Defend Your Dollars: Share this site! We support reforms to the financial marketplace to curb bad practices by banks and lenders.

Payments

There are many different ways to pay, including gift cards, prepaid cards, or even with your mobile phone. But you don’t get the same consumer protections with each payment choice. We’re working to expose bad practices and to enact strong protections no matter how you pay.

Subtopics of Payments


Publications

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Press Releases

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Blog Posts

  • CFPB Warns Consumers About Bitcoin and other Virtual Currencies

    Last June we wrote about how the CFPB would be paying closer attention to virtual currencies.  Today the CFPB issued a warning for consumers about risks of virtual currencies, such as Bitcoin, XRP, and Dogecoin.  The CFPB says consumers should be aware of potential risks with virtual currencies such as unclear costs, volatile exchange rates, the Continue Reading

  • Some Californians’ Prepaid Cards Getting New Legal Protections

    Is it a sign of good things to come from the CFPB? Some California consumers receiving child support deposited to prepaid cards are getting new protections thanks to a bill recently signed by California Governor Jerry Brown. For some consumers, a California state agency collects child support then directs it to the recipient’s account. AB Continue Reading

  • Let the Consumer Financial Protection Bureau Continue To Do Its Job

    (Cross-posted from Consumer Reports Online in an article by Stephen Saltzman) On July 21, the Consumer Financial Protection Bureau will mark its fourth anniversary. The consumer financial watchdog, created by Congress in the wake of the financial crisis caused by shady mortgage lenders and Wall Street abuses, has done a lot for consumers in just Continue Reading

  • CFPB Says It’s Going to Watch Out for Consumers’ Digital Assets

    The Wild West of decentralized crypto – also known as digital or virtual –  currencies may be getting a sheriff. As first reported by Bloomberg’s Carter Dougherty, the Consumer Financial Protection Bureau (CFPB) has committed to looking into the consumer protection issues around these protocols. U.S. lawmakers, government agencies and law enforcement have all taken Continue Reading

  • Suze Orman’s Prepaid Card Is Going Away July 1, 2014

    What Cardholders Should Do Now Launched to great, um, fanfare, not more than 36 months ago, Suze Orman’s prepaid card, the Approved Card, is closing up shop. While the personal finance guru has been silent about this development, cardholders report receiving letters that say that the Approved Card will no longer work after July 1, Continue Reading

  • Not Again?! P.F. Chang’s Announces Security Breach

    If you ate at the restaurant, here’s our advice Fast-casual chain restaurant P.F. Chang’s confirmed today that customers’ payment card information may have been stolen when the company fell victim to a data breach. Until P.F. Chang’s can be sure its computers are safe, visitors to P.F. Chang’s’ restaurants will see old-school manual payment card Continue Reading

  • Data Breaches Driving You Crazy? California DMV gives consumers new reason to worry.

    Uh, oh. It’s happened again: another data breach. Consumers who used the California Department of Motor Vehicles (DMV) online credit card payment system may find their credit card information is at risk. The California DMV’s Public Information Officer, Armando Botello, says that the DMV was “alerted by law enforcement authorities to a potential security issue Continue Reading

  • A Selfie for Your Checks? What You Should Know about Remote Deposit Capture

    by guest blogger Caitlin Watkins  Too busy to go to the bank? Hate waiting in lines? I sure do. That’s why I tried Mobile Remote Deposit Capture (mRDC), which is basically like taking a selfie of all of your checks to be deposited straight to your bank account or prepaid card.  Awesome, right? Even the Continue Reading

  • THINK GLOBAL, SPEND LOCAL: CITIES OFFERING NEW FINANCIAL PRODUCTS

    Thanks to J.B. Wogan over at Governing magazine, we’ve heard about a new product: a municipal gift card. According to Mr. Wogan’s story,  New Haven, Connecticut, is launching the “New Haven Shop-Dine-Park” gift card. Gift cards are different from the city-backed prepaid cards we’ve written about here. With the exception of gift cards for time at Continue Reading

  • Scammy Spammy Text Messages Getting You Down?

    By special guest blogger Caitlin Watkins Text message scams are crafted to get people to tell scam artists their personal information. To do so, they tempt you with offers and enticing rewards, but don’t be fooled by the promise of money and free vacations. Spam can slow your cell phone connection, add charges to your Continue Reading

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