OverdraftFees
More than 13 million Bank of America debit-card customers could see some repayment for excessive overdraft fees the bank charged them over the course of a decade. A federal judge has approved a $410 million settlement to compensate customers who were charged fees as a result of the bank posting transactions from highest to lowest dollar amount, rather than in the order they occurred.
Cash-Strapped Americans Can't Break the Overdraft Habit
4:30PM 9/23/2011
Overdraft fees are like a movie monster that just won't die. No amount of public outrage or regulation can slay the beast. But the banks aren't the only ones casting overdrafts in financial sequels: Truth is, consumers keep breathing life into the overdraft dragon.
Study: Overdraft Misery Continues Despite Fed Rules
4:00PM 8/11/2011
JP Morgan Chase, Bank of America, Citigroup, Banking, Consumer Ally
A year after the Federal Reserve enacted new rules to rein in abusive bank overdraft practices, fees remain high and some institutions actually have slapped on additional penalties, according to a new survey by the Consumer Federation of America.
You might assume that free checking is one of those banking benefits on the way out, but that's not the case: More than a third of checking accounts charge no monthly service fee. But that doesn't mean that banks don't expect to profit from your checking business. Here are the fees that make "free" a highly inappropriate designation -- and how you can avoid them.
Banks Play Hardball, Even With Richest Customers
3:35PM 8/08/2011
Bank of America, Valero Energy, Citigroup, Wells Fargo & Co, Visa, Banking, Consumer Ally, Credit Cards
Banks lost billions in the financial crisis, and now face profit-squeezing regulations. And make no mistake: They're looking at your balance to fix their bottom lines. Here are four ways your bank takes your money, and what you can do to hold on to more of your hard-earned cash.
How to Choose the Right Bank for You
6:30AM 6/24/2011
People, Banking, Consumer Ally, Family Money, Personal Finance
Picking a bank is a lot like selecting a new paint color for your kitchen. You're going to see a lot of it, and while you can always change your mind if you don't like the one you've chosen, it's a hassle. We asked the experts for advice on how to choose the one best suited to your needs.
Money College: Key differences to credit cards, debit cards
8:00AM 3/13/2010
You know how your teachers always say that the "stupid question" you want to ask is probably the same one on everyone else's mind? Well, here's one:
What's the difference between credit cards and debit cards?
Maybe you thought you were the only one who didn't actually know, but that's where you're...
Starting this August, if you try to use your debit card to make a purchase without having the funds in your linked checking account, that purchase will be declined. Right in the store. Or the restaurant. No longer will your bank be able to approve the transaction and then hit you with a $35...
Which banks are the worst overdraft fee offenders?
5:30PM 2/04/2010
Consumers overwhelmingly want limits and additional disclosures on bank overdraft fees, according to a survey released by the Consumer Federal of America (CFA). Yet Congress has done nothing to fix the problem since it held hearings late last year and banks continue to make billions on overdraft...
If you're fed up with overdraft fees, you're not alone. During a telephone press conference held earlier this afternoon, which I sat in on, Consumer Federation of America released the results of a national poll today showing that (surprise) just about everyone wants limits and additional...
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