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Financial Services Articles

Target sells $3.6B in credit card receivables interest to JPMorgan Chase

Chantal Todé May 06, 2008

Target Corp. said it would sell an interest in its credit card receivables to JPMorgan Chase for proceeds of approximately $3.6 billion. The transaction is expected to provide Target with sufficient liquidity to implement its business plans without the need to access term debt capital this year.

Wells Fargo banks on virtual worlds to gather real-world interest

David Ward May 05, 2008

If you don't think virtual worlds can mirror reality, imagine losing your cool new virtual car because you haven't made your virtual payments. That's one of the things that can happen on Stagecoach Island, a private virtual world created by financial services company Wells Fargo to teach basic financial skills to the age 14-24 demographic.

Small business, big community

Lauren Bell May 05, 2008

For American Express Open, engaging and interacting with customers is the key to gaining loyalty, Lauren Bell reports.

Wachovia reaches $125M settlement with US government agency

Mary Elizabeth Hurn April 30, 2008

Wachovia Bank has entered into a settlement agreement with the Office of the Comptroller of the Currency (OCC), which is directing the bank to make restitution to consumers harmed by its relationships with numerous teleservices providers and third-party payment processors.

Alliance ends acquisition deal, files lawsuit

Lauren Bell April 22, 2008

Alliance Data Systems Corp. (ADS) has officially terminated its $6.4 billion dollar acquisition agreement with The Blackstone Group and is suing the private equity firm for a $170 million break-up fee.

Sears latest retailer to lose bank funding

Chantal Todé April 21, 2008

Sears Holdings Corp. has joined the list of retailers receiving bad news from the financial community. In a filing with the Securities and Exchange Commission on Friday, Sears revealed that the Bank of America had advised the multichannel merchant it would not renew an existing letter of credit agreement under the current terms.

Retailers hoping to rebound with tax rebate campaigns

Eleanor Trickett April 21, 2008

Now that Tax Day is behind us, retailers are waiting to see if the government's stimulus checks will be spent, or socked away. Many retail brands have already been campaigning creatively to persuade Americans that it is their duty to their economy to flood the money into stores.

Talbots renegotiates payment terms with vendors after losing bank funding

Chantal Todé April 16, 2008

The Talbots Inc. is the latest multichannel merchant to become a victim of the financial industry's growing wariness of funding retail operations. However, Talbots quickly responded, by renegotiating terms with its vendors and said these arrangements are expected to be sufficient to fund the company's working capital needs under its 2008 operating plan.

Check Buyers Checkbook Bind-in Insert Program on market

April 16, 2008

Adrea Rubin has introduced the Custom Direct Check Buyers Checkbook Bind-in Insert Program to the market. This program provides the opportunity to bind a single insert into the first checkbook of a customer's order.

Online fraud up to $240M

April 14, 2008

Americans reported $240 million in online fraud losses in 2007 to the Federal Bureau of Investigation, an increase of $40 million from 2006, according to the FBI's National White Collar Crime Center. Credit-card fraud accounted for 6.3%, check fraud accounted for 6%, computer fraud accounted for 5.3%, and identity theft accounted for 2.9% of all complaints filed.

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