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YOUR FRIENDS' ACTIVITY

    Debit Card banks, processors shares surge

    AP – Wed, Jun 29, 2011

    DES MOINES, Iowa (AP) — Stocks in banks that issue debit cards and in payment processors Visa and Mastercard surged Wednesday as the Federal Reserve prepared to adopt higher retailer card swiping fee limits than had been originally discussed.

    A fee cap of 21 cents is the result of a six-month lobbying blitz by banks, which claimed the government's initial cap of 12 cents was too low.

    Currently, banks charge retailers an average of 44 cents every time a debit card is swiped for a purchase.

    Visa Inc. shares surged $11.29, or 15 percent, to close at $86.57, topping its previous 52-week high of $83.

    Shares of Mastercard Inc. rose $31.47, or 11.3 percent, to close at $309.70, also setting a new 52-week high.

    Discover Financial Services shares rose 47 cents, or 1.8 percent, to close at $26.61, near their 52-week high of $26.90.

    Among the major banks offering debit cards, Citigroup Inc. shares rose $1.35, or 3.4 percent to close at $41.50, and JPMorgan Chase & Co. closed up 91 cents, or 2.3 percent, at $40.45.

    Bank of America Corp. shares got a 32-cent lift, or 3 percent, and closed at $11.14.

    Banks also had received a boost earlier in the day after Bank of America said it will pay $8.5 billion to settle investor claims that its Countrywide unit sold poor-quality mortgage bonds that soured quickly when the housing market collapsed.

    Although the Charlotte, N.C.-based bank expects the deal to increase its second-quarter loss by more than $6 billion, settling the legal dispute gave investors confidence that Bank of America can survive the fallout from the mortgage crisis.

    The deal provided a framework for other banks that have been sued on similar grounds.

     

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