PaulMSN

Where was it proved that an FDIC block caused this problem? All I've seen so far is conjecture.

linglingfool

Haven't been keeping up with the thread the last few days, but to answer the question of how the clerks know which card you're using: if I walk up and ask for a MO of $1k at a few of my local WMs, the first words out of their mouth are increasingly "Paying with gift cards? We don't take those anymore."

craz

http://www.flyertalk.com/forum/23067516-post685.html

clockhand

http://www.sec.gov/Archives/edgar/da.../bancorp8k.htm

The Bancorp Bank (the “Bank”), a wholly owned subsidiary of The Bancorp, Inc., entered into a Stipulation and Consent to the Issuance of a Consent Order (the “Order”) with the Federal Deposit Insurance Corporation (the “FDIC”) which became effective on June 5, 2014. The Bank took this action without admitting or denying any charges of unsafe or unsound banking practices or violations of law or regulation relating to weaknesses in the Bank’s Bank Secrecy Act (“BSA”) Compliance Program.

The Order requires the Bank to take certain affirmative actions to comply with its BSA obligations, among them: appoint a qualified BSA/OFAC officer; revise the written BSA Compliance Program; develop and implement additional policies and procedures for suspicious activity monitoring and reporting; review and enhance customer due diligence and risk assessment processes; review past account activity to determine whether suspicious activity was properly identified and reported; strengthen internal controls, including augmenting Board oversight regarding BSA activities; establish an independent testing program and develop policies and procedures to govern staffing and training for BSA compliance.

To date, the Bank has implemented multiple upgrades that address the requirements of the Order, such as the appointment of a qualified BSA/OFAC officer, increasing oversight and staffing of the BSA compliance function, improving practices and procedures to monitor and report transactions; increasing training, as well as adopting an independent testing program to ensure adherence to more effective BSA standards. Although these measures have and will increase non-interest expense including significant initial consulting fees, growth in the various lines of business should over time, should cover these expenses.

Until approval by the FDIC of a BSA Report for which the Bank has already engaged a third party, the Order places some restrictions on certain activities: the Bank will be restricted from signing and boarding new Independent Sales Organizations; the Bank will be restricted from issuing new non-benefit related reloadable prepaid card programs; and the Bank will be restricted from Originating Automated Clearing House transactions for new merchant-related payments. We do not believe that these restrictions will have a material impact on revenue.

craigpd

Am I correct in stating that the US Bank Visas do not require the "Change Payment" workaround at WalMart, but the US MCs do require it? (Sorry to ask, but I've just been using Vanilla Visas up to this point.)

picards007

I wonder if "issuing" is when you swipe and "load" the card at a POS terminal.

grayland

Yes...but if we keep yaking about it every 5th post... it will soon suffer a similar fate.

luchex

a few days ago i went to CVS and grabbed 4 OV, and at the cashier there was a somewhat uninformed lady that told me cah only. she supposedly had the list and it was cash only, and stubornly refused to sell. The manager even more uninformed said the same (i always buy there but in a diferent shift). Iwas a little annoyed by that. Today I think it was my chubby guardian angel that make that lady not sell those OV.
I want to make a compilation of MS miracles and I need your MS miracle story.

TTnC4me

...and the posts surrounding each of yours are case in point. Foolish people feel the need to brag without any regard to the repercussions.

grayland

You would have to have a certified letter from the FIDI to satisfy Mr. "Prove it"!

rharrigill

I had a similar experience on Wednesday evening, though I had never visited this location (only others in the area) and was only trying to buy a $500 OV.

GT4321

My understanding based on al the articles I have read is that they'll continue to sell existing products. They won't be able to introduce any new ones though. I am not very clear on the ACH part though.

craz

[QUOTE=craigpd;23068740]Am I correct in stating that ...[QUOTE]

You could have tried PMing some folks who in the past spoke about what you are interested in to see if they would answer you

assume most wont but at least a person should try and worse comes to worse, you could go out and purchase 1 card and try it.If it doesnt work then you arent out any $$$, just use that card till its Zeroed out instead of using say Barclays CC.Since you sued that Barclays to get the GC all you would have wasted is the fee for the GC, but you stil got all youer pts/miles or $

Please note I didnt say go out and buy $1000s (I wouldnt) till I knew for sure its workable, but as with the Vs anything else can also be stopped on a dime, so Id say its best getting what you will use then and there and then go back for more. Keep in mind there were posts where a person was able to get x MOs and then bingo no more even thou 5 secs before they were able to

PaulMSN

Yes, it's not clear at all that this is what's causing a problem at WM only. If ACH transactions affect WM, why not other MO issuers? Why are less-than-$100 swipes being allowed at WM, at least for some?

Without a rational mechanism to explain these anomalies, this remains conjecture. The two might be related, but there's no real proof yet. It could still be WM messing around with their software, as they have done before.

itchyfeet123

It's not clear how either of these would affect Walmart. Both components specify "new". For example, this link http://online.barrons.com/news/artic...18321798364270 interprets it as restricting Bancorp's ability to sign up new partners.