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(You
MAY need the FREE QuickTime
plug-in to view and hear s90tv) top top top top top top top top top • 108 - MONEY TODAY'S
PUZZLE? This
Week's
Cover
Dear Editor LookRadio • 120
PIXELS 3 columns Part
02 -
Wal-Mart 3.
Editor's Note
/ Credit Card History.
American Express, MasterCard, VISA and Western
Union Gives up its Telex telegraph
Business 1980s - The
Signet, Capital One Connection EBay's PayPal
to Collect Fees on Fund Deposits /// _________ SEE
MORE STORY ABOUT SPEED DOLLAR$ CLICK
FOR MORE CREDIT CARD HISTORY Troy
Cory, Josie the Co-author of
"Bank of
America, the Tortfeasor," TVI Publishing,
(1991),
Order
from Amazon.com. More
Articles • Converging
News 052006 / TeleCom BuyOuts, Spinoffs and Asset
Seizure Boom Respectfully
Submitted top top top top top top top top top top 40 40+110+570=720
- 108 Money smart90.com/tvimagazine/2006/0506/
Movies
CLICK
S90
Google
IMAGES
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1.
Feature Story / Fifth
Week, 2006 / Los Angeles -- Mythical feel-good
America.
Hong
Kong
Triad
/
"Jockey Club"
RadioPlayMusic
•
•
Once upon a time, Americans
lived by a few simple maxims: God, country, family
and a piggy bank. Students listened to their
teachers; citizens followed the law and children
respected their parents by buying mama a birthday
gift from "JC Penney or Woolworth, with a dime or
two shaken from little 'Miss Piggy.'
•
•
"Today" -- said Signet
TeleKey executive, Mark Sovol, "Wal-Mart wants to
be the number one place to shop, save, and spend
Wal-Mart Speed$." Wal-Mart is convinced the way of
the future -- "is owning their own bank to extend a
line of credit to their
customers."
•
•
The weight of carrying little Miss Piggy around to
pay for things, was one of the reasons why the
baby
boomer and
owner of one of those "Piggy Banks," joined in with
Morgan&Sigl Bankers
Financial group, in
1966, to
form Signet Trade Acceptance
and Trust Company.
•
•
The international banking
services company, was
one of the
world's first industrial
Telelex credit card electronic payment-receiving
processing facilities, and issuer of lines of
credit, (Signet Speed$), to trade-in their
terrestrial landlines for wireless and satellite
communications.
•
•
The name was changed to the
TeleKey Group, dba Signet Credit Card in 1968 and
in 1983, the word Northstar was added to TeleKey to
become Northstar TeleKey Financial Group. Signet
TeleKey, the innovator of Speed$, (speedollars.com)
-- is considered one of the early pioneers in the
world of the plastic cashless credit card society,
(1966). The Signet Bank was named after
CLICK
FOR MORE CREDIT CARD
HISTORY
•
•
Today Signet TeleKey is the
principal in several high profile international
projects now taking place in both China and in the
U.S. SEE
MORE STORY ABOUT SPEED
DOLLAR$
•
•
The baby boomers that
challenged the traditional sources of authority in
the 60s, did not exclude the founders of Western
Union, Wal-Mart in 1962, Signet Credit Card, 1968,
Master Charge in 1969 or Visa in 1971. "Not only
have the baby boomer merchants failed to live by
the simple maxims and traditions accepted at
Christmas time," -- but you'll never see a plaque
on one of their cards, Emails, or cash register
saying, "cash and
carry."
It's
non-existent," says Troy Cory, the Co-author of
"Bank of
America, the Tortfeasor," TVI Publishing,
(1991),
Order
from
Amazon.com.
•
•
Troy Cory told Pete Allman of Celebrity
Scene News that, -- "in the beginning the world's
largest users of the "cashless society plastic," --
were the kids raised during the post-war years of
the 40s, during the vast build up cabal
unconstrained talk of "keeping up with the Jones,"
and doing something their parents were not allowed
to do during the war."
•
•
The social changes that took place, opposed
our deepest belief in God, country, family and a
piggy bank values. It took only one decade to
re-define the future of the world of consuming.
Credit card banking exploded during the 80s, 90s
and 2000s.
•
•Most
consumer households could be described -- "as a
giant battlefield full of consumers" -- competing
against each other over who was going to be the
first to buy substitutes for wine, women, Rock'n
roll, milk, cookies, and Viagra, just as Signet
TeleKey predicted in 1968.
•
•
"With that in mind," added Mark Sovol,
"Signet TeleKey hasn't found too many users
punching credit card bank account numbers on the
keys of a keyboard connected to the Internet to pay
for something, without not realizing they were
transferring Speed$ from a line of credit issued by
a bank or a merchant." Google knows within a
"click," when a Google side-band Smart KudoAd user,
told the keyboard to transfer Speed$ to his
merchant bank account. (SEE
GOOGLE KUDO ADS ON RIGHT
SideBar)
•
•
The baby boomers, as well as their kids, and
grandchildren, are expert electronic-speed$ click
consumers of the TeleKey system. At least one or
more cards issued by Master Charge, Visa, Signet,
Capital One, Providian, Diners, American Express,
and lately, Ebay's Pay Pal, can be found inside a
wallet.
•
•
It was during this fourth
week of 2006, that China's biggest lender,
state-owned Industrial & Commercial Bank of
China, American Express and Wal-Mart Stores Inc.
all face new hurdles in there bids to open a bank
and financial institution in both China, as well as
in the U.S.
•
•
"In doing so, and during the
wait and see if you can period," says Troy Cory,
"resistance mounts among members of the PRC Banking
authorities, as well as in the U.S. Congress and
the Federal Reserve in allowing the world's popular
private credit card issuer, and world's biggest
retailer to start even limited financial
operations."
•
•
In recent days, the Federal
Deposit Insurance Corp., which is reviewing
Wal-Mart's application, said it would probably call
a public hearing on the company's bid -- the
agency's first formal hearing ever on a new bank
application.
•
•
Federal Reserve Chairman
Alan Greenspan also chimed in, urging Congress in a
January 20 letter to close what he called a
loophole in U.S. law that allows corporations to
own banks but avoid a level of federal
supervision.
•
•
Rep. Spencer Bachus (R-Ala.)
plans a hearing in the House on industrial banks,
and some lawmakers are expected to propose
legislation that may limit nonfinancial companies'
ability to get into banking
activities.
•
•
Industrial banks are
state-chartered and state-regulated and fall under
the supervision of the FDIC. Federal laws that bar
nonfinancial companies from engaging in banking
activities do not classify commercial companies as
banks.
•
•
Wal-Mart said it applied to
open an industrial bank in Utah to handle
electronic payment
processing.
•
•
In his letter to Rep. Jim
Leach (R-Iowa), Greenspan said Congress should
review the statute that allows companies to own
banks.
•
•
The Fed chief said the
character, powers and ownership of industrial banks
had changed "materially" since Congress first
enacted the exemption from U.S. law that allows
unregulated companies to buy insured banks for
limited
purposes.
•
•
Wal-Mart said Thursday that
Greenspan's letter was about the broader issue of
industrial banks, and not its bank application.
•
•
As for the China / Credit
card deal, it was aimed at building "strategic
partnerships" in banking, insurance and credit card
businesses, will involve the purchase of newly
issued shares in the Beijing-based bank, known as
ICBC, the companies said. The deal is subject to
regulatory approval.
•
•
The bank earlier had
announced that the three companies planned to buy a
combined 10% stake.
•
•
Although the transaction
will not be completed until April at the earliest,
Allianz will begin immediately to sell investment
funds and life insurance policies through ICBC's
20,000 outlets, a spokesman said.
•
•
New York-based American
Express confirmed that it was contributing $200
million to the deal.
•
• China's biggest
lender, state-owned Industrial & Commercial
Bank of China, on Friday signed a $3.78-billion
investment deal with Goldman Sachs Group Inc.,
American Express Co. and Germany's Allianz.
•
•
After 155 years in the
telegraph business, it was just last week that
Western Union cabled its final dispatch to say it's
all over.
•
•It
took the combined efforts of the inventor of the
telephone, N.B. Stubblefield's wireless telephone,
the Internet, Emails, Faxes, VoIP and the WiFi
services of NBS100 to get Denver-based Western
Union to finally admit that the days of the
telegram, and Marconi's dit-dah etherogram messages
are history.
•
•
In a final bit of irony,
Western Union informed customers of its decision
during the fourth week of January, 2006 in a
message via its website. The terse notice was in
keeping with telegraphese, the language that
customers devised to hold down
costs.
•
•
An Email sent to
tvinews.net, reminded the press, that it was in the
mid-1800s that Western Union displaced pony-express
messengers with the telegraph
pole.
•
•
Western Union, which
primarily transmits money from about 270,000
locations in more than 200 countries and
territories, ended the service a day after parent
First Data Corp. said on Jan. 26 that it would spin
off the company.
Speed$
Transfers, and lines of Credit Through Credit Cards
•
•
First it was Diners Club in March 1950, then
American Express on October 1, 1958 they claimed to
have actually issued 250,000 cardboard cards. The
card was launched with an annual fee of $6, $1
higher than Diners Club, to be seen as a premium
product. It was in 1959 that American Express began
issuing embossed ISO 7810 plastic
cards.
•
•
1950 - Diners
Club
•
•
1958 - American
Express on October 1, 1958 claims to have actually
issued 250,000 cardboard cards.
•
•
1966 - American
Express introduced the Gold Card and
•
•
1966 - Signet Trade
Acceptance and Trust Company Formed - issue's its
first debit/credit due bill draft credit card to
business members.
•
•
1966 - Master Charge
was founded in 1966 as the Interbank Card
Association. Master Charge became officially
MasterCard when Master Charge was purchased by the
California Bank Association in 1969 and was renamed
MasterCard in 1979.
•
•
1968 - Signet Credit
Card issues its first 5,000 embossed plastic cards.
"Where To Go Buy" magazine was launched.
•
•
1979 - MasterCard
name change in 1979
•
•
1984 - American
Express issues the Platinum Card, clearly defining
different market segments within its own business,
a practice that has proliferated across a broad
array of industries. The Platinum Card was billed
as super-exclusive and had a $250 annual fee. It
was offered by invitation only to American Express
customers with at least 2 years of tenure,
significant spending, and excellent payment
history.
•
•
1970 - BofA in 1970,
National BankAmericards, Inc. a Credit Card
association, was formed in California to expand the
use of its local BankAmericardcard to banks outside
of the State of California.
•
•
1974 - In 1974,
BofA's chartered an international company IBANCO,
to administer BankAmericard international licensees
outside the U.S.
•
•
1976 - VISA. National
BankAmericard, Inc becomes Visa
U.S.A.\
and IBANCO become Visa
Int'l.
•
• In the late 1980s, it
was two management consultants, that decided to
bring the original Signet TeleKey concept into the
information age that would enable an independent
bank issuer to produce customised credit cards and
generate vast revenues. After significant research
and analysis, they concluded that success relies
more on the intelligent use of data than on
traditional lending and banking skills. Their use
of scientific testing - product design, pricing,
marketing, credit line policy and account
management was part of the success they envisioned
for
Signet.
•
•
1991 - The Signet
money management team found in one test the secret
that could pull the solid bank customer to a Signet
credit card. "Offer a one time - low introductory
interest rate," linked with the option to transfer
debts from cards with higher interest rates to
their new lower rate Signet card. The rest is
history, the introductory replacements of the "high
interest rates" for a "low rate" transfer, become
an instant hit, and is now a industry
standard.
•
• 1995 -
Capital One spins off from Signet Bank. The
extraordinary growth from a cashless society
project that started way back when, in 1968; that
spead from a small regional Signet bank in the
state of Virginia, and with the help of two
management consultants, the name Signet became part
of a multi-billion dollar corporation.
•
•
1999 - In 1999
American Express introduced the Centurion Card or
"black card." By the end of 2005, the Centurion
card required a $3500 annual fee. The WiFi, card
included the unique wireless RFID payment method,
they named, ExpressPay. The card was "swipeless"
and the user could buy something by simply tapping
the card over a special reader.
•
• 2006 -
About Capital One. It is a debit/credit
organization that offers a credit-line from its
affiliates, to more than 46 million customers,
including more than 4 million in the UK and
employing more than 17,000 people around the world.
Capital One is ranked as one of America's finest
Speed$ firms, and has already successfully expanded
into Europe and Canada with their sights firmly on
further international expansion.
•
•EBay
Inc., the online auction house, will start
collecting a fee to manage money deposited in its
PayPal Money Market Fund, the San Jose-based
company
said.
•
•PayPal,
an electronic pament service with some 87 million
customers in more than 40 countries, sweeps funds
that customers keep in their accounts into the
money market
fund.
•
•The
company pays a seven-day average yield of 4.38% on
money in those accounts. That is the highest rate
of any money market fund in the United States, said
Peter Crane, manager editor of IMoneyNet's Money
Fund Report. - Credit Card Services
History
Josie
Cory
Publisher/Editor
TVI Magazine
•
• TVI
Magazine, tviNews.net, YES90, Your Easy Search,
Associated Press, Reuters, BBC, LA Times, NY Times,
VRA's D-Diaries, Industry Press Releases, They Said
It and SmartSearch were used in compiling and
ascertaining this Yes90 news
report.
•
• ©1956-2007.
Copyright. All rights reserved by: TVI
Publications, VRA TelePlay Pictures, xingtv and Big
Six Media Entertainments. Tel/Fax: 323
462.1099.
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Banking on Wal-Mart for Speed$ Signet TeleKey
Speedollars, Bank of China American Express,
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Tortfeasor"/
Credit Card
History
• NEWS
Convergence - 05 Week of 2006 Winter
Issue
/ Television
International Magazine's Person Of The Week POWeek
/ Feature
Story / • 108WalMartBankSpeedDollars.htm
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