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French Check Processing Fee Controversy Of 2010
In 2010, the French government's (the department in charge of regulating competition) fined eleven banks €384.9 million for colluding to charge unjustified fees for check processing, especially for extra fees charged during the transition from paper check transfer to "Exchanges Check-Image" electronic transfer. The banks were: * *BPCE * *BNP Paribas * * * * (CIC) *HSBC * LCL * See also *Cheque fraud *Cheque truncation *Substitute check *Check 21 The Check Clearing for the 21st Century Act (or Check 21 Act) is a United States federal law, , that was enacted on October 28, 2003 by the 108th U.S. Congress. The Check 21 Act took effect one year later on October 28, 2004. The law allows the ... Notes 3rd UPDATE: French Watchdog Fines 11 Banks For Fee Cartel Elena Bertson, Do ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Autorité De La Concurrence
The (; ) is France's national competition regulator. Its predecessor, the Competition Council, was established in the 1950s. The Competition Authority is an , responsible for preventing anti-competitive practices and monitoring the functioning of markets. It aims to ensure respect for the law linked "to the defense of a sufficient market competition". Although it is not considered a court, it pronounced injunctions, makes decisions, and if necessary, imposes penalties, subject to appeal to the Court of Appeal of Paris and the Court of Cassation. It also issues opinions. The main sources of law of its action are the Commercial Code (Book IV) and Articles 101 and 102 of the Treaty on the Functioning of the European Union. Its headquarters are in Paris, at 11 Rue de l'Echelle (some services such as the concentrations or the economy are at 6 avenue de l'Opéra) History Created by a decree of 9 August 1953 in the form of a commission attached to the Minister for the Economy, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
LCL S
LCL can mean: Science, technology, and medicine * Lateral collateral ligament (other), one of several ligaments located on the lateral side of a joint: ** Fibular collateral ligament, a ligament of the knee joint ** Lateral collateral ligament of ankle joint ** Radial collateral ligament of elbow joint * Less than container load, a service of freight forwarders for part loads in shared container * Less-than-car load freight, less than a full boxcar or box motor * Liquid crystal laser * Lifted condensation level or lifting condensation level, a meteorological term * Lazarus Component Library, the Lazarus GUI subsystem, similar to Borland VCL * Lower control limit, a statistical process control term * Lymphoblastoid cell line, the outcome of lymphocyte infection by Epstein–Barr virus * Light Center Length, the distance between the center of the filament (or arc tube) and a reference plane - usually the bottom of the lamp base Organizations * LCL S.A., the new n ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2010 In France
This article lists events from the year 2010 in France. Incumbents * President – Nicolas Sarkozy * Prime Minister – François Fillon Events January * 10 January – Referendum in Martinique and French Guiana. February * 12 to 28 February – During Olympic Games in Vancouver, the French team wins 11 medals: **Gold medals ***Vincent Jay ***Jason Lamy-Chappuis **Silver medals ***Déborah Anthonioz ***Martin Fourcade ***biathlon women team (Marie-Laure Brunet, Sylvie Becaert, Marie Dorin and Sandrine Bailly) **Bronze medals *** Marie Dorin *** Tony Ramoin ***Marie-Laure Brunet ***Vincent Jay *** Marion Josserand *** Mathieu Bozzetto * 28 February – The storm Xynthia kills at least 51 people, with 12 more said to be missing. March * 14 to 21 March – Regionales elections. * 12 to 21 March: In the 2010 Winter Paralympics France wins 6 medals. April May June * 6 June – The 2010 French Open tennis tournament concludes at Stade Roland Garros, with Rafael Nadal wi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Controversies In France
Controversy is a state of prolonged public dispute or debate, usually concerning a matter of conflicting opinion or point of view. The word was coined from the Latin ''controversia'', as a composite of ''controversus'' – "turned in an opposite direction". Legal In the jurisprudence, theory of law, a controversy differs from a legal case; while legal cases include all suits, Criminal law, criminal as well as civil law (common law), civil, a controversy is a purely civil proceeding. For example, the Case or Controversy Clause of Article Three of the United States Constitution (Article Three of the United States Constitution#Section 2: Judicial power, jurisdiction, and trial by jury, Section 2, Clause 1) states that "the judicial Power shall extend ... to Controversies to which the United States shall be a Party". This clause has been deemed to impose a requirement that United States federal courts are not permitted to cases that do not pose an actual controversy—th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Check 21
The Check Clearing for the 21st Century Act (or Check 21 Act) is a United States federal law, , that was enacted on October 28, 2003 by the 108th U.S. Congress. The Check 21 Act took effect one year later on October 28, 2004. The law allows the recipient of the original paper check to create a digital version of the original check, a process known as check truncation, into an electronic format called a " substitute check", thereby eliminating the need for further handling of the physical document. In essence, the recipient bank no longer returns the paper check, but effectively e-mails an image of both sides of the check to the bank it is drawn upon. Consumers are most likely to see the effects of this act when they notice that certain checks (or images thereof) are no longer being returned to them with their monthly statement, even though other checks are still being returned. Another effect of the law is that it is now legal for anyone to use a computer scanner or mobile phon ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Substitute Check
A substitute check or cheque, also called an image cash letter (ICL), clearing replacement document (CRD), or image replacement document (IRD), is a negotiable instrument used in electronic banking systems to represent a physical paper cheque (check). It may be wholly digital from payment initiation to clearing and settlement or it may be a digital reproduction (truncation) of an original paper check. Standards and formats Software providers have developed "Virtual Check 21" standards within electronic banking systems which allows creation and submission of demand draft documents to the bank of deposit. Standards may include: * Remotely created checks (RCC) * X9.37 files Geographical significance United States The beginnings of substitute checks in the United States were formalized by the Check 21 Act which came into effect in 2004. See also * Remote deposit * Cheque truncation Cheque truncation (check truncation in American English) is a cheque clearance system tha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cheque Truncation
Cheque truncation (check truncation in American English) is a cheque clearance system that involves the digitization of a physical paper cheque into a substitute electronic form for transmission to the paying bank. The process of cheque clearance, involving data matching and verification, is done using digital images instead of paper copies. Cheque truncation reduces or eliminates the physical movement of paper cheques and reduces the time and cost of cheque clearance. Cheque truncation also offers the potential reduction in settlement periods with the electronic processing of the cheque payment system. History For cheque clearance, a cheque has to be presented to the drawee bank for payment. Originally this was done by taking the cheque to the drawee bank, but as cheque usage increased this became cumbersome and banks arranged to meet each day at a central location to exchange cheques and receive payment in money. This became known as central clearing. Bank customers who rece ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cheque Fraud
Cheque fraud (Commonwealth English), or check fraud (American English), refers to a category of criminal acts that involve making the unlawful use of cheques in order to illegally acquire or borrow funds that do not exist within the account balance or account-holder's legal ownership. Most methods involve taking advantage of the ''float'' (the time between the negotiation of the cheque and its clearance at the cheque writer's financial institution) to draw out these funds. Specific kinds of cheque fraud include cheque kiting, where funds are deposited before the end of the float period to cover the fraud, and paper hanging, where the float offers the opportunity to write fraudulent cheques but the account is never replenished. Types of cheque fraud Cheque kiting Cheque kiting full refers to use of the float to take advantage and delay the notice of non-existent funds. Embezzlement While some cheque kiters fully intend to bring their accounts into good standing, others, often k ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Société Générale
Société Générale S.A. (), colloquially known in English as SocGen (), is a French-based multinational financial services company founded in 1864, registered in downtown Paris and headquartered nearby in La Défense. Société Générale is France's third largest bank by total assets after BNP Paribas and Crédit Agricole. It is also the sixth largest bank in Europe and the world's eighteenth. It is considered a systemically important bank by the Financial Stability Board. From 1966 to 2003 it was known as one of the ''Trois Vieilles'' ("Old Three") major French commercial banks, along with Banque Nationale de Paris (from 2000 BNP Paribas) and Crédit Lyonnais. History 19th Century The bank was founded by a group of industrialists and financiers during the Second Empire on May 4, 1864. Its full name was ''Société Générale pour favoriser le développement du commerce et de l'industrie en France'' ("General Company to Support the Development of Commerce and Indus ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
HSBC
HSBC Holdings plc is a British multinational universal bank and financial services holding company. It is the largest bank in Europe by total assets ahead of BNP Paribas, with US$2.953 trillion as of December 2021. In 2021, HSBC had $10.8 trillion in assets under custody (AUC) and $4.9 trillion in assets under administration (AUA), respectively. HSBC traces its origin to a hong in British Hong Kong, and its present form was established in London by the Hongkong and Shanghai Banking Corporation to act as a new group holding company in 1991; its name derives from that company's initials. The Hongkong and Shanghai Banking Corporation opened branches in Shanghai in 1865 and was first formally incorporated in 1866. HSBC has offices in 64 countries and territories across Africa, Asia, Oceania, Europe, North America, and South America, serving around 40 million customers. As of 2022, it was ranked no. 38 in the world in the Forbes rankings of large companies ranked by sales, profits ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cheque
A cheque, or check (American English; see spelling differences) is a document that orders a bank (or credit union) to pay a specific amount of money from a person's account to the person in whose name the cheque has been issued. The person writing the cheque, known as the ''drawer'', has a transaction banking account (often called a current, cheque, chequing, checking, or share draft account) where the money is held. The drawer writes various details including the monetary amount, date, and a payee on the cheque, and signs it, ordering their bank, known as the ''drawee'', to pay the amount of money stated to the payee. Although forms of cheques have been in use since ancient times and at least since the 9th century, they became a highly popular non-cash method for making payments during the 20th century and usage of cheques peaked. By the second half of the 20th century, as cheque processing became automated, billions of cheques were issued annually; these volumes peaked ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Crédit Industriel Et Commercial
The Crédit Industriel et Commercial (CIC, "Industrial and Commercial Credit Company") is a bank and financial services group in France, founded in 1859. It has been majority owned by Crédit Mutuel, one of the country's top five banking groups, since 1998, and fully owned since 2017. History Creation and independent development The was founded on , mainly on the initiative of banker who was supported by the politically influential Charles de Morny, Duke of Morny, Duke of Morny, as a competitor to the Pereire brothers's Crédit Mobilier on the model of successful British depository banks such as the London and Westminster Bank. The new bank was initially located in a hotel at 57, rue Taitbout, and in January 1860 purchased a mansion at 66, rue de la Chaussée d'Antin, in whose garden it erected a commercial building (no longer extant) that was completed in November 1861. That facility was accessible from No. 72, rue de la Victoire, and the CIC would remain known as the "bank ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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