Defend Your Dollars

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.

Publications

• CU: Include credit card reforms in bailout package
  Posted 09/24/08 at 2:58 pm

  Consumer groups urge the Senate to protect consumers from deceptive credit card practices

• Protect all your money if your bank fails
  Posted 09/15/08 at 2:23 pm

  Consumer groups call on the FDIC to apply deposit insurance to all prepaid cards, payroll cards, and bank-issued gift cards.

• FTC urged to protect gift cardholders
  Posted 09/11/08 at 11:43 am

  CU calls on the Federal Trade Commission to protect consumers with gift cards when retailers go bankrupt

• Consumer’s Union letter urging Congress to act now on credit card reform
  Posted 09/05/08 at 5:50 pm

  A key Congressional House committee recently passed a bill to significantly change how credit card companies do business.

• Where’s my money: Consumer protections needed for new ways to pay
  Posted 07/03/08 at 2:30 pm

  Five things to do today with payments law.

• Comments on proposed rule to curb unfair overdraft practices
  Posted 06/27/08 at 4:45 pm

  Consumers Union writes to comment on proposed Regulation AA – Unfair or Deceptive Acts or Practices [R-1314], the recent proposal to curb unfair and deceptive credit card and overdraft practices and companion proposal Regulation DD [R-1315] regarding the form and content of disclosures under the Truth in Savings Act.

• CU calls for protections in contactless cards and pay by cell phone
  Posted 06/20/08 at 3:10 pm

  Consumer groups describe to the FTC the need for consumer protections in emerging “contactless” payments methods.

• Consumer groups seeks strong regulations to protect home borrowers
  Posted 04/09/08 at 1:35 pm

  CU joins other consumer groups to call for stronger new rules from the Federal Reserve Board on Unfair Trade Practices in Mortgage Lending

• Consumer groups seeks strong regulations to protect home borrowers
  Posted at 10:05 am

  CU joins other consumer groups to call for stronger new rules from the Federal Reserve Board on Unfair Trade Practices in Mortgage Lending

• Consumer groups endorse credit card reform bills
  Posted 03/12/08 at 4:50 pm

  Consumers Union joins other groups in urging Congress to support HR 5244 and S. 2753.

Press Releases

• Consumers Union Praises Senate Vote Outlawing Unfair Mortgage Terms
  Posted 03/18/97 at 10:28 am

  March 18, 1997 Consumers Union Praises Senate Vote Outlawing Unfair Mortgage Terms Washington, DC — Consumers Union, the non-profit publisher of Consumer Reports magazine, called a bill approved by the Senate Banking Committee today “a significant relief for American homeowners.” The bill, sponsored by Senator Alphonse D’Amato (R-NY), allows consumers to stop making mortgage insurance Continue Reading

Blog Posts

• BofA’s “$0 Liability Guarantee” – Is It As Good As it Sounds?
  Posted 09/23/10 at 3:42 pm

  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.

• UPDATED: Prepaid Card Tips for Consumers
  Posted 09/15/10 at 1:45 pm

  Consumers Union releases its updated report on prepaid cards and offers tips for consumers.

• College Students: Warnings about the Higher One Card
  Posted 09/10/10 at 11:02 am

  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.

• Consumers Get New Credit Card & Gift Card Protections on August 22
  Posted 08/19/10 at 2:33 pm

  Consumers seeing benefits of the CARD Act

• Consumers To Governorator: Sign SB 933!
  Posted 08/17/10 at 9:15 am

  California’s Governator Needs To Sign Bill To Barr Fees From Debit Cards

• Mobile Payments Need Strong Consumer Protections
  Posted 08/10/10 at 4:00 pm

  Today’s American Banker featured a Viewpoint article by Gail Hillebrand and Mark MacCarthy on the need for strong uniform payment protections for consumers, particularly on mobile payments.

• The end of SS, SSI, VA checks is NOT yet a done deal!
  Posted 07/14/10 at 3:44 pm

  The Department of Treasury has proposed to end federal payments by check beginning March 2011 for new recipients and March 2013 for existing beneficiaries–substituting direct deposit or deposit onto prepaid cards.

• Twilight Prepaid Cards Will Suck You Dry
  Posted 06/23/10 at 3:10 pm

  When you expose prepaid cards branded with Twilight licensed images to some light their outrageous fees don’t exactly sparkle… beware puns ahead.

• The Dangers of Travel Cards
  Posted at 10:25 am

  By Alex Wong
  Brian gets talked into using a “travel card”, which is just another prepaid card without any protections, instead of travelers checks.

• Gaming and Mobile Payments
  Posted 05/24/10 at 10:09 am

  By Simone Backer More and more consumers each year are paying for virtual currency and other online goods with their cell phones. These mobile payments are quicker and simpler than credit card payments, but lack the regulations and infrastructure necessary for totally secure transactions.