Accounting for Credit Cards | Wiley Accounting Updates

Bank customer’s lawsuit raises questions about fraud liability

Posted 10:30 pm by Gerry La Rocca & filed under Financial Accounting, Fraud.

$80K fraud case highlights caveats and conditions giving banks a backdoor for liability Security of online credit cards in question The case of an Ontario man who was charged more than $80,000 on his credit card for purchases he claims he didn’t make is raising new questions about the security of online and credit card transactions and whether banks are shifting liability for… Read more »

Tighter Regulations on Swipe Fees

Posted 12:00 am by admin & filed under Accounting Principles, All Articles, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Intermediate Accounting.

On May 13, 2010, retailers won a victory over the fees they pay to banks for credit cards. An amendment by Sen. Richard J. Durbin is just one more element of the financial regulation overhaul currently underway the Senate. The measure allows stores to give customers discounts for paying with cash or using cards with cheaper… Read more »

Opting for Electronic Transactions

Posted 8:24 pm by admin & filed under All Articles, Financial Accounting, Intermediate Accounting.

More companies are cutting eliminating the acceptance of check payments from their business plans. According to Karen Aho, Whole Foods Markets, Fresh & Easy, and Banana Republic (a brand of Gap, Inc.) are just a few of the companies that refuse checks as payment from customers. According to the Federal Reserve, paying by check has… Read more »