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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

  • 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

  • SECURE Act aims to help protect consumers from credit score gotchas

    These days, lenders and others rely heavily on credit scores to make a quick assessment of a consumer’s creditworthiness. But, vulnerable consumers can find themselves tricked into paying more than they had planned, just to find out their own credit scores. In our new policy brief, “Errors and Gotchas: How Credit Report Errors and Unreliable Continue Reading

  • CU Policy Brief Shines a Light on Credit Report Errors and Unreliable Credit Scores

    Now more than ever, consumers need credit reports that are fair and accurate, and deserve easy access to the same credit scores lenders use to make decisions about them. That’s because credit report mistakes can make it harder to get a fair rate on a loan or auto insurance or even prevent someone from getting Continue Reading

  • Data Breaches Driving You Crazy? California DMV gives consumers new reason to worry.

    Uh, oh. It’s happened again: another data breach. Consumers who used the California Department of Motor Vehicles (DMV) online credit card payment system may find their credit card information is at risk. The California DMV’s Public Information Officer, Armando Botello, says that the DMV was “alerted by law enforcement authorities to a potential security issue Continue Reading

  • Mortgage Madness Continues? CFPB Receives 4,300 Mortgage Complaints per Month

    Last February, Steve Antonakes, Deputy Director of the CFPB, noted that the agency’s “mortgage complaint volume . . . remains high and averages around 4,300 complaints per month.”  He made these remarks while speaking before the U.S. Chamber of Commerce. According to a recent blog by Housingwire, these numbers “show little improvement in the volume Continue Reading

  • A Selfie for Your Checks? What You Should Know about Remote Deposit Capture

    by guest blogger Caitlin Watkins  Too busy to go to the bank? Hate waiting in lines? I sure do. That’s why I tried Mobile Remote Deposit Capture (mRDC), which is basically like taking a selfie of all of your checks to be deposited straight to your bank account or prepaid card.  Awesome, right? Even the Continue Reading

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