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.

To Debit or To Credit?
Posted by Tim at 04/30/09 02:55 PM

Guest Blogger Arone Silverman As Credit Card companies continue to raise interest rates and fees, more and more people are turning to Debit-cards as a way to pay. By avoiding those fees, consumers are putting themselves at more risk as debit-cards don’t carry the same protections. The answer is to know when to use a credit card and when to CHOOSE DEBIT. Read more »

The final votes are in!! The Credit Cardholders Bill of Rights PASSES the House! Tell the Senate to do the same.
Posted by Lauren at 04/30/09 12:53 PM

HR 627, The Credit Cardholders Bill of Rights passed the House today with flying colors. See how the vote came down, here. And give your Senators a call telling them to pass S 414 next week. Read more »

Geithner kicks it up a notch on credit cards.
Posted by Lauren at 04/29/09 04:31 PM

Treasury Secretary Timothy Geithner briefed consumer organizations on the Obama Administration’s recommendations for credit card reform as the House prepares to vote on a reform bill on Thursday. Read more »

APRIL 29 – Arbitration Fairness Day
Posted by Tim at 04/28/09 11:33 AM

Guest Blogger Arone Silverman Mandatory arbitration clauses- which are buried in the fine print of many consumer contracts- have the effect of denying consumers the opportunity to evaluate whether arbitration is suitable for the dispute and prevent consumers from choosing their preferred forum for resolving disputes - including the choice to go to court. Read more »

Financial Product Safety Commission - Will Big Banks Say OK?
Posted by Tim at 04/28/09 09:17 AM

Guest Blogger Arone Silverman How are financial products different from consumer products? Both affect everyone and both have a dramatic influence on the overall economy. So why is there protection on consumer products but not financial? Read more »

Colbert Report highlights a very bad bill
Posted by Lauren at 04/27/09 08:50 AM

Colbert says NO to the unprotective Payday Loan Reform Act. Consumers Union has suggestions on how to really protect consumers. Read more »

Paying College Tuition With A Credit Card! Are We Teaching Wise Economics?
Posted by Tim at 04/23/09 04:20 PM

Guest Blogger Arone Silverman Eighty-four percent of college students have at least one credit card and they’re using them for everything from food to tuition! And now the rates are skyrocketing. Read more »

Consumers Union Activist passes strong ID Freeze law
Posted by Tim at 04/23/09 11:05 AM

Congratulations to Jaimee Knapp and Nebraska for passing the Security Freeze Enhancement bill into law! Without Jaimee Napp, Nebraskans probably wouldn’t have the identity theft protections they have today. She came to Consumers Union only a few years ago as an identity theft victim motivated to make change. Since then, she has set up Identity Theft Action Council of Nebraska and has brought awareness to legislators, media and the public. Read more »

Credit Card Bill of Rights- Movin' on Up
Posted by Tim at 04/22/09 01:12 PM

House Financial Services passed the Credit Card Bill of Rights Read more »

A Bad Moon Rising for Credit Card Banks
Posted by Tim at 04/20/09 04:58 PM

/images/CCRFrontal.jpg The President wants a meeting to talk about credit card reform - Woohoo! Read more »

Warren + Stewart = BFFs
Posted by Tim at 04/17/09 02:17 PM

If you haven’t seen The Daily Show with guest Liz Warren, here it is along with some commentary from CU. Read more »

New financial system plumbing, same old poisoned water in the pipes?
Posted by Gail H. at 04/15/09 11:30 AM

As the deadline for filing taxes approached this year, it was hard not to think about the billions in tax dollars that have been spent to prop up the U.S. financial system and to wonder if we will make enough fundamental changes to make sure that taxpayers are never again called upon to rescue the financial system. Read more »

Attention Z Gallerie Shoppers! Use It or Maybe Lose It
Posted by Michelle at 04/14/09 02:33 PM

Z Gallerie filed for bankruptcy last week, after shutting down 21 stores earlier this year. Of course the first question that pops up is whether or not the retailer will continue to accept gift cards. Read more »

Bank of America is on a roll. Now they’re topping the charts with their overdraft fees.
Posted by Lauren at 04/10/09 03:05 PM

Despite receiving $45 billion in taxpayer money, BofA will raise its overdraft fee to $39 starting in June. Read more »

Why doesn't Bank of America want to say how many customers it jacked up?
Posted by Kathy Mitchell at 04/10/09 02:58 PM

Bank of America doesn't want to say how many people are affected by its most recent rate increase! Are you one of them? Talk to us! Read more »

To Catch An Identity Thief...For Free
Posted by Michelle at 04/09/09 12:53 PM

Chances are, you’ve been offered an identity theft service by your credit card company or bank, or seen an ad during a baseball game, or bombarded with offerings to prevent identity theft from happening to you just about everywhere you go…and of course, for a fee. But do these services actually work, and what exactly do they do? Consumer Federation of America has a new report, “To Catch a Thief: Are Identity Theft Services Worth the Cost?” to help answer these important questions. Read more »

Faces of Foreclosure—What becomes of innocent tenants?
Posted by Tim at 04/09/09 11:44 AM

Faces of Foreclosure—What becomes of innocent tenants? GUEST POST BY Norma Garcia Read more »

Bank of America follows the pack by raising interest rates in June
Posted by Lauren at 04/09/09 09:56 AM

About 4 million BofA customers are going to see higher interest rates on their June credit card statement. Read more »

Video about last week's successful credit card votes.
Posted by Lauren at 04/07/09 10:08 AM

Credit card industry defeated for now. Read more »

Your Tax Dollars Back Citi Credit Card Loans
Posted by Gail H. at 04/03/09 04:53 PM

Your money pays for the purchase of credit card debt from Citigroup—with no requirements for fair terms on the credit cards. Read more »

36% may seem high, but consider this…
Posted by Lauren at 04/03/09 07:48 AM

Durbin's proposed 36% rate cap may sound high but will provide a federal ceiling on rates that does not currently exist. There is history behind this number. 36% will drastically change the ability of lenders to charge triple and quadruple interest rates on short terms loans that trap people in cycles of debt. Read more »

No foolin’: A bank card with 15 fees
Posted by Tim at 04/01/09 04:14 PM

It sounds like an April Fools joke: A prepaid debit card meant to help teens manage their money that includes 15 potential fees. Another card claiming “no hidden fees” that charges $1 every time you use it. And another that charges $1 to talk to a customer-service rep, and 50 cents to talk to a machine! Read more »

BEWARE of Mortgage Bailout Scams!
Posted by Tim at 04/01/09 09:39 AM

New Obama Administration programs to help today’s homeowners. Good programs, but beware of scams!! Guest Blogger: Norma Garcia, Senior Attorney Read more »