We support reforms to the financial marketplace to curb bad practices by banks and lenders.
Bank of America is notoriously bad about holding checks & fails to notify us of insufficient funds checks until the middle of the month.
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
- Trapped at the bank: Removing obstacles to consumer choice in banking
New Consumers Union report shows what banks do to make it hard for you to move your money and what policymakers should do to make it easier. Download pdf.
- The Move Your Money Checklist: The 5 things you need to know before you switch banks
Breaking up is hard to do, so read our quick checklist before you switch banks. Download pdf.
- Urging OCC to withdraw proposed bank payday & overdraft guidance
January 11, 2012 Mr. John Walsh Acting Comptroller Office of the Comptroller of the Currency 250 E Street, SW Mail Stop 2-3 Washington, DC 20219 Re: OCC Guidance on Deposit-Related Consumer Credit Products, Docket ID OCC-2011-0012 Dear Acting Comptroller Walsh: We write to urge the OCC to withdraw its proposed guidance on payday loans offered Continue Reading
- Letter from JP Morgan Chase to CU on its debit card fee test program
October 24, 2011 Norma P. Garcia Senior Attorney Manager, Financial Services Program Consumers Union West Coast Office 1535 Mission Street San Francisco, CA 94103-2512 Dear Ms. Garcia: Thank you for your October 17, 2011 letter to JPMorgan Chase’s Chairman and CEO, Jamie Dimon, regarding Chase’s Customized Checking test. We appreciate your feedback and are pleased Continue Reading
- Bank of America: Drop the $5 Debit Card Usage Fee
October 17, 2011 Brian T. Moynihan Chief Executive Officer and President Bank of America Corporation 401 N Tryon Street Charlotte, NC 28202 Re: Drop the $5 Debit Card Usage Fee Dear Mr. Moynihan: Recent news accounts have indicated that Bank of America will begin charging many of its checking account customers a $5 monthly fee Continue Reading
- SunTrust Banks, Inc: Drop the $5 Debit Card Usage Fee
October 17, 2011 William H. Rogers, Jr. President and Chief Executive Officer SunTrust Banks, Inc. 303 Peachtree Street Northeast Atlanta, GA 30308-3201 Re: Drop the $5 Debit Card Usage Fee Dear Mr. Rogers: Recent news accounts have indicated that SunTrust Bank will charge Basic Everyday Checking Account customers a $5 per month fee in any Continue Reading
- Wells Fargo & Co: Drop the $3 Debit Card Usage Fee Pilot
Letter to CEO to drop the $3 debit card usage fee pilot
- JPMorgan Chase & Co: Drop the $3 Debit Card Usage Fee Pilot
Letter to CEO requesting dropping the $3 debit card usage fee pilot
- Letter to Congress requesting investigation of Bank of America’s new debit card fee
October 4, 2011 The Honorable Timothy Johnson Chairman The Honorable Richard Sheldby Ranking Member Committee on Banking, Housing and Urban Affairs United States Senate Washington, DC 20510 Re: Bank of America Debit Fees Dear Chairman Johnson and Senator Shelby: We are writing to express our deep concern over Bank of America’s new fee that will Continue Reading
- CU comments to the OCC on Overdraft and Bank Payday
August 8, 2011 Office of Comptroller of the Currency 250 E Street, SW Mail Stop 2-3 Washington, D.C. 20219 Re: OCC Guidance on Deposit-Related Consumer Credit Products, Docket ID OCC-2011-0012 Dear Acting Comptroller Walsh: With this proposed guidance the OCC missed an opportunity to truly protect consumers from concerns raised by overdraft loans and Continue Reading
Press Releases
- Consumers Union Urges Senate Committee to Confirm Cordray
March 11, 2013 Consumers Union Urges Senate Committee to Confirm Cordray WASHINGTON, DC – Consumers Union, the policy and advocacy division of Consumer Reports, sent a letter to members of the Senate today urging them to confirm Richard Cordray as Director of the Consumer Financial Protection Bureau (CFPB). The letter comes as the Senate Banking Committee prepares Continue Reading
- CU: Switching banks still challenging for consumers
One year after Bank Transfer Day, Consumers Union renews call for reforms to help make switching banks easier
- Bank of America to stop “zombie account” practice on closed accounts
Consumers Union hails decision but bank switching obstacles remain
- CR survey: One in five considered moving their checking account to a new bank in the past year
Survey highlights top impediments to switching and reforms that would make consumers more likely to move their money
- CU Report: Switching banks hard for consumers
New CU report details obstacles to switching banks that stifle consumer choice and reforms for making it easier
- CU: Bank of America should drop latest fee scheme
Bank of America is testing new monthly fees that could be rolled out nationally soon
- CFPB reviews unfair bank overdraft policies
Consumers need protection from bank practices that boost costly overdraft fees
- BoA ends debit card fee plans following consumer backlash
Tuesday, November 1, 2011 Bank of America Ends Debit Card Fee Plans Following Consumer Backlash Episode Demonstrates Consumers Have Power to Shape the Marketplace Following weeks of consumer protest, Bank of America announced today that it is dropping its plan to begin charging consumers a monthly $5 debit card fee. Bank of America’s decision demonstrates Continue Reading
- SunTrust drops its debit card fee
Pressure builds on Bank of America to drop its fee for debit card purchases
- CU offers “How-To-Change Banks” video
Bank Transfer Day set for Nov. 5 as activists encourage consumers to switch to credit unions & smaller banks
Blog Posts
- CFPB en Español–New Spanish Language Website Launched
Good news this week from the U.S. Consumer Financial Protection Bureau (CFPB). The agency has just launched a Spanish language website which is a major development given the importance of the agency’s mission and its commitment to reaching out to all consumers. Given the growing number of Spanish speaking consumers in the U.S. and the Continue Reading
- Most Victims of Bank Wrongdoing Will Get $1000 or Less Under Settlement
Last week the Wall Street Journal reported some sobering news: The vast majority of borrowers being compensated for mortgage related abuses will get $1,000 or less, under a $9.3 billion dollar settlement between the U.S. and banks. If that were not bad enough, yesterday the New York Times reported that homeowners trying to cash their Continue Reading
- CFPB Director Faces Re-Nomination Hearing
Yesterday’s hearing by the Senate Banking Committee on the re-nomination of Richard Cordray to head the Consumer Financial Protection Bureau was just the beginning of what could turn out to be a long fight in Congress. Cordray, who was named the director of the CFPB by recess appointment by President Obama in January 2012, appeared Continue Reading
- Foreclosures Decline Dramatically in California in January. New Homeowner Bill of Rights Credited for Big Drop
On February 13, NPR radio reported that foreclosures in California were down by nearly 40 percent. According to the story, RealtyTrac Vice-President Daren Blomquist says a new law brought about the change. That new law is the California Homeowner Bill of Rights which became effective on January 1, 2013. The new law was championed by Continue Reading
- Banks Want Legal Immunity For Unaffordable Loans
By Pam Banks Bank lobbyists plan to make the most of the lame-duck session of Congress that gets underway next week. Almost before anyone has a chance to notice, they hope to pass an amendment undermining a crucial piece of the Dodd-Frank Wall Street reform law — the provision that was supposed to keep lenders Continue Reading
- New Report Finds Direct Deposit is Key to Avoiding Rising Bank Fees
The Consumer Federation of America just released a new report finding that consumers are having difficulty avoiding rising checking fees unless they directly deposit regular income checks such as paychecks, pension checks, and Social Security checks. In a survey of the top 25 banks by number of branches, CFA found that checking account fees and Continue Reading
- Leaving Your Megabank Just Might Be a Wise Investment
It’s no surprise that many consumers are still fed up with the biggest banks in the country for a lot of reasons: the reckless behavior that contributed to the economy’s collapse, the taxpayer bailouts, the outsized executive compensation packages, and repeated efforts to thwart financial reform. On a more personal level, consumers are simply tired Continue Reading
- Consumers Shifting Away From Banks
According to a recent Wall Street Journal article Middle-class Americans are spending less time in the bank lobbies their parents would recognize. Today, 8.2% of the nation’s households—nearly 12 million—are managing their finances without a bank, according to Census-based data the Federal Deposit Insurance Corp. will make public Wednesday. That is up from the 7.7% Continue Reading
- Why can we not just kill Zombie Accounts?
We’ve told you before about “zombie accounts” – those pesky bank accounts that get re-opened after you think they’re closed. We’ve found out that Bank of America and Chase both did this to their (former) customers. But in response to public outcry, Bank of America promised last month that it would stop the practice. A Continue Reading
- Victory! Following Our Bank Switching Report Bank Of America To End Zombie Accounts
Bank of America has announced that they will put an end to zombie accounts: the bank will no longer allow electronic deposits or debits to reopen a closed checking account. This follows recommendations outlined in Consumers Union’s report, Trapped At The Bank, which detailed the challenges that banks create making it harder for consumers to easily switch Continue Reading
Worried about retirement?
The stock market has been unusually volatile, plunging hundreds of points, creeping back, only to plunge again. It is hard to stay disciplined about saving when every dime you’ve invested can evaporate in a day.
What is your biggest concern about your own retirement? We want to hear from you.
Where to complain
Online, by mail, phone or fax... Agencies need to hear from you!
Stories about Banking
The check hold forced me to pay added interest to Wells Fargo while they utilized the readily accessible funds for 10 business days.
Larry of Portland, OR
In October 2008 Justin’s credit card deducted $250 from his checking account as part of his monthly auto-pay – he was unaware that he had less than $250 in his account at the time.
Justin of Crestone, CO
Linda is an independent contractor from California who does not usually have problems with overdrafts.
Linda of Valley Village, CA
Joyce runs a small business out of North Carolina, and has very recently run into trouble with overdraft fees.