[credit provider=”russelljsmith” url=”http://www.flickr.com/photos/russelljsmith/7003489/sizes/m/in/photostream/”] Would you give a thief direct access to your checking account? No? Unfortunately, you may be doing just that by regularly using your debit card. Debit cards may look identical to credit cards, but there’s one key difference. With credit cards, users who spot fraudulent charges on […]
[credit provider=”Daniel Goodman / Business Insider”] If you thought it was tough to be a bank customer in 2011, you better buckle up tight in the new year.We picked the brains of NerdWallet marketing VP Anisha Sekar to find out what the whizzes behind the personal finance site predict banking […]
[credit provider=”Photoshop by Business Insider”] There’s no denying it. It’s definitely been a year of disappointments and failures on Wall Street and throughout the financial universe.From major lawsuits, to massive financial losses and widespread anti-corporate protests, 2011 will probably go down in Wall Street history as a year everyone would […]
We all know that part of Dodd-Frank legislation is intended to protect consumers from excessive and/or hidden fees from financial institutions.But this morning, The Wall Street Journal highlighted how debit card companies are getting around the legislation (to pick up some more revenue) and hurting small businesses in the process.
[credit provider=”Brian Katt via Wikimedia Commons” url=”http://commons.wikimedia.org/wiki/File:Bank_highlander.jpg”] On October 1st, the Durbin Act took effect, capping interchange fees, or the charge financial institutions can levy against merchants for running purchases made with a debit or credit card.The nation’s largest banks stand to lose $8 billion in annual revenue, according to […]
A year and a half ago I wrote a post about how Countrywide, by then a division of Bank of America, had filed to foreclose on our home, apparently on the basis that someone with a similar name to the previous owner of the home owed them money.
[credit provider=”Daniel Goodman / Business Insider”] After public outcry, banks decided not to openly charge customers fees for using their debit cards.So they’re either quietly raising fees or adding new fees to customer’s accounts, the New York Times reports.
[credit provider=”MoneyBlogNewz” url=”http://www.flickr.com/photos/moneyblognewz/5264722278/sizes/m/in/photostream/”] Unemployment is one thing, but getting charged to use the prepaid card your weekly benefits are on is another.Just ask Shawana Busby, the out-of-work resident in South Carolina at the centre of Janell Ross’ Huffington Post write-up about Bank of America’s latest indiscretion: charging the unemployed for […]
[credit provider=”The Consumerist / Flickr” url=”http://www.flickr.com/photos/consumerist/2188069198/”] MIAMI (AP) — A federal judge on Monday gave final approval to a $410 million settlement in a class-action lawsuit affecting more than 13 million Bank of America customers who had debit card overdrafts during the past decade.Senior U.S. District Judge James Lawrence King […]
[credit provider=”AP”] Banks could have made up to $875 million a month off of their now-dead debit card fees, according to an analysis from Market Rates Insight.The projections are based off of each of the 175 million U.S. adults with bank accounts paying a monthly $5 fee, the amount Bank […]
[credit provider=”The Consumerist / Flickr” url=”http://www.flickr.com/photos/consumerist/2188069198/”] You would think that savvy, sophisticated companies would have an easy time figuring out whether a move they are considering would blow up on them, wouldn’t you? And yet, in the last few weeks we’ve seen some amazing examples of firms that seem to […]
[credit provider=”iStockphoto/YouTube” url=”http://www.thefiscaltimes.com/Articles/2011/11/01/The-22-Year-Old-Who-Made-BofA-Ax-Debit-Fees.aspx#page1″] She’s 22, doesn’t have a full-time job, and couldn’t afford the $60 annual fee that Bank of America wanted to charge its debit-card customers who didn’t hold BofA mortgages or have deposits of $20,000 or more in the bank – so she started a revolution.On Tuesday, after […]