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.
- Testimony regarding Check Clearing for the 21st Century Act
The Act would make it impossible for the estimated 45.8 million U.S. households who now get their paper checks back to get all their paper checks back every month.
- On-line banking policies and principles
Supplement to Consumers Union policy on electronic money and banking
- Letter to the CA Dept. of Social Services regarding electronic benefit transfer
Groups write to express concerns about policy judgments made by the State before release of final request for bids in the creation of California’s electronic benefit transfer (EBT) system.
- Letter to the Federal Reserve Chairman Greenspan regarding application of merger
CU opposes the approval of the application filed by Travelers Group Inc. to merge with Citicorp
- Comments on NationsBank/Bank of America Merger Application to the Federal Reserve Bank
CU submits comments on the proposed merger of Bank of America and NationsBank to raise concerns about the merger’s impact on consumers.
- Last Chance to Tell the Fed Your Credit Card Story
The federal banking agencies are taking action to rein in credit card abuses that cost you money and there’s only one week left to let them know what you think. Join over 30,000 people that have commented so far on the proposed rule. The deadline is August 4th.
- 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.”