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.
- Federal Reserve Board’s December 2008 overdraft proposal summary
The Federal Reserve Board’s overdraft proposal provides two main options for how banks will handle ATM and most debit card transactions that overdraft a bank account
- Consumers Union’s agenda for the 111th Congress
CU hopes to work closely with the 111 th Congress to help improve the marketplace for consumers
- 2008 Fee Study of Bank and Credit Union Overdraft Programs
- 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
- Wells Fargo To Charge $7 Fee On Checking Accounts
According to CNN, Wells Fargo is trying to put another nail in the coffin of free checking accounts. However, if you have a lot of money or are willing to jump through hoops you can avoid the new fee. The $7 monthly service fee will be assessed on the bank’s Essential Checking account. Customers can Continue Reading
- Zombie Account Generates $400+ in Fees in Three Days
By: Christina Tetreault After closing his checking account at Fifth Third, a consumer in New York was dismayed to find not only had the bank re-opened his account when a post-closure transaction hit, but Taylor McKinley’s ex-bank hit him with a string of fees totaling $438.35, according to the Huffington Post. The most shocking thing about Continue Reading
- Bank Fee Alert: BoA Trying Again!
The Wall Street Journal is reporting that Bank of America is considering plans to charge new monthly fees to its customers unless they bank online, hold a mortgage with the bank, or meet other conditions. The bank is reportedly testing the new monthly fees in Arizona, Georgia, and Massachusetts with an eye on rolling Continue Reading
- Chase Looking to Shed Customers; Would “Celebrate” $20 Account Fees
By Christina Tetreault According to Business Week, If you have less than $100,000 in the bank, JPMorgan Chase doesn’t want your business.Instead, Chase wants to focus on its profitable customers, claiming that those with less than a hundred grand in the bank don’t cut it. Why does the little guy no longer get love from Continue Reading
- February Bank Alert!
By: Christina Tetreault For our February Bank Alert we’d like to highlight a new bank policy many of you may have encountered. The big banks have been imposing a back-door fee by raising the minimum balance required to qualify for a fee waiver on checking accounts. If you don’t keep a large buffer of cash Continue Reading
- Its not just Americans who are moving their money.
Consumers in the USA have watched the same big banks who nickle and dime consumers get bailed out by the government and then proceed to hand over insanely large bonuses to their top management. Between the “Occupy” protestors camping out in cities around the country and the vocal campaign to switch accounts from big banks Continue Reading
- January Bank Alert!
We all remember last fall when Bank of America and other big banks backed off from plans to charge customers a monthly fee for using a debit card to access their own money from their checking account. Even BoA admits that consumers deserve the credit for this victory (although they don’t use those words). Massive Continue Reading
- $5 Debit Fee: Did Bank of America Really Get the Message?
The Street is reporting that three months after it abandoned plans to charge a $5 monthly debt card fee, Bank of America is now admitting that its fee scheme caused many customers to close their accounts. B of A CEO Brian Moynihan recently noted “an elevated level of account closings” in the final Continue Reading
- As overdraft fees hit their highest, a reminder to NOT opt in.
In case you needed a reminder to opt-out of costly overdraft programs: The median overdraft fee has reached an all time high of $30 per transaction, up from $27.50 a year ago. Previously we have recommended to consumers that you opt-out of these high-cost short term loan programs. However, if you need some sort of Continue Reading
- College Students Raise Concerns About Higher One Card Fees
A small group of students and parents at Western Washington University are taking their consumer rights seriously.