We support reforms to the financial marketplace to curb bad practices by banks and lenders.
As a freelance administrative assistant, Mary doesn’t have much time to watch her bank account. She has overdrafted her account at least 50 times because her bank put a hold on her deposits.
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
- Steps to Safely Move Your Money to a New Bank Account
Moving Your Money to a New Checking Account Steps to Make it Safe and Easy If you are not happy with your bank, consider moving your money to an account at a new financial institution. Vote with your dollars! To help you do so safety, we’ve put together this checklist so you can take the Continue Reading
- The Faster Access and Shorter Transaction Time for Checks Act of 2010
Under Rep. Tsongas’ bill, consumers will have faster access to their deposited checks
- Group comment on clarifications to the Fed’s final overdraft rule
COMMENTS of the CENTER FOR RESPONSIBLE LENDING CONSUMER FEDERATION OF AMERICA NATIONAL CONSUMER LAW CENTER (on behalf of its low-income clients) and CONSUMERS UNION NATIONAL ASSOCIATION OF CONSUMER ADVOCATES on Regulation E pursuant to 12 CFR Part 205 Docket No. R-1343 and Regulation DD pursuant to 12 CFR Part 230 Docket No. R-1315 March 30, Continue Reading
- Group letter to the OCC complaining about Chase Bank’s marketing of opt in
Consumer Federation of America National Consumer Law Center (On behalf of its low income clients) U.S. Public Interest Research Group National Association of Consumer Advocates Consumer Action Consumers Union Center for Responsible Lending Specifically, we request that the OCC: • Require national banks to submit their training manuals, scripts provided to bank employees, communications to Continue Reading
- Have you been ripped off by the big banks or other lenders?
Have you been hit with unexpected fees that drain your bank account? Have you taken out a loan that turned out to be full of tricks and traps? Consumers Union wants to hear your story because it will help us illustrate why consumers deserve stronger protection. Tell us your story so we can build support for real reform that helps consumers not the big banks!
cu.convio.net/shareyourmoneystory
- CU supports strong overdraft legislation in the House and Senate
- CU testimony in support of the Overdraft Protection Act of 2009
CU strongly supports H.R. 3904, the “Overdraft Protection Act of 2009”
- Support for the Deceptive Loan Check Elimination Act
The Deceptive Loan Check Elimination Act fills a gap in protections against mailing unsolicited credit devices that has existed since Congress prohibited banks from mailing live credit cards to consumers in the 1970’s. Read the support letter from Consumer Action, Consumer Federation of America, Consumers Union, National Consumer Law Center, U. S. Public Interest Research Continue Reading
- Credit Union Insurance Coverage
E-Calculator: The Electronic Share Insurance Calculator
- FDIC Insurance Calculator
FDIC Insurance Calculator EDIE lets consumers and bankers know, on a per-bank basis, how the insurance rules and limits apply to a depositor’s specific group of deposit accounts?what’s insured and what portion (if any) exceeds coverage limits at that bank. EDIE also allows the user to print the report for their records. EDIE calculates the Continue Reading
Press Releases
- Senate approves Wall Street rescue package
Senate bill strengthens Bush Administration plan, but critical protections for consumers and taxpayers still needed
- CU: Bailout should include consumer protections
CU calls on Congress to protect consumers and taxpayers and enact reforms to prevent future financial meltdowns
- Gas consumers to get relief on debit card holds
VISA announces plan to reduce debit holds at the pump; CU calls on MasterCard to do the same
- New rules proposed to curb unfair bank practices
Proposal offers new protections for credit card customers, but more safeguards are needed
- Congress should curb overdraft loan fees
GAO report finds many banks fail to disclose fees to consumers in violation of federal regulations
- Credit cardholders send Congress a Valentine
Consumers groups deliver 120,000 constituent postcards urging Congress to “Kiss credit card abuses goodbye!”
- Consumer groups ask questions for new Fed chair nominee
Banking panel should question Dr. Bernanke on commitment to consumer policies
- Court orders more proceedings on California financial privacy law
Monday, June 20, 2005 Ninth Circuit Court of Appeals Orders More Proceedings on California’s Financial Privacy Law Important Financial Privacy Protections Will Remain In Effect SAN FRANCISCO, CA – In a lawsuit challenging California’s landmark financial privacy law, the 9th Circuit Court of Appeals today rejected the assertions by national banks that states have no Continue Reading
- Bank of America computer tape loss puts 1.2 million at risk of ID theft
CU is working to enact stronger identity theft safeguards for consumers.
- Post “Check 21″ banking law reforms proposed in Congress
Bill would reduce check hold times to help you avoid bouncing checks. Take action now!
Blog Posts
- Why Is Bank of America charging $5?
Is financial reform to blame for the big banks charging you more fees? Nope.
- Send BofA Your Own Video Breakup: “Drop the fee or we drop you!”
We imagine the conversation might go something like this…Press play!
Do you have something to say to Bank of America? Soon BofA will charge you $5 a month to use your debit card, even though they’re already collecting enough money from retailers to profit on the processing costs.
- Letter To BoA: Drop The $5 Fee!
If the banks don’t drop these fees then consumers should drop them.
- How To Move Your Money Safely
Sick of your bank’s new fees? Use these tips to move your money.
- B of ATo Start Charging $5/Month Debit Card Fee
Bank of America announced that it will start charging customers $5 per month to use their debit card.
- Wells Fargo To Start Charging For Debit Card Use
Wells Fargo will start charging a $3 fee in every month that customers use their debit cards for purchases starting October 14.
- Banks Can Sell Your Personal Shopping Habits: You Can Stop Them
Savvy shoppers aren’t the only ones watching their spending these days.
- Bank Fees Are Hard to Find, But Free Checking Isn’t Dead Yet
A new study by U.S. PIRG found that banks often don’t disclose fees the way they’re supposed to under law. Nonetheless, contrary to the media buzz, many banks and credit unions still offer no- or low-cost checking accounts.
- Prepaid Cards vs Bank Account
Most prepaid cards charge higher fees than basic checking accounts offered by the top five banks in the U.S., according to our new reprt
- Tips To Avoid New Bank Fees
New fees may be getting added on to your old checking accounts. Here are some useful tips to avoid them.
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!