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.
- 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.
- 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.
- The end is near…at least to long debit holds
The rules at Visa and MasterCard for debit card purchases at the gas pump will change, and hopefully leave the debit hold problem a thing of the past once the rules are implemented.
- 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.