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.

Publications

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Blog Posts

  • CFPB Releases Guide to New Rules on International Money Transfers

    This week, the Consumer Financial Protection Bureau (CFPB) released a guide for small businesses on its remittance rule, which will protect consumers who send money electronically to foreign countries starting February 2013.  The guide explains the key provisions of the rule and highlights important issues businesses should consider as they put the new rule into practice. Under the new Continue Reading

  • CFPB Moves Ahead To Protect Consumers Sending Money Abroad

    This week, the Consumer Financial Protection Bureau (CFPB) announced its plans to move forward with new rules that will provide strong new protections to consumers who send money abroad, also known as a “remittance.”  Despite pressure from the industry to delay the rule and create big loopholes to exempt many businesses from the regulations, the Continue Reading

  • What’s Behind the Magic Prepaid Card

      There’s another prepaid card on the market today, the Magic by Magic Johnson prepaid card., issued by OneWest Bank.   We found the fee schedule to be fairly straightforward.  Here’s a quick summary:  One-time set up fee:  $4.95 This fee is waived if at least $50 is initially loaded onto the card. Monthly fee: $4.95 Continue Reading

  • Campus Debit Card Trap Unveiled

    U.S. PIRG recently released an in-depth report, “The Campus Debit Card Trap,” on banks and companies who are in the business of disbursing federal student aid money on debit and prepaid cards.   They looked at nearly 900 card partnerships between colleges and banks and financial firms which impacts over 9 million students, or over Continue Reading

  • CFPB’s first big rule protects money sent overseas

    CFPB Director Richard Cordray is making it clear that CFPB is hitting the ground running – yesterday he posted a summary of the agency’s first big rulemaking, which protects money transfers to other countries.  These transfers, also called “remittances,” had few legal protections before despite the fact that U.S. residents send billions of dollars all Continue Reading

  • CI Report: Consumers at risk when sending money overseas

    Our friends at Consumers International have just released a new report that aims to shed light on the complex issue of international “remittances,” or money transfers – a system that is costing consumers up to 20% of the money they send in charges.  Millions of consumers around the world transfer money to their friends and Continue Reading

  • Suze Orman’s Prepaid Card: What is in the fine print

    There has been a lot of buzz around Suze Orman’s new prepaid card.  However, a prepaid card is still just a prepaid card and consumers should pay attention to the fine print. Here are some  take-aways after looking at the fine print of Suze Orman’s new prepaid card: Fee Summary: Monthly fee $3 (first month Continue Reading

  • Smartphone security threats leave consumers vulnerable to fraud

    Is your smartphone protected from hackers?  Chances are it’s not.  Less than 5 percent of all smartphones are protected by security software, according to a new report by Juniper Research.  That means your smartphone could be hacked without your knowledge, leaving you vulnerable to identity theft and financial loss. Security threats are on the rise Continue Reading

  • Send BofA Your Own Video Breakup: “Drop the fee or we drop you!”

    We imagine the conversation might go something like this…Press play!

    Do you have something to say to Bank of America? Soon BofA will charge you $5 a month to use your debit card, even though they’re already collecting enough money from retailers to profit on the processing costs.

  • Your Buying Habits May Be Key To Mobile Pay Success

    Your shopping habits and information may be the key to mobile payments success.

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