Visa Faces Ohio Attorney General Probe Over Its Debit Cards

Date : 04/21/2017 @ 11:08AM
Source : Dow Jones News
Stock : Visa Inc. (V)
Quote : 91.85  0.7 (0.77%) @ 4:23PM

Visa Faces Ohio Attorney General Probe Over Its Debit Cards

Visa (NYSE:V)
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By AnnaMaria Andriotis 

Visa Inc.'s debit-card practices are under new scrutiny.

The card network disclosed in a company filing on Friday that it received a civil investigative demand from the Ohio attorney general's office in January. The demand requested documents and information pertaining to several debit-card practices, including the company's rules related to the acceptance of its debit cards.

Other practices that the attorney general's office is looking into include Visa's card-holder-verification methods and the routing of its debit-card transactions.

Visa said in the filing that it is cooperating with the attorney general.

The card networks' debit-card practices have been at issue for decades. They have been a source of friction and litigation between merchants and the large card networks, Visa and Mastercard Inc., for issues including the prices the networks set for swipe fees.

A federal law that went into effect in 2011 set government price caps on those fees. It also required that debit cards provide at least two unaffiliated card networks for merchants to choose from.

Write to AnnaMaria Andriotis at annamaria.andriotis@wsj.com

 

(END) Dow Jones Newswires

April 21, 2017 10:53 ET (14:53 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.



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