CFPB To Banks: Offer More “No Overdraft” Checking Accounts, Provide Accurate Credit Information

CFPB To Banks: Offer More “No Overdraft” Checking Accounts, Provide Accurate Credit Information

Some 10 million Americans are considered “unbanked,” often because they are believed to pose too high a credit risk for a bank to offer them a standard checking account. But the federal Consumer Financial Protection Bureau believes many of these people could be brought into the fold if more banks were to offer lower-risk deposit accounts that provided the benefits of a checking account without being a risk to the financial institution. [More]

Bank Of America Following Chase’s Lead, Joining Card-Free ATM Party

Bank Of America Following Chase’s Lead, Joining Card-Free ATM Party

Just days after Chase announced it would install cardess ATMs offering a variety of denominations, Bank of America says it will also jump on the card-free bandwagon.  [More]

This is just a regular Chase ATM, not a new one. (TheTruthAbout)

Chase To Install Cardless ATMs That Offer A Variety Of Denominations

Bank customers weary of using ATMs for fear they’ve been compromised by ne’er-do-wells using skimmers to get their hands on card numbers have a new option. That is, if they bank with JPMorgan Chase, as the company is rolling out new cash machines that are not only cardless, but will let you take out money in a wider variety of denominations.  [More]

The 3 Biggest Banks Extracted $6 Billion In ATM And Overdraft Fees From Us Last Year

The 3 Biggest Banks Extracted $6 Billion In ATM And Overdraft Fees From Us Last Year

Back in 1998, comedian Al Franken published a satirical novel where the fictional Al Franken ran a single-issue presidential campaign against ATM fees in 2000. A technical malfunction erased ATM deposits, making his single issue a crucial one, and Franken ended up in the White House. Today, he is a sitting U.S. senator, yet not involved in the 2016 presidential race where excessively high ATM fees are an actual issue being discussed. [More]

Banks Urge Congress To Continue Renewing Their “Get Out Of Jail Free” Cards

Banks Urge Congress To Continue Renewing Their “Get Out Of Jail Free” Cards

Nestled deep in the text of the lengthy contracts for most credit cards and bank accounts are little clauses that not only prohibit harmed customers from suing their bank or card issuer, but also prevents them from banding together with similarly injured consumers to argue their dispute as a group. In October, the Consumer Financial Protection Bureau announced it would consider limits on these clauses, but now the banking industry is trying to use its leverage with D.C. lawmakers to shut down that process. [More]

Target Agrees To Pay Banks $39.4M For Expenses Resulting From 2013 Data Breach

Target Agrees To Pay Banks $39.4M For Expenses Resulting From 2013 Data Breach

Target continues to put the disastrous 2013 holiday-season data breach behind it, agreeing today to pay $39.4 million to banks claiming they lost money during the hack.  [More]

(Mike Mozart)

Wells Fargo’s High-Pressure Sales Strategy Probed By Federal Regulators

Six months after the Los Angeles City Attorney filed a lawsuit accusing Wells Fargo of a slew of unfair practices — like encouraging employees to open unauthorized consumer accounts and then charging those accounts phony fees to meet sales expectations — two other regulatory agencies have opened investigations into the bank’s behavior.  [More]

(Flyinace2000)

Banks Ditching Online Security Images Some Experts Call “Worse Than Useless”

When you log into your bank account online, you might see an image of a birdhouse, or a teapot, or some other object you selected when you signed up. Those pictures are supposed to help keep a customer’s account safe, by assuring them that the web page they’re viewing is, in fact, the bank’s website and not a scammy fake. But as cybercriminals are catching on, banks are choosing to ditch the images in favor of other security measures. [More]

(Emily)

Xerox’s Federal Student Loan Servicing Under Investigation Over Inaccuracies, Overcharges

When you think of Xerox, photos of large, office printers is likely the first thing to come to mind. But it turns out the company also dabbles in the education business. And it’s that venture that federal investigators are probing after discovering nearly a decade of errors.  [More]

CFPB To Consider Rules That Would Revoke Banks’ “License To Steal”

(Van Swearingen)

The lengthy, often complicated terms of use for more than half of all credit cards — and nearly half of all federally insured bank deposits — include clauses that force customers into arbitration, taking away their right to sue these companies in a court of law and usually blocking them from joining together in a class action. Critics argue that these forced-arbitration clauses allow banks and other businesses to break the law with impunity. Heeding the call of lawmakers and consumer advocates, the federal Consumer Financial Protection Bureau has decided to consider rules that would ban this practice among financial institutions. [More]

(Mike Mozart)

Only A Few Banks Are Making Their Credit Card Customers Memorize PINs

One compromise that financial institutions have made in the national shift to EMV smart cards from magnetic-stripe cards is that Americans will sign for their purchases instead of entering a 4-digit PIN. Maybe banks think that we’re stupider than the rest of the world, since other countries do use PINs. [More]

The Chip-And-PIN Credit Card Era Starts Today. What You Need To Know

The Chip-And-PIN Credit Card Era Starts Today. What You Need To Know

Over the past few months, you may have noticed more retailers adorning their checkout stands with shiny new credit card readers. While those systems still have an area along the side where you swipe your card’s magnetic strip, they also have a smaller slot (typically) on the front where you simply jam gently insert your card. This is all part of the country’s shift toward more secure, but far from perfect, chip-enabled cards that kicks into high-gear today. [More]

Sorry, You Can’t Pay The IRS With A Check For $100 Million Anymore

Sorry, You Can’t Pay The IRS With A Check For $100 Million Anymore

You there! The one ready to write a big, fat check to the Internal Revenue Service — drop that pen. The agency has announced that it will no longer accept checks for $100 million, so you’ll just have to write more than one check. So yeah, you can go ahead and pick that pen up again now. [More]

Alabama Restaurant Owners Claim Wells Fargo Won’t Fix Issue That Cost Workers $30K In Tips

Alabama Restaurant Owners Claim Wells Fargo Won’t Fix Issue That Cost Workers $30K In Tips

An Alabama restaurant has plastered signs around a Mobile neighborhood accusing Wells Fargo of being run by liars, after the bank reportedly cost employees of the establishment tens of thousands of dollars in tips and refused to remedy the situation. [More]

Citi To Return Additional $4.5M In Overcharged Fees To 15,000 Investment Account Holders

Citi To Return Additional $4.5M In Overcharged Fees To 15,000 Investment Account Holders

Last October, Citigroup agreed to return a total of $16 million to nearly 30,000 customers after an investigation by the state of New York found the company overcharged some customers advisory fees on their investment accounts. While that redress seems pretty hefty, it wasn’t enough, with the financial institution now agreeing to pay an additional $4.5 million to another 15,000 account holders. [More]

(Cavale Doom)

Banks Run Free Classes For Rich Kids On How To Be Super-Rich

Being a young adult who will inherit billions of dollars isn’t all fabulous parties, designer clothes, and supercars. It also means learning responsibility: at minimum, you’ll be responsible for caring for your own billions, and you could also end up running the family business or a foundation. There’s no degree, not even in business administration, that can prepare you for life as a billionaire, but some banks would really like to help. [More]

Lawmakers Introduce Legislation That Would Give Legal Marijuana Businesses Access To Banking Services

Lawmakers Introduce Legislation That Would Give Legal Marijuana Businesses Access To Banking Services

One of the biggest challenges facing the new legal marijuana industry comes down to money: now that businesses in certain states have gotten the go ahead to sell weed, many of them are stuck in a tough spot when it comes to actually dealing payments for their products, since the drug is still illegal under federal law. A group of senators is seeking to change that, introducing a bill that would take the heat off legal marijuana operations and give them access to banking services. [More]