Credit Card ACT
Beware of Business Credit Cards: A Consumer Protection Loophole
6:30AM 5/26/2011
When the Credit CARD Act of 2009 was enacted, the goal was to make credit cards safer for people, but banks have found a loophole. Those consumer protections weren't extended to cards designated for business or commercial use, and as a result, millions of American households are at risk from the same unfair bank practices as before.
Bank Overdraft Fees Still Plague American Consumers
11:00AM 5/13/2011
Economy, Bank of America, Citigroup, Wells Fargo & Co, Credit, Currency
Last year, the government changed the rules on debit card overdrafts, requiring banks to get customers' permission before allowing transactions that would lead to penalty fees. But despite the new rules, overdraft fees continue to be an expensive pain in the neck for millions of Americans.
Bank of America credit card holders, beware. If you're late on a monthly payment, that little "oops" might become a big "ouch": Your future balances could be subject to a penalty rate of nearly 30%. But the penalty rate will not be applied to previous balances.
Say Goodbye to Free Checking and Hello to New Bank Fees
6:30AM 3/18/2011
The era of free checking accounts is coming to an end. Many consumers will face an extra $144 a year in account fees, plus higher dues for their debit cars, and increased ATM charges, too. It's all part of a banking industry backlash against last year's consumer friendly financial reforms.
Credit CARD Act: One Year Later, How's It Going?
9:00AM 3/06/2011
During the battle over Credit CARD Act, much talk focused on what the legislation would -- and wouldn't -- do. A year after the law rolled out, what's the word now? Here's an on-the-ground look at how card issuers and consumers are adapting to the new landscape.
Fed Proposes Dramatic Cuts to Debit Card Interchange Fees
4:30PM 12/16/2010
The Federal Reserve Board proposed rules Thursday that may dramatically cut the interchange fees that banks charge merchants for debit card transactions.
The Fed suggested capping the fees at 12 cents a transaction. Currently, banks charge merchants 1% to 2% of the dollar value of the...
Schumer asks Fed to curb pitching of business credit cards
6:00AM 9/02/2010
U.S. Senator Charles Schumer, a Democrat from New York, is asking the Federal Reserve to scrutinize credit-card issuers pitching business credit cards to people who don't own businesses or are retired.
Business credit cards are exempt from the provisions of the newly-enacted credit-card...
To nobody's surprise, credit cards are still imposing fees on their customers.
It wasn't necessarily supposed to be quite this bad, however. The Credit CARD Act, which goes into effect on August 22, is aimed at making credit cards more transparent, fair and a little less fee-heavy. But while some...
Lighter Loan Losses Help Propel Big Banks' Earnings Above Expectations
3:45PM 7/16/2010
Company News, Investing, Earnings, JP Morgan Chase, Bank of America, Citigroup
Bank of America, Citi and JPMorgan Chase beat earnings projections, despite a drop in investment banking and trading income. Results were buoyed by lower losses on loans and credit cards and resulting cuts in loan reserves.
No Wonder So Many Americans Hate Credit Card Companies
12:47PM 7/06/2010
DailyFinance contributor Alex Salkever's most recent absurd tale of plastic woe has convinced him that reform or not, it's unlikely that card companies are going to change anytime soon.
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