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.
- What’s Wrong with the Proposed Check 21 Regulations: Consumer Group Comments
These comments are filed by CU, the Consumer Federation of America, U.S. PIRG, the National Consumer Law Center, and Consumer Action. Check 21 treats an electronic transfer of funds initiated by check under check law, but at the same time provides some new consumer rights to accompany this fundamental change in how checks are processed.
- CU Testimony On the Check Clearing for the 21st Century Act Before the House
If this legislation is enacted into law, it would have a significant impact on an estimated 45 million consumers who receive their original paper checks in the mail every month
- 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.
- Consumer Financial Protection Agency – What it is and What it does
The President’ today released his comprehensive plan to fix the oversight of financial products and markets.
- Treasury Releases Report: Financial Regulatory Reform: A New Foundation
An 85 page report that recommends the creation of a new agency to safeguard consumers from unfair financial products.
- A Bad Moon Rising for Credit Card Banks
The President wants a meeting to talk about credit card reform – Woohoo!
- No foolin’: A bank card with 15 fees
It sounds like an April Fools joke: A prepaid debit card meant to help teens manage their money that includes 15 potential fees. Another card claiming “no hidden fees” that charges $1 every time you use it. And another that charges $1 to talk to a customer-service rep, and 50 cents to talk to a machine!
- CU overdraft activists are in the news!
Overdraft stories are big news as the deadline for comments to the Fed approaches on March 30th.
- Those pesky overdraft fees–the Fed needs to hear from you too!
CU sent the Federal Reserve Board its comments this morning on a proposal that would finally do something about all those overdraft fees that you never approved. The formal comment period ends this month–so take a moment to add your voice.
- Another Federal Watchdog Agency? It’s a Good Thing
Senators Durbin and Schumer just proposed a federal consumer watchdog agency to look out for your money.
- Second Chance for Opt-In to Overdrafts!
Here’s your chance to tell the Fed that you want the right to opt-in (or not) to high cost overdraft services!
- Tweeter Files, Circuit City Struggles: Who’s Next? Use your Gift Cards before it’s too late
It is likely that more and more retailers are going to be forced to close their doors, and, when a retailer files for Chapter 11, people with gift cards must fight to get their money back.
- Is my money safe?
Bank accounts are insured for $250,000 under federal deposit insurance, and most brokerage investments are protected by a private scheme for losses of up to $500,000, but your money might not be protected if you have money on a retailer gift card or this month’s paycheck on a prepaid card.