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
- 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
- Consumer Advocates Comments to Proposed Rules on Changes to Check Processing
June 1, 2011 Jennifer Johnson Secretary Board of Governors of the Federal Reserve System 20th Street and Constitution Ave, NW Washington, D.C. 20551 RE: 12 CFR Part 229, Regulation CC; Docket No. R-1409 Dear Ms. Johnson: Consumers Union, the nonprofit publisher of Consumer Reports® and Consumer Federation of America appreciate this opportunity to provide comment Continue Reading
- Tips for checking account customers
Tips for checking account customers • Find out how you can avoid monthly fees: Check with your bank to find out whether you can take steps to avoid monthly fees. Some banks will eliminate monthly fees if you use direct deposit for your paycheck or if you maintain a minimum balance or use your debit Continue Reading
Press Releases
- 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
- BofA considering ways to scale back debit card fee
CU: Bank of America should drop debit card fee for all customers
- Chase will not charge customers a debit card fee
CU calls on Bank of America to drop its plan to charge a $5 monthly fee for debit card purchases
- Bank of America urged to drop debit card fee
CU: It’s unfair for banks to charge consumers when banks collect from retailers to cover debit card costs
- Bank of America urged to drop debit card fee
CU: It’s unfair for banks to charge consumers when banks collect enough from retailers to cover debit card costs
- CU calls for federal investigation of BofA’s debit card fee
Congress and federal regulators should investigate the controversial new fee
Blog Posts
- April Bank Alert!
Guest Blogger: Christina Tetreault For our April Bank Alert we’d like to highlight a bank practice that can leave consumers owing hundreds of dollars in fees before they even knows what’s happening. No, we’re not talking about re-ordering transactions to drive up overdraft fees. Some banks reopen closed accounts if a debit or credit hits Continue Reading
- Bank of America CEO Definitely Earned His $8.1 Million in 2011… Right?
Apparently coming up with new schemes to charge consumers $5 to use their debit card, not helping middle class Americans stay in their homes, and making it to the Elite 8 in Consumerist’s “Worst Company In America” bracket is worth a lot of money. According to Reuters, Bank of America’s CEO Brian Moynihan received $8.1million Continue Reading
- Wells Fargo To Charge $7 Fee On Checking Accounts
According to CNN, Wells Fargo is trying to put another nail in the coffin of free checking accounts. However, if you have a lot of money or are willing to jump through hoops you can avoid the new fee. The $7 monthly service fee will be assessed on the bank’s Essential Checking account. Customers can Continue Reading
- Zombie Account Generates $400+ in Fees in Three Days
By: Christina Tetreault After closing his checking account at Fifth Third, a consumer in New York was dismayed to find not only had the bank re-opened his account when a post-closure transaction hit, but Taylor McKinley’s ex-bank hit him with a string of fees totaling $438.35, according to the Huffington Post. The most shocking thing about Continue Reading
- Bank Fee Alert: BoA Trying Again!
The Wall Street Journal is reporting that Bank of America is considering plans to charge new monthly fees to its customers unless they bank online, hold a mortgage with the bank, or meet other conditions. The bank is reportedly testing the new monthly fees in Arizona, Georgia, and Massachusetts with an eye on rolling Continue Reading
- Chase Looking to Shed Customers; Would “Celebrate” $20 Account Fees
By Christina Tetreault According to Business Week, If you have less than $100,000 in the bank, JPMorgan Chase doesn’t want your business.Instead, Chase wants to focus on its profitable customers, claiming that those with less than a hundred grand in the bank don’t cut it. Why does the little guy no longer get love from Continue Reading
- February Bank Alert!
By: Christina Tetreault For our February Bank Alert we’d like to highlight a new bank policy many of you may have encountered. The big banks have been imposing a back-door fee by raising the minimum balance required to qualify for a fee waiver on checking accounts. If you don’t keep a large buffer of cash Continue Reading
- Its not just Americans who are moving their money.
Consumers in the USA have watched the same big banks who nickle and dime consumers get bailed out by the government and then proceed to hand over insanely large bonuses to their top management. Between the “Occupy” protestors camping out in cities around the country and the vocal campaign to switch accounts from big banks Continue Reading
- January Bank Alert!
We all remember last fall when Bank of America and other big banks backed off from plans to charge customers a monthly fee for using a debit card to access their own money from their checking account. Even BoA admits that consumers deserve the credit for this victory (although they don’t use those words). Massive Continue Reading
- $5 Debit Fee: Did Bank of America Really Get the Message?
The Street is reporting that three months after it abandoned plans to charge a $5 monthly debt card fee, Bank of America is now admitting that its fee scheme caused many customers to close their accounts. B of A CEO Brian Moynihan recently noted “an elevated level of account closings” in the final 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.