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.
- Letter to the Federal Reserve System Regarding Check 21
Under the federal Check 21 Act, banks will no longer return original cancelled checks to consumers. The federal Act gives consumers certain new rights, including a right to have funds recredited to a checking account when a so-called substitute check is used. However, the proposed federal regulation to implement those rights will make it very hard for consumers to use them.
- 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.
- Back to Basics: Checkholds
Although the number of checks are declining rapidly, we still get a number of questions regarding checks, or more specifically, calls from frustrated consumers on checkholds.
- Dodd introduces the best overdraft protections yet
Senate will consider stronger protections for overdraft. Fed overdraft rule expected in November.
- Call Bank of America—Opt Out of Automatic Overdraft!!
Bank of America will now let you Opt Out. Take advantage of this opportunity!
- Win Count: Consumers 1 Banks $700 Billion
Banks ease policy on overdrafts due to consumer pressure. Now is the time to get involved.
- Big news–Two banks reduce but don’t end outrageous overdraft fees.
Two big banks have announced changes in their checking account overdraft fees that will end what consumer advocates have called “the $35 cup of coffee” – for some people, some of the time, starting either in October or early next year. UPDATE: Wells Fargo changes policy on overdrafts as well.
- Back to Basics: The Bank Account
What should a consumer look for in a bank account?
- Calling all creative shutter bugs!
Consumers Union needs some fantastic photos for our Defend Your Dollars blog posts that represent the variety of financial consumer issues that affect your life.
- Relief for Unemployment Debit Card Users Coming Soon?
We hope more relief will come to people who are relying on unemployment benefits, especially those using unemployment debit cards. The U.S. Department of Labor has spoken…at least on unemployment insurance debit cards. The DOL guidelines lay out the following recommendations to states:
- Daily Show Awesomeness- Overdrafts
Jon Stewart makes a great point about banks making profits off of the consumers who bailed them out
- Tips for Buying Online
It’s no secret that consumers today are spending money with more care, looking for bargains and buying only necessities. It’s good that consumers are being more cautious about their spending habits. But, more consumers are also choosing debit or alternative payment methods for online shopping—which may be cause for concern.