The Daily Dollar

Defend Your Dollars is the website of the Consumers Union Financial Services Campaign, where we support reforms to the financial marketplace to curb bad practices by banks and lenders.

Keeping more money at the checkout
Posted by Gail, the money mom at 05/28/08 11:28 AM

Money mom was at the local grocery store checkout the other day and saw that the store was offering an extra 10 percent if she cashed in her tax stimulus check for a store gift card. A number of retailers are offering similar incentives to get you to commit your tax check to them. Read more »

Who’s Holding Your Money?
Posted by Gail, the money mom at 05/19/08 12:25 PM

These days, we’re all trying to make every dollar stretch a little farther. But it doesn’t help when debit holds freeze access to your money for a few days. What’s worse --when you get hit with overdraft fees or NSF (insufficient funds) fees because of debit holds. Read more »

Tell the Fed your credit card horror story.
Posted by Gail, the money mom at 05/12/08 03:50 PM

If something unfair has happened to you with your credit card, now is the time to tell the Federal Reserve Board about it. The Federal Reserve Board and two other agencies have issued a proposed rule that would restrict some of the most unfair credit card tricks and traps. If this proposal is adopted, it will stop some of the most outrageous credit card practices, such as bumping up your interest rate because you are a few days late on the credit card. The story of your bad credit card experience can help to make sure that this new rule is finalized in a strong form. Tell the Fed what has happened to you, and what you think of a new regulation to stop some of the unfair practices that credit card companies now use. Let’s take advantage of this great opportunity to get some substantial credit card protections for consumers! Read more »

Finally some action against the worst credit card practices
Posted by Gail, the money mom at 05/02/08 05:25 PM

The federal banking regulators have finally done something about credit cards. They have approved for public discussion a proposed rule that would stop or limit some of the worst credit card practices. There is much more to be done, but also some reason for optimism. The proposed rule, announced on May 1st and made publicly available on May 2nd, finally acknowledges that consumers need real protection, not just disclosure. All the disclosure in the world can’t make it fair to send the bill too close to the due date; to raise the interest rate on money already borrowed: or to charge a fee for a problem caused by the bank’s practice to allow a credit hold or a debit hold. The proposed rule responds to a sustained outcry from consumers and strong interest in Congress in credit card reform and in reform of bank account practices such as overdraft loans. Read more »