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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

  • CFPB Announces “Scorecard” For Campus Banking Products

    In a new effort to protect students being marketed campus banking products, the CFPB announced today that it is developing a “Safe Student Account Scorecard” for schools.  The Scorecard will give schools a roadmap to negotiating a better deal for students when choosing a financial institution to offer bank accounts or prepaid cards on campus. We’ve Continue Reading

  • Buying a House? Don’t Forget to Buy the Right Mortgage Too

    Today the Consumer Financial Protection Bureau (CFPB) released some new online tools to help you shop for a mortgage.  The home buying process can be daunting, with so many decisions to make as you move through unfamiliar and high-dollar territory.  That may explain why a new CFPB investigation found that nearly half of all home buyers Continue Reading

  • Thirty-Five Things in 12 Months: CFPB Working for You–2014 in Review

    As this year comes to a close, we wanted to take a moment to highlight some of the many actions the CFPB has taken to defend your rights as a consumer of financial services and products.  The CFPB has a tough job, as we all know, and they’ve done it well.  They are an indispensable Continue Reading

  • From Strip to Chip: New Payment Cards Are Coming

    Your payment cards may look different in 2015. Card issuers are rolling out cards with smart chip (also known as EMV) technology. The chips – little gold micro processors that are built into the card (see picture) – make payment cards more secure, but consumers will have to adapt in order to use them. The Continue Reading

  • 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

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