Various techniques are provided for establishing financial transaction rules to control one or more subsidiary financial accounts.
The financial transaction rules to be applied to a subsidiary financial account may be defined and configured using a processor-based device.
The device may update the financial transaction rules associated with a subsidiary account by communicating the rules to an appropriate financial server.
In general, the financial transaction rules may be defined by the holder of a primary account to which the subsidiary account is associated.
The financial transaction rules may be based upon transaction amounts, aggregate spending amounts over a period, merchant categories, specific merchants, geographic locations, or the like.
The processor-based device may be additionally configured to transmit the financial transaction rules defined by the primary account holder to a designated financial institution that manages the subsidiary account.
In one embodiment, a financial account management application stored on a processor-based device may provide an interface for defining financial transaction rules to be applied to a subsidiary account.
The financial institution may store a record of user preferences associated with the primary and subsidiary financial accounts, and may update these account holder preferences based on the received financial transaction rules.
While the fees are roughly half the original 44 cents per transaction, the new rules are considerably more favorable than the 7 cents the Fed was debating in December.
Free checking has quickly become a thing of the past as banks deal with new rules on deposit and transaction fees.
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The lower profits for the quarter reflect the anticipated impact of the Durbin Amendment, a change in federal rules for debit card transaction fees that will likely result in much higher per-transaction fees for customers who pay for small transactions with debit cards.
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For example, while almost all Shariah authorities forbid any transaction or investment which provides for interest income, SCF rules allow for interest in two ways.
The Federal Reserve's rules limit debit-card fees to 24 cents per transaction, including an allowance for fraud costs, compared with a current average of 44 cents.
Card scheme rules say claims must be submitted within 540 days of a transaction being made.
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Under the network rules of Visa and MasterCard, the service fee for any transaction at an ATM should not be less than the amount charged at that ATM for a Visa or MasterCard transaction.
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Accordingly, transactions made using the subsidiary account by a subsidiary account holder may be evaluated against the defined rules, wherein an appropriate control action is carried out if a financial transaction rule is violated.
The transaction also is subject to Aussino's compliance with the Singapore Exchange's listing rules, but Aussino said Friday its financial adviser believed the company wouldn't be able to comply with them.
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The battle over debit-card transaction fees has moved from the legislative to the regulatory arena as the Federal Reserve sets the rules behind the new laws.
John had beaten that deadline, but card scheme rules also say a chargeback is also supposed to be claimed within 540 days of the transaction.
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Please note that there are separate rules for losses on property held in connection with a trade or business, or in a transaction entered into for profit, and should this apply to you, please speak with your tax advisor.
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