We support reforms to the financial marketplace to curb bad practices by banks and lenders.
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
- Questions and Answers About the Check Clearing for the 21st Century Act, “Check 21
Check 21 is sweeping new federal law that takes away your ability to get back your original paper checks. This complicated law gives you some rights, but those rights depend on a variety of factors, including how the merchant and the bank decide to process your check.
- Consumer groups urge Fed to rein in high cost overdraft loans
Consumer groups urge further steps to protect customers from bank overdraft bounce loans and practices that exacerbate the cost and risks to bank consumers who overdraw their accounts.
- Consumer Groups Call to Eliminate “Oral Checks”
The proposal encourages the consumer’s bank to help protect the consumer from unauthorized Remotely Created Checks(RCCs). CU proposes that the Board clearly articulate that RCCs originated by consumers are electronic fund transfers covered by the Electronic Fund Transfer Act.
- CU seeks shorter check holds and other protections for consumers after Check 21
Consumers Union seeks shorter check holds and other protections for consumers after Check 21.
- Support Consumer-Friendly Changes to Check 21
CU strongly supports Rep. Maloney’s efforts to help consumers get quicker access to their deposits now that financial institutions can clear consumer checks much faster under the new Check 21 law. This is a simple matter of fairness now that banks will benefit from quicker check processing, which ultimately is expected to save banks billions of dollars.
- Comments to the Federal Reserve System regarding payroll cards
Consumer groups file comments supporting the proposed amendment to federal Regulation E addressing payroll cards.
- CU comments regarding the proposed amendment addressing payroll cards
Comment supplements the October 28, 2004 comments submitted by consumer, community development, and civil rights groups supporting the proposed amendment to federal Regulation E addressing payroll cards.
- Reduce check hold times
The proposal, HR 799, will reduce check hold times.
- How long banks can make consumers wait to use deposited funds
Today’s rules and the rules under the proposed Consumer Checking Account Fairness Act
- Support the Consumer Checking Account Fairness Act
Make funds available in consumers’ account faster so that consumers get some of the advantage of faster check clearing times under Check 21.
Blog Posts
- On the Horizon: Finally Some Relief at the Pump
Consumers who pay at the pump with their debit cards should be able to breathe a little easier starting this October. This bit of relief comes from Visa’s recent announcement that they will be changing their rules for debit transactions at the pump.
- Challenge: What Type of Overdraft Service Do You Have?
Do you know what will happen if you accidentally overdraft your bank account?
- Who’s Holding Your Money?
These days, we’re all trying to make every dollar stretch a little farther. But it doesn’t help when debit holds freeze access to your money for a few days. What’s worse –when you get hit with overdraft fees or NSF (insufficient funds) fees because of debit holds.
- Spending is not the way to save
Monday’s Tip from Money Mom – Bank of America’s “Keep the Change” and Wachovia’s “Way2Save” programs aren’t the way to build up family savings. Instead, pick an amount to save from every paycheck and “pay yourself first” by making an automatic deposit directly into savings every time you get paid.
- Read your bank statements carefully
Money Mom’s Monday Tip: Read Your Bank Statements Carefully
- Telephone check? Could the Wachovia “demand draft” problem happen to you?
Did you know that your bank can pay someone from your checking account because that person says you authorized it – even though you never signed a check?
- Don’t borrow from your 401(k)
Monday’s Tip from Money Mom – Avoid a Debit Card Tied to Your 401(k).
Money Mom just heard about a truly bad idea – a debit card that pulls money straight from your “qualified retirement plan” such as a 401(k). You spend money for everyday purchases using the debit card, but with every purchase you are borrowing a bit more money from your retirement account.
- Got Money?
A new documentary film, “Overdrawn,” provides a humorous yet sobering look at the issue of hidden banking fees associated with common banking practices.
- America’s banks missing the mark on banking fees
Last Tuesday the American Banking Association (ABA) released a survey showing that “sixty-five percent of consumers spend $3 or less in monthly fees.”
- Thanks Bank of America for raising the fee…
You may soon discover, or have already discovered, that you are paying more cash to get cash. Bank of America has raised the fee to $3 for all non-customers who use their ATMs…nearly double what most banks charge. According to Bankrate.com, the average ATM surcharge fee is $1.64.
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!