overdraft protection
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.
If you're having a problem with a business, Consumer Ally can help. Write us at HelpMe@WalletPop.com. Become a fan of Consumer Ally on Facebook.
Q. Hi, I heard of you through a woman at my bank. I have a problem with AT&T. The company (in November) hooked up the account number to an account...
How to Tell If It's Time to Switch Banks
8:40AM 10/19/2010
The consumer advocates at the Center for Responsible Lending have released a checklist of tough questions people should ask their banks to make sure their needs are being met -- and and to ensure they aren't paying unnecessary fees.
We at WalletPop spend a lot of time warning you about fees slapped onto credit cards, ways debit cards can trip you up and caveats about cash. But all the details are hard to remember and a little confusing so we've broken it down to help you decide when it's best to use each kind of payment....
Now that the CARD Act as well as legislation requiring banks to give customers a choice about overdraft fees is in place, banks have begun responding predictably, this article says: They're adding new fees and jacking up the ones that already existed.
The article linked to above lists the...
Why your bank wants you to sign up for overdraft protection
3:00PM 8/18/2010
If you feel like your bank really, really wants you to opt-in for overdraft protection, it isn't your imagination.
The official date -- August 15 -- for opting in or out of overdraft fees has passed. Meaning, thanks to new regulations passed by the Federal Reserve, if you haven't agreed to allow...
That magical date has finally arrived. As of August 15, banks now have to ask you whether you want to opt in or opt out of overdraft protection.
If you haven't made a decision yet, no need to panic, the bank, or rather, the Federal Reserve, has made the choice for you: You'll no longer have...
Beginning July 1 for new bank accounts and August 15 for existing ones, banks will now have to offer you the option of enrolling in overdraft protection programs. In other words, they'll have to ask for your permission before they slap you with a $30 fee if you overdraw on your debit card for a $4...
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...
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