card, charge card, debit card, cheque, automated teller machine (ATM) card, prepaid card or other instruments widely used for performing a similar function. (c) For Canada, a “payment card” as defined under the Payment Card Networks Act as of January 1, 2015. ”

“ Credit card companies will no longer be able to mislead you with pages and pages of fine print. You will no longer be subject to all kinds of hidden fees and penalties, or the predatory practices of unscrupulous lenders. ”

“ Nowhere is this more apparent than in our credit card industry. Americans know that they have a responsibility to live within their means and pay what they owe. But they also have a right to not get ripped off by the sudden rate hikes, unfair penalties, and hidden fees that have become all-too common in our credit card industry. You shouldn’t have to fear that any new credit card is going to come with strings attached, nor should you need a magnifying glass and a reference book to read a credit card application. ”

“ A person who sells goods or provides services, etc. to credit card holders, debit card holders, or pre-paid card holders (hereinafter referred to as the “credit card holders, etc.”) through the transactions by means of a credit card, debit card, or pre-paid card (hereinafter referred to as the “credit card, etc.”) in compliance with the contract with the credit card company; and (b) A person acting for the transactions by means of a credit card, etc. (hereinafter referred to as the “agency for settlements”) for the persons who sell goods or provide services, etc. to credit card holders, etc. ”

“ In general.—Each creditor shall submit an annual report to the Board containing the terms and conditions of all business, marketing, and promotional agreements and college affinity card agreements with an institution of higher education, or an alumni organization or foundation affiliated with or related to such institution, with respect to any college student credit card issued to a college student at such institution. ”

“ The purpose of this Act is to seek financial conveniences for the people and to contribute to the growth of the national economy by supporting sound and initiative development of credit card business, facilities leasing business, installment financing business, and venture capital business. ”

“ CHAPTER II LICENSE OR REGISTRATION Article 3 (License or Registration of Business) (1) A person who wishes to perform a credit card business shall obtain a license from the Financial Services Commission: Provided, That persons falling under paragraph (3) 2 may carry on a credit card business by registering with the Financial Services Commission. ”

“ Each state agency shall maintain a copy of each monthly statement for all its credit cards, including credit cards issued to its officers and employees for official use. The Oregon Department of Administrative Services shall maintain a link to each state agency monthly credit card statement from the website described in section 2 of this 2009 Act. Each state agency shall make the monthly credit card statement available to the department for purposes of establishing and maintaining the link. ”

“ Provided further, That this restriction shall not preclude issuance of a restricted-use charge, debit, or stored value card made in accordance with agency procedures to: (1) an individual with an unsatisfactory credit history where such card is used to pay travel expenses and the agency determines there is no suitable alternative payment mechanism available before issuing the card; or (2) an individual who lacks a credit history. ”

“ Service fee.— `` (A) In general.—The term ‘service fee’ means a periodic fee, charge, or penalty for holding or use of a gift certificate, store gift card, or general-use prepaid card. `` (B) Exclusion.—With respect to a general-use prepaid card, the term ‘service fee’ does not include a one-time initial issuance fee. ”

“ It is also a good plan to enter the amount of credit to which the man is entitled. This data should be entered at the very top of the card where it will catch the eye. These cards are 3 × 5 inches, specially printed; they fit into the filing cabinet, to be described later. One standard drawer 151⁄2 inches long will hold enough cards to take care of a six company post. The cards should be of fairly good writing stock, but no thicker than is necessary to insure ease of handling. ”

“ At present, the use of documents or any other objects or data created in the form of electronic cards, such as credit cards, debit cards, smart cards, or any other cards of similar characteristics, whose objective is for use in paying product prices, service charges, or other debts or in furnishing [the users] themselves or other persons with any kind of benefit, is extensively increasing in amount and in types of usage. ”

“ In accepting a note from a customer, do not have it made payable at your bank. Have the drawer make it payable in his own town and at his own bank. Demand for payment must be made at the exact place stated in the note. As every business man is particular about protecting his credit in his own town, and especially at his own bank, it is obvious that he will be most diligent about providing for the payment of paper made payable at the bank with which he is doing business. ”

“ Instead of running the risk of paying bills with money carried about on his person, the business man, and every man with ready money should follow his example, deposits his money in a convenient bank, for which he receives a proper voucher in the shape of a credit in a deposit book.
When he pays a bill, he draws a check for the amount, payable to the order of his creditor. This check, when endorsed by the receiver and paid by the bank, is in itself a receipt for the money. ”

“ Banker, as I understand your contention from the illustration you have just completed, it is this, that there is absolutely no difference whatever, either in principle or in practice, between a bank book credit and a bank note credit, except as a mere matter of bookkeeping. That it is wholly immaterial whether there are 1,000 men walking about the streets of a town, each having a $10 bank note of the local bank in their pockets, or a thousand men walking about with check books from which they can issue 1,000 checks for $10 each. ”

“ Checking accounts meet in the most satisfactory manner all currency needs for which hand-to-hand money is not well adapted, such as large payments and payments at a distance. With a few strokes of a pen payments of the greatest magnitude can be made through their agency. Checks can be sent through the mails at slight expense and without danger of loss of the amount involved. By the devices known as travelers' and commercial letters of credit, checking accounts supply the most convenient form of currency for travelers and for merchants engaged in foreign trade. ”

“ The face of a cheque drawn to the amount of his deposit in favor of another depositor in the same bank is transferred in the banker's books from the credit of the drawer to that of the payee by the stroke of a pen, no money at all passes in the premises, while the banker is released from one debt by creating another of equal amount, the drawer is released from one debt by another to be transferred to the payee, and the payee is paid by the drawer by the former's receipt of another debt more acceptable to him. ”

“ In various ways the special agent found opportunities, even without seeing the books of the bank, of demonstrating to his satisfaction [Pg 150] that the accounts were being juggled. This was particularly true of new deposits. When a cashier is particularly hard pressed he may resort to a manipulation of the accounts of current depositors. The system is the simplest in the world. When a depositor hands in his money, the cashier enters the amount in the pass book of that individual as a receipt. Then, instead of entering the money to the depositor's credit, the cashier puts it into his pocket. ”

“ In all these ways the banking power of a country is extended to several times the coin money in circulation, and that with perfect safety. But it is possible for banks to be tempted through the very perfection of their own credit. The note of an individual has no established market value. A deposit in the bank is valued as cash. It is possible to secure the credit of having a bank deposit by discounting an individual note. ”

“ A dealer who has sold goods, for which he is to be paid in six months, but who desires to receive payment sooner, draws a bill on his debtor payable in six months, and gets the bill discounted by a banker or other money-lender, that is, transfers the bill to him, receiving the amount, minus interest for the time it has still to run. It has become one of the chief functions of bills of exchange to serve as a means by which a debt due from one person can thus be made available for obtaining credit from another. ”

“ Our imports in the way of commodities such as hides, coffee, [Pg 328] rubber, wool, etc., etc., run into hundreds of millions of dollars annually, and these are financed generally through the medium of commercial credits established by the purchaser in favor of the vendor of the merchandise. Commercial credits, so called, are in effect a bank guarantee to the seller that his drafts covering certain merchandise, when drawn in accordance with the conditions prescribed in the credit, will meet with due honor on presentation to the accepting bank named in the credit instrument. ”

“ Experience proves that, after a little while, a customer becomes tired of continually transferring sums from his running account to deposit, and then, when his account is getting low, paying the deposit-receipts to his credit. ”

“ A person buys on time and sells on time and expects to pay for [Pg 18] his purchases by the proceeds of his sales. So long, therefore, as the processes of commerce and industry proceed in a normal fashion, the paper discounted by a bank will be paid at maturity and the credit balance created by means of such discounts offset by corresponding debits. Ordinarily the credits created through discounts during a given period, say a day or a week, in favor of one set of customers will be balanced during this same period by the payment of notes previously discounted for other customers. ”

“ We have had the privilege of serving you through such an account.
There are two fundamental methods of conducting a retail business. The one is on the cash and the other is on the credit plan. In the cash plan all goods are either paid for at the time of purchase or at the time of delivery. In the credit plan, those who have not credit or do not care to use credit pay cash; those who have credit rating charge their purchases and bills are rendered monthly. Credit was not extended by the store as a favor; it formed part of a way of doing business. The favor is on the part of the customer. ”

“ A common method of procedure, when [Pg 103] a sale is made on time, is the drawing of a bill for the amount due, by the seller upon the buyer, payable at the end of the credit period agreed upon, and accepted by the buyer, and the discount of the bill by the seller's bank. In foreign and in some branches of domestic trade, the banker's bill is used on account of its more general acceptability as an object of discount, such bills usually being discountable by the central bank and by banks far distant from the place in which the bill originated. ”

“ If a customer or friend of yours who owed you $40,000 on account should come to you and tell you that he had deposited $50,000 to your credit in the German National Bank of Little Rock, and that he wanted a receipt for the $40,000 that he owed you, and wanted a credit for the other $10,000, and you should give him the receipt and the credit, and should subsequently learn that he had never deposited one dollar in that bank for you, with what intent would you conclude he had made these statements? ”

“ When we receive the cash for the men’s notes at pay day, we credit “Mr. Bills Receivable” with the amount taken in, thus clearing him of this amount and making him no longer responsible for it. We have previously, of course, entered this amount on the debit side of the Cash Book, for the same reason noted above. When the coupons are presented by the men in payment for articles purchased by them, we credit “Merchandise” (or the proper department of the Exchange, if departments are used) with the amount taken in. ”