Defend Your Dollars: Share this site! We support reforms to the financial marketplace to curb bad practices by banks and lenders.

Bitcoin Curious? The FTC Has Some Advice for You

People who have made purchases with the virtual currency bitcoin have run into trouble one of two ways, according to the Federal Trade Commission (FTC): Online merchants who don’t deliver the product on time or at all; and Merchants who give refunds in store credit, rather than currency. And that’s not the only thing to Continue Reading

Posted by Christina Tetreault in Payments | No Comments »

Who Uses Prepaid Cards? Studies Say Millennials

The largest generation appears to be using prepaid cards. A spring survey by TD Bank found that one in three millennials uses a prepaid card, echoing the findings of an earlier study by the Federal Reserve Bank of Philadelphia. Prepaid cards look and work much like traditional debit cards, but aren’t linked to a traditional Continue Reading

Posted by Christina Tetreault in Payments, Payroll Cards, Prepaid Cards | Comments Off on Who Uses Prepaid Cards? Studies Say Millennials
payroll-card

A Quick and Dirty Payroll Card Primer

Many workers – maybe you – get paid by electronically. If you have a bank account, your pay probably gets direct deposited to your account. But for folks who don’t have bank accounts, a payroll card, a type of prepaid card, may be an option. Payroll cards look and work much like debit cards, but Continue Reading

Posted by Christina Tetreault in Payments, Payroll Cards | Comments Off on A Quick and Dirty Payroll Card Primer

Many Reverse Mortgage Ads Misleading, says CFPB

On June 4, 2015, the CFPB released a new study concluding that many advertisements for reverse mortgages contain incomplete or inaccurate information that can pose a serious risk to seniors who take out such loans.  The study was issued in conjunction with an advisory to consumers warning them to “watch out for misleading and confusing Continue Reading

Posted by Norma Garcia in CFPB, Credit, Mortgages, Reverse mortgages, Seniors | Comments Off on Many Reverse Mortgage Ads Misleading, says CFPB

Worried about the Federal Employee Data Breach? What You Need to Do Now

Millions of current and former U.S. government employees’ information was stolen in a massive data breach at the Office of Personnel Management (OPM), that, according to reports, included the theft of social security numbers and other information.  In a post on its website, OPM confirmed the breach and said it will contact affected individuals directly Continue Reading

Posted by Christina Tetreault in Security Breaches, Security Freeze | Comments Off on Worried about the Federal Employee Data Breach? What You Need to Do Now

Is Education Debt Holding You Back?

The hard part of college was supposed to be passing tests and writing great essays – not meeting the shifting demands of companies taking your loan payments after you get out of school. For millions of former students and their families, paying the bills is already tough.  But the companies that handle loans from your Continue Reading

Posted by Suzanne Martindale in CFPB, Credit, Student Loans | Comments Off on Is Education Debt Holding You Back?

CFPB Is Helping Consumers Check Their Specialty Credit Reports

Most consumers know that they can check their credit reports with the “big three” credit bureaus, Experian, Equifax, and TransUnion, once a year, for free, at annualcreditreport.com. But, there are dozens more companies that may collect and report important information about you – and it’s important to check those reports, too. (Note that these specialty agencies aren’t Continue Reading

Posted by Maureen Mahoney in CFPB, Credit, Credit Reports | Comments Off on CFPB Is Helping Consumers Check Their Specialty Credit Reports

“Big 3” Credit Bureaus Settle With 31 States Over Credit Reporting Mistakes

The top credit reporting agencies are going to have to pay up for their credit reporting mistakes! On Wednesday, 31 state attorneys general announced a settlement with Experian, Equifax, and TransUnion over credit reporting errors. Not only will they have to pay $6 million to the states, they will also have to take important steps to reduce errors. The Continue Reading

Posted by Maureen Mahoney in Credit, Credit Reports | Comments Off on “Big 3” Credit Bureaus Settle With 31 States Over Credit Reporting Mistakes
CS5_acceptance_marks_standard_paypal_color_CMYK.eps

PayPal Behaving Badly?

CFPB Files Complaint Alleging Unfair, Deceptive and Abusive Practices   PayPal enrolled people in its credit program, known as Pay Pal Credit (formerly Bill Me Later), without their permission,  forced customers to use PayPal Credit even when they indicated they wanted to pay another way, failed to properly process payments, refused to honor and apply Continue Reading

Posted by Christina Tetreault in CFPB, Credit, Credit Cards, Payments | Comments Off on PayPal Behaving Badly?

Judge’s Ruling Finds Bank Misconduct in ’08 Crash

Last week there was an important court ruling against two banks from the Federal District Court in Manhattan related to the impact and role of the sales of securities backed by faulty mortgages in the housing crash of 2008.  The New York Times reported on this development. To give the ruling some context, recall that Continue Reading

Posted by Norma Garcia in Banking, Credit, Mortgages, Uncategorized | Comments Off on Judge’s Ruling Finds Bank Misconduct in ’08 Crash