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Banking

Some bank accounts come with hidden fees and complicated terms which often end up costing you. Consumers Union advocates for upfront pricing and fair practices so that you don’t end up losing your deposits.

Publications

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Press Releases

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Blog Posts

  • Bank Fees Ascend to Record Highs

    Another year, another disappointing result from Bankrate’s annual bank survey: several fees are continuing to creep up to record highs. According to the AP, Bankrate found that both out-of-network ATM fees and overdraft fees are up yet again this year. The average overdraft fee is up 1.7% from last year, to $32.74. In comparison, last Continue Reading

  • CFPB Cracks Down on U.S. Bank’s Crummy Practices

    Nearly half a million U.S. Bank customers will get money back for the bank’s bad habit of selling consumers services that it did not provide, the Consumer Financial Protection Bureau (CFPB) announced today. The CFPB is ordering U.S. Bank to return $48 million to the 420,000 customers it enrolled in identity protection and credit monitoring Continue Reading

  • No Overdraft Checking Account Coming To Walmart

    Green Dot’s mobile bank account, GoBank, will soon be available at Walmart stores. We think this is good news for consumers, as GoBank offers transparent, low-fee, no-overdraft, fully-federally protected checking accounts. Recently a number of banks, including Bank of America, Key Bank and Citi, have begun to offer low-fee, no overdraft accounts. As with GoBank, Continue Reading

  • Mobile Financial Services Show Promise, But Consumers Need To Be Assured Of Protections, CU Says In Comments

    Mobile financial services may provide consumers lower-cost, more convenient ways to manage their money but lawmakers, industry and regulators need to step-up to ensure adequate consumer protections, we told the Consumer Financial Protection Bureau (CFPB) in response to the CFPB’s Request for Information Regarding the Use of Mobile Financial Services by Consumers and Its Potential Continue Reading

  • CFPB Working for You: Helping Young People Make Smart Financial Decisions

    It’s back to school time, and parents and kids are gearing up for a new year. But while kids may be getting great instruction in math, science, and writing at school, they don’t usually learn basic skills like how to manage a checking account or credit card. As the Consumer Financial Protection Bureau (CFPB) points Continue Reading

  • Banks Fight Claims They Have “Secretive” Contracts with College Campuses

    Are you or someone you know preparing to go to college?  If so, you many find banks and other financial firms offering you student accounts for getting your financial aid or managing your money.   That’s because more and more colleges are entering into agreements with these firms to sell products to students on campus. The Continue Reading

  • CFPB Working for You: New Report Shows How Overdraft Fees are like a 17000% APR Loan

    Consumers have made it clear: they’re fed up with overdraft fees. Unreasonable and high overdraft fees can be disastrous for consumers like James of Aliquippa, PA, who wrote to us: “[M]y bank has charged me in overdraft fees roughly $5,122.00 over the last 24 months . . .These are strictly overdraft fees charged by the Continue Reading

  • CFPB Working For You: Empowering Low-Income Consumers

    It’s not unusual to feel bewildered when faced with complicated banking fee policies or pages of fine print when you’re trying to get a loan. Many consumers worry that they don’t have enough financial savvy to reach their goals. We’ve heard from frustrated consumers like Yolia of Washington, DC, who told us that money concerns Continue Reading

  • Operation Choke Point Helps Crack Down on Scammers

    The Department of Justice (DOJ) is finally taking action against banks that allow fraudsters to operate. But the agency’s anti-scam effort is under attack. Under Operation Choke Point (OCP), the DOJ investigates financial services providers, like banks and payment processors, that continue to knowingly honor illegal transactions despite unambiguous signs of fraud. In January 2014, Continue Reading

  • IS ITT the new ATM? The reality of Interactive Teller Technology

    By Guest Blogger Caitlin Watkins The new interactive teller technology (ITT) is popping up in big banks and community credit unions alike. This service provides live human remote customer service in the renovated Automated Teller Machines (ATMs).This banking technology definitely has its benefits, but it also coincides with some setbacks.   Overall, the service is Continue Reading

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