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.
- Fact Sheet about ID Theft
Over 261,891,160 records containing personal and financial information were involved in security breaches announced from January 2005 to June 2009.
- Jury’s out on abusive overdraft loans proposal
Banking regulators withdrew rules that failed to protect consumers from high-cost, unsolicited overdraft loans.
- Read the whole December 2008 overdraft proposal
- New credit card protections adopted by Feds
Federal regulators act to protect consumers from certain abusive credit card lending practices
- Letter to the Comptroller of the Currency regarding stored value cards
Consumers should have peace of mind that the funds on their prepaid cards are protected.
- FDIC study of Bank Overdraft Programs
- Consumer Reports, Viewpoint: Debit Holds
As if gas didn’t cost enough… Mary Alice Belov planned to put gas in her car, then buy groceries. What she didn’t plan on was the $10 gas purchase freezing $50 of her bank account and forcing Belov, a small-business owner from Goldendale, Wash., to put items from her cart back on the shelf. Blame Continue Reading
- Protect all your money if your bank fails
Consumer groups call on the FDIC to apply deposit insurance to all prepaid cards, payroll cards, and bank-issued gift cards.
- FACT SHEET: FDIC Insurance and Bank Failure
The FDIC insures deposits in most of the nation’s banks and savings associations in the case of failure. In the event of liquidation or closing of any FDIC insured bank, payment of the insured deposits are made as soon as possible.
- Where’s my money: Consumer protections needed for new ways to pay
Five things to do today with payments law.
- Consumers Are Saying No To Expensive Fee Programs (When given a choice)
Consumer Reports Poll: Only 22 Percent of Bank Customers Have Opted-In For Debit Card Overdraft “Protection”
- Tells Wells Fargo To Give Back $203 Million In Overdraft Fees
Consumers need to let Wells Fargo CEO John Strumpf know that ripping off his customers is wrong.
- Bank In Texas To Give Back $32M In Overdraft fees
Woodforest bank has settled with the OCC and will be returning $32 Million in ill gotten overdraft fees. We think Wells Fargo should do the same.
- FDIC will hopefully go farther than the Fed on overdrafts.
Groups submit comment to FDIC proposal regarding overdraft policies.
- BofA’s “$0 Liability Guarantee” – Is It As Good As it Sounds?
Bank of America has rolled out a new “$0 liability guarantee” on their debit and credit cards, but it might just be federal law. BofA customers need to be aware of their rights under current credit and debit card regulations, just in case BofA’s policy doesn’t cover everything.
- Wells Fargo CEO Ignores Consumer Concerns
Recently DYD called on Wells’ CEO John Strumpf to end all automatic ovedraft programs. A woman named April responded- sort of.
- College Students: Warnings about the Higher One Card
Campuses across the nation have been adopting the Higher One card for their students. While these cards may be providing cost savings to college institutions, students are finding huge problems.
- NBC’s Overdraft Report- Watch It
NBC outlines what to watch out for in overdrafts
- Back To School: Campus Financial Tips
Tips for Bank Accounts, Credit Cards, and Prepaid Cards for college students
- DYD to Wells Fargo: “STOP”
We are calling on Wells Fargo to stop automatically enrolling their customers into overdraft programs they may not want.