WAL-MART TO DECLINE MASTERCARD DEBITS.(debit cards)(Brief Article)
HFN: The Weekly Newspaper for the Home Furnishing Network, December, 2003
BENTONVILLE, Ark.-Effective Feb. 1, Wal-Mart will no longer accept MasterCard signature debit cards, due to higher transaction fees when compared with other debit cards, said the company.
"As a result of the merchants' lawsuit settlement, MasterCard can no longer require acceptance of its signature debit card as a condition of accepting its credit card," said Mike Cook, Wal-Mart's vice president and assistant treasurer, in a statement. "The fees charged by MasterCard for its signature debit are simply too high, which led us to eliminate this payment option rather than pass these costs on to our customers."
A lawsuit settlement this spring freed retailers to pick which credit and debit card services they use.
In the 1990s, Wal-Mart and...
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