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RILA responds to Bank of America decision to abandon debit fee charge

BY Katherine Boccaccio

Arlington, Va. — The Retail Industry Leaders Association on Tuesday issued a statement in response to Bank of America’s decision to abandon its plan to charge new fees on debit card users.

“Today’s news is proof-positive that consumers remain swipe fee reforms biggest winners,” said Katherine Lugar, RILA executive VP public affairs, in the statement. “Bank of America and its big bank peers are no longer free to fleece merchants and consumers at will. This outcome is just what consumers deserve, what reform advocates predicted and what we will fight to extend to the credit card market.”

The action by Bank of America follows decisions by competitors to drop customer trials of the new fees. SunTrust Banks Inc. and Regions Financial Corp. also said they will stop charging customers for debit-card transactions.

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True Value profit rises 3.4% in Q3

BY Staff Writer

Chicago — True Value Co. reported Tuesday that profit for the third quarter increased 3.4% to $18.1 million, compared with $17.5 million in the year-ago period.

Revenue rose 3.6% to $445.7 million, from $430.2 million.

According to the cooperative, 788,000 sq. ft. of retail space has been covered to its recommended Destination True Value prototype so far this fiscal year, up 13.5 % from 694,000 sq. ft. last year.

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VeriFone acquires Global Bay

BY Staff Writer

San Jose, Calif. — VeriFone Systems said Tuesday it has acquired mobile retail solution-provider Global Bay Mobile Technologies. According to VeriFone, the acquisition is part of its strategy to integrate mobile with retail and payments, extending new smartphone- and tablet-based shopping and payment experiences to retail organizations.

Terms of the transaction, which closed effective Tuesday, were not disclosed.

“Global Bay’s mobile retail applications complement our vision to deliver rich commerce solutions that open up new opportunities for merchants to engage their customers in deeper, more meaningful ways that will generate increased profitability and shopper loyalty,” said Jennifer Miles, VeriFone executive VP, North America.

Global Bay has worked with retailers globally to increase sales and improve customer satisfaction with mobile applications that leverage existing POS, e-commerce, and traditional store systems.

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