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

  • 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.

  • No Consumer Guarantees With T-Mobile “Direct Carrier Billing” Program

    Wireless Carrier’s Mobile Payment Plan Does Not Cover Fraud Or Mistakes. Consumers at risk.

  • When Farmville Leads To Fraudville

    Consumers may not be protected when using mobile payments for games like Farmville

  • Mobile Pay or Mobile Mess

    Mobile payments are supposed to make consumers’ lives simpler by enabling consumers to pay with cell phones instead of carrying plastic or cash. But, mobile payments may cause consumers huge headaches with the lack of consistent consumer protections if a transaction goes awry or when mobile phones are lost or stolen and used to make unauthorized purchases.

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