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
- 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.
Blog Posts
- 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.
- Bank of American finally does the right thing on overdrafts
No more overdraft fees when you use your Bank of America debit card.
- Winner of the Danger of Debt Contest!!
Sean Kleefeld is the Grand Prize Winner of the Dangers of Debt Image Contest!!
- Back to Basics: Using Your Debit Card
When you use a debit card to make a purchase, the cashier will often ask, “Debit” or “Credit?” What does this mean?
- OPT-IN VICTORY !!!
Fed Releases New Rules On Debit Card Overdrafts Includes Opt-In.
Great news for consumers. - Protect Your Holiday Spending
The way you pay for your best friend’s gift this holiday season can make a big difference, especially if something goes wrong.
- Back to Basics: Checkholds
Although the number of checks are declining rapidly, we still get a number of questions regarding checks, or more specifically, calls from frustrated consumers on checkholds.
- Dodd introduces the best overdraft protections yet
Senate will consider stronger protections for overdraft. Fed overdraft rule expected in November.
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!