Banks Improve Disclosures, Falling Behind On Overdraft Fees, Binding Arbitration Clauses

Banks Improve Disclosures, Falling Behind On Overdraft Fees, Binding Arbitration Clauses

Checking accounts come in all shapes and sizes to fit every consumer’s needs – fine, not every consumer. While options can be good when you’re shopping around for a new bank, they also lead to a plethora of fees and risks for consumers. While some practices have improved, a new Pew Charitable Trusts report shows banks have a long way to go and it’s time the Consumer Financial Protection Bureau took action. [More]

How To Not Suck… At Teaching Your Kids About Money

How To Not Suck… At Teaching Your Kids About Money

Even if you have one of those fabled money trees (a distant cousin of a ticket oak) in your yard, there’s going to come a time that you need to teach your children the birds and bees about money. [More]

Prepaid Debit Cards: Salvation From Overdraft Fees Or Putting Your Money At Risk?

Prepaid Debit Cards: Salvation From Overdraft Fees Or Putting Your Money At Risk?

No overdraft penalties, no overspending and sometime low but occasionally ridiculous fees are all perks that have led consumers to an increased use of prepaid debit cards in the last year. And while the cards are convenient there are plenty of reasons consumers should by wary. [More]

Free Checking Accounts Are Vanishing And Consumers Are Letting It Happen

Free Checking Accounts Are Vanishing And Consumers Are Letting It Happen

U.S. consumers and businesses currently have $1.4 trillion stashed away in checking accounts and banks and credit unions around the country. That’s more than ever before, and most of that cash is being held in accounts that earn absolutely no interest. At the same time, financial institutions are continuing to cut down on the availability of unconditional free checking. [More]

(teksmith)

Would You Pay For A Checking Account If You Had The Option Not To?

The “pay whatever you want” way of doing things has often worked for music groups, museums and other artistic institutions, mostly because while some people will pay nothing, others will pony up cash in appreciation for the benefits they receive from the product or art. But one new online bank is well, banking on the fact that that model could work as well. [More]

(James Callan)

New Legislation Seeks To Rein In Overdraft Fees

Bank overdraft fees can pile up rapidly, making it increasingly more difficult for a consumer to get back to zero, which is why Congresswoman Carolyn Maloney of New York recently introduced legislation aimed at limiting how much and how frequently banks can ding account holders for these fees. [More]

Pew Says Checking Account Fees Are Still Too High & Complicated

Pew Says Checking Account Fees Are Still Too High & Complicated

Even though banks have had a whole year since the last time the Pew Charitable Trust looked into potentially harmful practices related to checking accounts, the latest news from Pew indicates those banks haven’t done a whole lot to improve things for consumers. [More]

CFPB Now Taking Complaints About Checking, Savings Accounts

CFPB Now Taking Complaints About Checking, Savings Accounts

Seven months after launching its credit card complaint portal, the Consumer Financial Protection Bureau has started taking complaints from checking and savings account customers — and actually expects banks to respond. [More]

Chase Plans On Caring Even Less About Customers With Less Than $100K In The Bank

Are you a JPMorgan Chase customer with less than $100,000 dollars deposited? Then you are not making the bank enough money and it probably wants nothing to do with you going forward. [More]

Citi Jacks Up Monthly Fees And Minimum Balance Requirements For Checking Accounts

Citi Jacks Up Monthly Fees And Minimum Balance Requirements For Checking Accounts

While Bank of America is inflaming consumers’ anger by saying it will soon start charging some debit card customers a monthly fee, the people at Citibank have been busy figuring out just how much to inflate the monthly fees and balance minimums for many of their checking account customers. [More]

64% Of Americans Can't Pay For $1,000 Emergency

64% Of Americans Can't Pay For $1,000 Emergency

If you had to fork over $1,000 right now, would you be able to do so without borrowing money or using your credit card? If so, then a new survey from the National Foundation for Credit Counseling says you’re in the minority. [More]

Checking Account Disclosure Documents Are Longer Than Romeo & Juliet, Contain Less Teen Sex

Checking Account Disclosure Documents Are Longer Than Romeo & Juliet, Contain Less Teen Sex

We recently wrote about the PIRG study showing how fewer than 40% of banks were willing to clearly disclose checking account fee schedules. Now a new report from the Pew Charitable Trust demonstrates just how far banks are willing to go to make it difficult for consumers to know what they are getting with their checking accounts. [More]

Study: Less Than 40% Of Bank Branches Willing To Openly Disclose Account Fees To Customers

Study: Less Than 40% Of Bank Branches Willing To Openly Disclose Account Fees To Customers

In spite of legislation requiring banks to disclose all fees associated with consumer deposit accounts, a new study from the Public Interest Research Group shows that only around four out of 10 bank branches don’t make it difficult or impossible for consumers to see the full schedule of fees.Additionally, banks are reluctant to let customers know about the availability of free checking accounts. [More]

Zombie Wells Fargo Account Rises From Dead, Collects Overdraft Fees

Zombie Wells Fargo Account Rises From Dead, Collects Overdraft Fees

Leigh thought that she had laid her Wells Fargo checking account to rest. It was closed, gone, out of her life forever. When some forgotten auto-payments hit the account, though, instead of rejecting the payments, the bank zombified the account, brought it back to life, and charged Leigh and her husband a $35 overdraft fee for each item that hit their account. Wells Fargo put them on a payment plan to repay their balance, then turned around and sent the account to collections less than a month into the agreed-upon payment plan. Now they’ve been flagged as overdrafters in the Chexsystems database, and are still watching the account to make sure that no erroneous auto-payments hit it and trigger more overdrafts. [More]

TD Bank Charging Customers $2 To Get Cash From A Non-TD ATM

TD Bank Charging Customers $2 To Get Cash From A Non-TD ATM

As Congress today debates over proposed caps on debit card swipe fees that would limit bank profits and lower costs for merchants, TD Bank has announced they’re going to start charging customers a $2 fee whenever they take cash out of a non-TD bank ATM. That’s going to be on top of any fee that you already pay the ATM. The only way to avoid the fee is to be in a higher-tier checking account. [More]

HSBC Just Assumes You Want The $90 Check-Printing Service

HSBC Just Assumes You Want The $90 Check-Printing Service

Adam never received checks for his new HSBC account, so he stopped by his branch to order some. He must have struck bank employees as the kind of guy who demands nothing but the best, since branch employees handed him the order form for the most expensive checks. The ones that cost $90. [More]

Chase Closes Couple's Bank Account Because They Deposited Checks Written With Red Ink

Chase Closes Couple's Bank Account Because They Deposited Checks Written With Red Ink

A California couple lost their Chase checking account because the bank’s system couldn’t read the red ink on a pair of $100 checks from one of their grandmothers. [More]

All I Needed To Drain Her Checking Account Was Her Wallet — Good Thing I'm Her Husband

Marc has a problem with Bank of America’s security. He called the bank and, using alarmingly little information, was able to get access to his wife’s account. He’s worried a thief would have been able to do the same. [More]