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Retailers Making Millions on Cash Back Fees: CFPB

Account Recovery

Consumers are paying “tens of millions” of dollars in fees to “access their own money” when getting cash back at retail operations, according to a report released yesterday by the Consumer Financial Protection Bureau. What to watch: How consumers respond to these fees could shape future retail and banking strategies.

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CFPB Report Finds Large Retail Chains Charging Cash-back Fees to Customers Using Debit and Prepaid Cards

Consumer Finance

The CFPB published a new report finding Americans are paying tens of millions of dollars in fees to access their own money when getting “cash back” at large retail stores when making a purchase with a debit or prepaid card.

Retail 141
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What Is Retail Accounting? A Guide to the Retail Method of Accounting

Nerd Wallet

Retail businesses have unique challenges, not the least of which is business accounting — especially for inventory. Discover the ins and outs of retail accounting to help you stay on top of your bottom line. MORE: NerdWallet’s best small-business apps Understanding retail accounting The term “retail accounting” is a bit of a misnomer.

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N.J. Appeals Court Affirms Dismissal of FDCPA Case Over Multiple Names in Letter

Account Recovery

The background: The case began when the plaintiff received a letter from the defendant that attempted to collect on a retail credit card debt for which the credit card was issued by a financial institution. The plaintiff defaulted on his payments to the institution, which subsequently referred the debt to the defendant for collection.

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Retail Insolvencies continue to rise in the UK

UK debt collections

Retail Insolvencies are expected to continue to rise according to latest industry expert findings. Less than two months into 2024 and six UK retailers have already gone bust, with a further two warning they may fall into trouble, as experts warn the market will “continue to see an uptick in retail insolvencies”.

Retail 105
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Retail Insurance: What It Is, How to Get It for Your Business

Nerd Wallet

Most retail stores should have general liability and commercial property insurance to protect their businesses against common risks, such as customer injuries and property damage. In fact, in order to rent retail space, a landlord may require proof of both types of small-business insurance before approving your lease application.

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Daily Digest – May 28. Washington Appeals Court Overturns Dismissal Against Collection Law Firm; Illinois Legislature Passes Bill Prohibiting Collection of Coerced Debt

Account Recovery

… Answering the question of whether to leave chargers plugged in all the time … More than half of Americans admit to regularly engaging in “ghostworking” … More Americans are moving to this country than anywhere else … Everyday moves to help you live a healthier and happier life.

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