Bank finance articles and tips

Credit cards based on chip-and-PIN technology continue to make inroads in the United States, according to two recently released studies. It's time for merchants - and their merchant services providers - to brace themselves for the transition from magnetic stripe to chip-and-PIN credit card processing.

Chip-and-PIN relies on a microprocessor chip to store account data on the card and a PIN (personal identification number) to "unlock" it at the point of sale. Also known as the EMV (Europay-MasterCard-Visa) standard, it is considered more secure than the mag stripe technology that has been the basis of credit card processing for more than 40 years. Few great technological inventions such as the credit card mag strip have endured for so long without any innovations.

The answer is no, yes, and yes. During recent budget sessions in the California assembly a representative suggested that the State of California should file bankruptcy. It is not possible under the United States Constitution for a state to file for bankruptcy and discharge debts. County governments and municipal governments are able to file for bankruptcy and reorganize their debts in Chapter 9 of the bankruptcy code.