OverdraftProtection
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.
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.
New rules that kick in this August require banks to substantially change one of their most-loathed policies: automatic enrollment in an overdraft "protection" plan that lets a transaction you don't have money to cover go through, then zings you with a $35 fee. The rules mandate that people will...
As we've told you previously, new rules about bank overdraft "protection" programs kick in this coming July. The new rules basically say you have to voluntarily sign up to let your bank keep processing debit card transactions even after your account falls into the red and also charge you around $35...
A different, slightly cheaper kind of overdraft protection
9:00AM 1/22/2010
Let's get the obvious out of the way first: We don't want you to overdraw your checking account. Spending more money than you actually have is not ideal, to say the least, and always winds up costing you more -- sometimes much more -- in the long run.
But banks made more than $38 billion in...
Important credit card rate change notices disguised as junk mail
2:30PM 12/18/2009
Credit card companies are racing against time and sending out a flurry of mail, hoping to implement last-minute changes before the February 2010 deadline when the CARD Act takes effect and credit card companies must play by the new rules set by Congress. Ignore the mailings and these changes could...
A lot of Americans have plenty to say about their banks these days, and it's not always pretty -- we've heard you in the comments section. We wanted to call out some of banks' slimier tricks for separating you from your money as well as recognize some of the helpful tools or innovations (yes, there...
As we told you earlier, the Federal Reserve just announced it would begin reigning in the scourge of debit-card users nationwide: overdraft charges. The good news is that the new ruling will prohibit banks from foisting this so-called protection on customers automatically; instead, consumers will...
Bank accidentally withdraws $11 billion from man's account
12:30PM 4/08/2009
The next time you think your bank has something to be desired, you can at least be thankful that it hasn't made an error leaving you a few billion dollars in debt.According to some news fresh from The Cophenhagen Post, in Hillerod, Denmark, an electrician recently looked at his bank account and...
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