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| Permalink View Article Stats (5 comments) Promoted to Headline (H2) on 1/10/12: Credit Card Firms: They Don't Just Steal From Cardholders Quicklink submitted by Amanda Lang (Add your own quicklinks easily with the OpEdNews Quick Link Browser bookmark) |
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Great story out this morning by Bloomberg reporter Thom Weidlich, detailing yet another devious and dirty scheme in the consumer credit industry. The story outlines the misfortunes of a successful Park City, Utah restaurant called Cisero's that is best known for serving the movie stars and film glitterati attending the nearby Sundance film festival. The restaurant is engaged in a legal battle with its bank, but the larger struggle is between the restaurant and major credit cards like Visa and MasterCard. It's a complex tale, but the gist of it is that the credit-card companies invoked arcane provisions of operating contracts with the merchant, and unilaterally 'fined' the restaurant for enormous sums of money without proving any of the charges. Some of that money was actually debited from the merchants' account before they managed to close it. |
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Cash transactions...
by John Sanchez Jr. on Wednesday, Jan 11, 2012 at 8:16:04 AM
This is off topic but still relevant.
by Paul Repstock on Thursday, Jan 12, 2012 at 1:05:47 AM
As you pointed out,...
by John Sanchez Jr. on Thursday, Jan 12, 2012 at 8:22:49 PM
I would like to think you right John,
by Paul Repstock on Friday, Jan 13, 2012 at 12:19:00 AM
What we can argue with is...
by John Sanchez Jr. on Friday, Jan 13, 2012 at 8:32:03 AM