We support reforms to the financial marketplace to curb bad practices by banks and lenders.
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
- Bank Accounts
Bank accounts provide security and services that help you manage your money. But 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.
- Checks
Although the numbers of checks are dwindling, consumers are still paying and being paid by check. Many consumers’ frustrations are due to lengthy check processing times, which vary depending on the way the check is processedâwhich the consumer has little to no control over.
- Debit Cards
Bank debit cards have quickly become popular, allowing consumers to use funds directly in their bank accounts. But debit cards are not always the best payment option; among their downsides is that they do not have the same protections as credit cards, and may incur huge fees due to overdraft loans and other bank fees.
- Overdraft
Overdraft programs are really high-cost, short-term loans with quadruple digit APR rates. Until recently banks could automatically cover your transactions when there’s not enough money in your account, and charge an astronomical fee for this service without your permission.
- Overdrawn! The Documentary
“Overdrawn!” is a work-in-progress feature-length documentary film exploring the predatory lending practices of the major national banks. For more about the film makers and behind the scenes, please visit: http://www.overdrawnmovie.net/ To see the film on You Tube, click on the link below:
- Coalition letter to house members opposing HR 1214
ACORN Americans for Fairness in Lending Consumer Action Consumer Federation of America Consumers Union National Association of Consumer Advocates National Consumer Law Center National Fair Housing Alliance National Community Reinvestment Coalition U.S. PIRG 23 March 2009 Please Don’t Co-Sponsor or Support HR 1214, “Payday Lender Protection Act” Dear Representative, We the undersigned consumer, community and Continue Reading
- Testimony on Credit Cards (HR 627) and Overdraft Fees (HR 1456)
Before the House on March 19, 2009
- Coalition letter to sponsors opposing HR 1214
ACORN National Americans for Fairness in Lending Consumer Action Consumer Federation of America Consumers Union National Association of Consumer Advocates National Consumer Law Center National Consumers League National Fair Housing Alliance Public Citizen U.S. PIRG Woodstock Institute March 17, 2009 The Honorable Luis Gutierrez United States House of Representatives Washington, DC 20515 Dear Representative Gutierrez: Continue Reading
- Read CU’s overdraft comment on the December 2008 overdraft proposal
Consumers Union writes to comment on proposed Regulation E – Electronic Fund Transfers [R-1343], the recent proposal to limit the ability of financial institutions to assess fees for paying ATM and one-time debit transactions that overdraw a consumer’s account.
- Coalition endorses bill to cap interest rates
Legislation introduced in Congress aims to stop predatory lending abuses by putting a ceiling on interest rates.
Blog Posts
- A bar in Seattle will buy you dinner for quitting Chase bank
After having enough of Chase the owner of Twilight Exit bar in Seattle is offering a free steak dinner with proof that you have dropped your Chase bank account.
- As the July 1st deadline approaches, CFA warns consumers not to Opt-In to Overdraft.
CFA releases a survey of Big Bank Overdraft Fees and Terms
- Bank of America gave us a little and then took it away!
B of A is thinking up new fees to add to their checking accounts to make up for lost overdraft revenue.
- Working to improve Chase’s Overdraft Opt-in Solicitations
Over the past few months CU has joined other consumer groups to encourage Chase to make their overdraft opt-in solicitations less misleading to consumers.
- You’re gonna save $5 billion in credit card and overdraft fees this year!
The new laws that went into effect this year to regulate credit cards and overdraft programs, will save consumers $5 billion in fees according to a USA Today analysis.
- Call to Action for Social Security, SSI, and Veterans benefits recipients
If you receive Social Security, Supplemental Security Income (SSI) or Veterans benefits, you know this money is essential to you. It helps you pay for food, housing, and other basic living expenses.
- Senate debate on financial reform heats up
Now that the Senate floor debate on financial reform has started in earnest, supporters are ofering a number of amendments to strengthen the bill so that it better protects consumers from unsafe financial products and creates new rules to stop banks from getting so big that they could threaten the financial system.
- Moving Your Money? Use these tips to do it right!
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 appropriate steps and ensure that all of your bills are paid on time and you avoid being charged overdraft fees.
- Chase Bank’s Overdraft Opt-in System: FAIL
Chase just can’t help themselves. Between making the Opt-in form confusing and a new misleading marketing campaign they manage to turn something that should be easy into a new way to try and dupe customers.
- Credit Unions Promoting Idol-esque Video Contest
Pretty funny and fantastic idea to promote Credit Unions and the Move Your Money spirit.
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!