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Investigating credit card code of conduct breaches
March 21, 2011
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CRFA Update
Finance Minister Jim Flaherty has ordered an investigation of Moneris Solutions, the country’s largest credit card payment processor, over a possible violation of the Code of Conduct for the payments industry. Merchants alleged the language used by Moneris to notify them of fee changes is deliberately unclear, making it difficult to tell if fees will increase.
Under the Code, merchants have 90 days to change processors without penalty when fees are increased. Following the Minister’s announcement, Moneris will give merchants an extra 90 days to review and cancel their service free of charge.
CRFA stands up for operator rights
Although the complaint was publicly withdrawn, CRFA met with senior officials from the Financial Consumer Agency of Canada (FCAC) to ensure the allegations are taken seriously. The Agency could not comment on case specifics, but assured us complaints are thoroughly investigated. CRFA also met with the Minister’s staff to discuss options that ensure processors use clear and simple language so merchants understand their rights under the Code.
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