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

  • Mobile Financial Services Show Promise, But Consumers Need To Be Assured Of Protections, CU Says In Comments

    Mobile financial services may provide consumers lower-cost, more convenient ways to manage their money but lawmakers, industry and regulators need to step-up to ensure adequate consumer protections, we told the Consumer Financial Protection Bureau (CFPB) in response to the CFPB’s Request for Information Regarding the Use of Mobile Financial Services by Consumers and Its Potential Continue Reading

  • Bigger Than Target? What To Do NOW If You Shopped At Home Depot

    If  you shopped at a Home Depot store between April 2014 and now, you may be at risk. The retailer confirmed earlier this week that it suffered a massive data breach. It appears that crooks have stolen shoppers’ payment card and personal information, which means that shoppers at its stores in the U.S. and Canada Continue Reading

  • UPS Ooops?! New Data Breaches Announced

    What You Should Do Now If Your Data Was Compromised Hot on the heels of the hospital security breach we commented on yesterday, shipper United Parcel Service (UPS) today announced that customers data – including credit and debit card numbers, and email and postal addresses  – was stolen from as many as 50 UPS stores. Continue Reading

  • Banks Fight Claims They Have “Secretive” Contracts with College Campuses

    Are you or someone you know preparing to go to college?  If so, you many find banks and other financial firms offering you student accounts for getting your financial aid or managing your money.   That’s because more and more colleges are entering into agreements with these firms to sell products to students on campus. The Continue Reading

  • 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

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