With so many people choosing to watch porn for free online rather than pay for it, the adult industry claims to be nowhere near as lucrative as it was at the height of the VHS and DVD era. Making matters worse, some in the industry say their banks don’t want to be associated with this particular form of entertainment. [More]
Mortgages Slightly Easier To Get For Prime Borrowers, Still Tough For Subprime Applicants
By May 6, 2013
Ten years ago, a potential home buyer could walk into a Countrywide office and get pre-approved for a half-million dollar home loan based on a bank statement written in crayon on a restaurant place mat and a pinky swear that the loan could be paid back. We all know too well the results of those lax standards, which is why regulators and banks ramped up restrictions on lending to the point where applying for a home loan is like auditioning for American Idol, without the washed-up celebrity appearances. But a new survey says that lenders are easing up… a bit. [More]
Banks Raking In Billions In Profits From Overdraft Fees
By April 30, 2013
The notion behind an overdraft fee — in which a bank customer is charged a penalty for overdrafting his account — is twofold: To incentivize consumers to pay attention to how much money is in their accounts, and to allow the bank to recoup any money it lost by covering the overage. But a new report claims that these fees have become such a profit center for banks that it’s now in their interest to push account-holders with low-balance bank accounts toward overdrafting. [More]
Many Victims Of Shady Foreclosure Practices Will Only Get $300-$500 Under Government Plan
By April 11, 2013
There’s no doubt that millions of homeowners were the victims of shady foreclosure practices at the country’s biggest banks when the recession hit. So many of those people were likely hoping for a positive resolution to their woes when the government said it was going to figure out how to compensate homeowners with its Independent Foreclosure Review, an investigation into banks’ mistakes in servicing mortgages. But after waiting years for an answer, about three million eligible borrowers will only be seeing checks for between $300 and $500. [More]
Brooklyn Grandma Finds $100K In Safety Deposit Box, But Can’t Keep It
By April 11, 2013
Let’s say you have some valuable things you don’t want to keep in your home, so you take out a safety-deposit box at your neighborhood bank. The bank manager leaves you alone in a transaction room to deposit your items, and you discover that your brand-new box isn’t empty. There’s money in it. $100,000 in cash. [More]
Sen. Warren Asks Bank Regulators If “Too Big To Fail” Has Become “Too Big For Trial”
By February 14, 2013
In her first hearing as a member of the Senate Banking Committee, Massachusetts Senator and longtime Consumerist favorite Elizabeth Warren grilled a panel of regulators on their tendency to settle with law-breaking banks rather than go to trial. [More]
Feds Now Letting Big Banks Review Their Own Foreclosures For Errors
By February 13, 2013
Pre-recession banks turned a blind eye to problems with the mortgages they handed out, bundled, sold and securitized. When that bubble burst, these same banks put the foreclosure process on auto-pilot, allowing anyone with a pulse to sign legal documents. So who better to review all those foreclosures for errors than the institutions that didn’t care in the first place? [More]
Suntrust Checking Account Wasn’t Really Closed, Goes Zombie
By January 25, 2013
Stephen had an account at Suntrust, and decided to leave that bank behind and start a shiny new credit union account with his wife. He left the Suntrust account open instead of withdrawing all of his money and transferring it to the new account, spending it until it was empty, then going in to close it. This plan would have worked beautifully if Suntrust had actually closed the account when he asked them to. [More]
Bank Employee Explains Why It Takes So Dang Long To Process Debit Card Fraud Claims & Disputes… And Other Fun Stuff
By January 17, 2013
We hear a lot from readers who say their debit cards were charged for services they didn’t receive — whether by fraud or by ineptitude on the part of a merchant — and who are now waiting for their bank to please put back the money that was wrongfully taken from them. [More]
Bank Teller: If You Have No Patience And Don’t Listen, Why Should I Feel Sorry For You?
By December 17, 2012
Reader A. works as a teller at a regional bank. She write in with some advice for readers who use banks (and everyone uses banks) that will make your visits to the bank smoother and happier, and make your dealing with the tellers at your own bank more pleasant. Though we hope that none of our readers are as unreasonable and impatient as the customers A. describes. [More]
Milk, Aspirin, Broadband, And LivingSocial: Some Class Actions You Might Be Eligible For
By December 14, 2012
Organic milk, LivingSocial vouchers, Norton Antivirus, Verizon Wireless games, and Clearwire Internet service: what do they all have in common? All of these companies have open class-action lawsuits against them for which eligible customers can file claims and get cash. [More]
Bank Of America Dead Last In Customer Satisfaction Study
By December 11, 2012
The folks at the American Customer Satisfaction Index have released their latest report on the banking industry and for the sixth year in a row, credit unions and small banks have outscored all the large financial institutions. And for the second consecutive year, Bank of America is bringing up the rear. [More]
Survey: When It Comes To Free Checking, Small Banks & Credit Unions Do The Best
By November 16, 2012
There’s somewhat of a stark difference between big banks and their smaller counterparts and credit unions in the realm of free checking. Not having to pay for such an account is a big draw for consumers, and according to a new survey from the U.S. Public Interest Research Group, you’ll have much better luck finding gratis checking services at those small banks and credit unions. [More]
When Choosing A Bank To Rob, Avoid The One Where Everyone Is Packing
By November 1, 2012
There’s a sign on the door of the Peoples Bank & Trust that says you’re allowed to bring your concealed firearm in with you if you’re so inclined. That’s very American, but that doesn’t mean you’d expect the bank president to chase a robber from the bank lobby to his getaway vehicle while pointing a Colt .380 at him. Experts generally don’t support this hands-on approach to bank security, but it was effective: the robber (who was unarmed) surrendered, and the bank president is now a local hero. [More]
US Bank Keeps Pretending To Waive My Checking Account Maintenance Fees
By November 1, 2012
To some people, $7 per month isn’t a lot of money, but it is to Timothy. He was relieved when he learned that US Bank would be waiving the newly-imposed monthly maintenance fee on his checking account. That’s why he was surprised when his local branch called him up to discuss ways to avoid maintenance fees. The letter that said, “you’re a valued customer and we’ll be waiving your fees” apparently said no such thing. [More]
Observant Bank Teller Recognizes Alleged Robber As Customer: “Hey, I Know You!”
By October 23, 2012
As the old saying goes, “Don’t [dispose of your bodily waste] where you eat.” One Massachusetts woman learned that the hard way, when a teller at the bank she was allegedly attempting to rob had a bit of a “Eureka!” moment. The plot went all twisty when the teller recognized the person robbing the bank as a customer. Awkward. [More]
Turns Out Regulators Aren't Too Keen On Ice Cream Shops Going Into The Banking Business
By September 13, 2012
Although federal regulators never caught onto my father’s First Bank of Dad, they’re totally paying attention to a Pittsburgh man who’s set up his own community bank right at his ice cream and coffee shop. He even doles out interest in the form of gift cards to his business, which might go over well with his customers, but there are rules against that sort of thing. [More]
Bank Of America Dispenses Phantom Cash, Uberbank Bureaucracy Doesn't Seem Too Worried
By September 7, 2012
Sometimes, our mailbag reads like some kind of reality-based personal finance version of the Penthouse Forum. “I never understood why people are so angry with big banks,” our readers type, “until one of those horror stories happen to me.” That’s sort of what happened to Kestris. She and her husband are longtime Bank of America customers who never really had any problems with the bank. Until they did. It was a big one: when they withdrew their rent from an ATM, the machine made bill-counting whirring noises, but dispensed no cash. [More]
