Consumerist
-
overdraft fees
Overdraft Fees Up 35% In Past Two Years
As a nation, we pay more each year in overdraft fees than we do for books, cereal, or fresh vegetables, says the Center for Responsible Lending (CRL)—and considering how outrageously expensive cereal is, they must be talking about a huge sum. They are: "Banks and credit unions collected nearly $24 billion in overdraft fees last year, an increase of 35 percent from just two years earlier." More » -
mandatory binding arbitration
USAA: Opt-Out Of Mandatory Binding Arbitration By Closing Your Account
The "credit union on steroids" has gone to mandatory binding arbitration for all disputes, removing customers' ability to successfully sue them if things go wrong. Previously, USAA had arbitration as an option, but allowed members to opt out. Now, if you want to opt out of arbitration, you'll have to close your accounts. More » -
student loans
Credit Unions Dive Into The Student Loan Market
Private loans are the worst type of student debt, but the best place to get them may be your local credit union. Like most credit union products, their loans are usually a better deal with more favorable terms than similar loans from bigger banks. More » -
credit cards
Study Of Credit Unions Indicates CARD Act Will Benefit Consumers
Two Harvard doctoral students in economics compared how credit unions and banks operated their credit card divisions, and concluded that the recent CARD act "is likely to bring about moderate, and even positive, changes," as banks begin to emulate parts of the fairer business model of credit unions. Specifically, they say, all the doom and gloom from the banking industry about how consumers will get shafted by the new rules is mostly fearmongering. More » -
cruel and unusual
Disney Credit Union Sends Debit Card That Is Already Expired
Poor Ruben just wants his Disney Credit Union card to work, but there appears to be no hope — unless he can stand to listen to an hour of the Main Street Electrical Parade Theme while on hold. If you're not familiar with this particular composition, let us assure you that it is the kind of music used in interrogations to extract confessions. More » -
usaa
Update: USAA Posts Notice On Website Regarding Technical Issues
Last week we raised the ire of plenty of USAA fans by posting a story about a woman's IRA that went missing for nearly a day. We were as surprised as many of you that she'd received such poor customer service from the first CSR she spoke with, considering USAA's usually stellar reputation. But the next day someone from USAA contacted Travis and his wife to find out what went wrong. Here's Travis' update. More » -
usaa
USAA Temporarily Deletes 14k Roth IRA, But Won't Explain Why
USAA just pulled a huge mindf#@k on Travis and his wife, and now he wants to talk to someone high enough up the chain to find out what went wrong and how to prevent it from happening again. His wife "went online yesterday to check on some transactions and discovered her IRA balance was $0. Six hours prior to that, her balance was $14,000." When she tried to find out what had happened, the first CSR she spoke with told her she had no IRA account, and the second CSR told her to refresh her browser. Yeah, you know how these newfangled browswers are always wiping out retirement accounts. More » -
opportunities credit union
EECB Gets Credit Union To Pay Up $125
Rick has been trying for months to get his his credit union, Opportunities Credit Union of Vermont, to pay up for a $125 home inspection, and now, a week after sending his EECB, he prevailed. As we wrote last week, his credit union was supposed to pay for a home inspection but said they didn't have to because the bill was never sent. However, the home inspector uses an electronic billing system and it showed that the credit union rep had in fact read the sent bill. Emails and phone calls between Rick and his credit union rep led to a stalemate. Then Jim sent off an executive email carpet bomb and got the following back from the credit union president: More » -
-
opportunities credit union
Man Feels Opportunities Credit Union Screwed Him Over For $125
UPDATE: EECB Gets Credit Union To Pay Up $125
This will come as a serious blow to a number of our commenters, but we have a bad story about a credit union. Gasp, shock, horror, it's true. Opportunities Credit Union of Vermont, where reader Rick has his mortgage, told Rick that they wouldn't be paying for his home inspection because they never got the bill. However, Rick's inspector's online billing system shows when people look at the bills he sends. It shows that Opportunities Credit Union accessed the bill. Whoopsies. Here's Rick's letter to the Credit Union president, asking them to pay the $125 for the home inspection: More »
-
credit unions
So What's Replacing Boarded-Up Payday Lenders? Credit Unions!
Consumers in Washington D.C. have apparently flocked to credit unions since the district outlawed payday lending last year. Payday lenders whined that lending without 300% APRs was utterly unaffordable, but credit unions are proving that it's possible to make long-term, low-dollar loans with interest rates as low as 16%. More » -
tools
FDIC Call Center: Former Employee Says It's A Great Place For Bank & Credit Union Info
A former FDIC employee writes that the FDIC's call center (877-275-3342) is "a tremendously helpful place to get basic referral information if you're having trouble with your bank, lender, or finance company." They can't help you with complaints, but they can route you to the correct agency, provide credit union contact info, and give you the names and numbers of state agencies where your bank is located. More » -
above and beyond
One Customer's Call Changes Verity Credit Union's Mortgage Rate Policy
Keith writes:My adjustable rate mortgage with Verity Credit Union is due to reset next month. As part of the note there is an option to convert to a fixed rate. The calculation of this fixed rate is clearly defined as equal to Fannie Mae's required net yield for a 30 year fixed rate covered by an applicable 60-day mandatory delivery commitment plus five-eighths of one percentage point, rounded to the nearest five-eighths of one percentage point. So take the Fannie Mae 30 year 60 day rate add 5/8ths and round to the nearest eighth. The note said the note holder got to decide the day of the rate but Verity was nice enough to let me pick which day I wanted as long as I gave them 15 days notice before the reset date. I patiently watched the rates every day and fortunately right before I was to give them notice rates were steadily declining...
More » -
bad consumer
Free Advice: Don't Deposit Bags Of Meth In The ATM
Here's a little free advice from your friends at The Consumerist: Don't deposit bags of meth at the ATM. You don't get any interest and they're probably going to figure out who are after they see your name and account number. More » -
debt
Non-Profit Payday Loans: Loansharks With Shorter Teeth?
"I have almost $100 in savings," said Ms. Truckey, who earns $9.50 an hour as a supermarket meat clerk. "I'm in a comfortable position for the first time in many years."
That's a lady who is finally digging herself out of a payday loan hole with the help of a "non-profit" payday loan. At one point, Truckey was paying $600 a month in finance charges alone. Now she has a new loan through GoodMoney, operated by local credit union. The new loan's APR is only 252%, about half what she was paying before.
That's still a pretty crappy number, and it begs the question, does it really cost that much to lend money? 12 states disagree and have usury laws that prohibit payday lending. There's also an important book would-be payday debtors should read, called, "Don't Buy Stuff You Can't Afford."
-
above and beyond
BC Credit Union Apologizes To Customer With Humble Pie
Paula wrote to BC credit union to let them know their website gave her inaccurate directions to a nearby ATM. Within a few days, she received a personalized apology note and a little something extra.
More »
-
confessions
7 Confessions Of A Car Salesman: Kia
Carl spent some time selling Kias at a dealership in Colorado, and has written in with a few insights about Kia, selling cars, and some buying strategies for you. Some highlights: More »
credit unions
If you're a customer of a small bank or credit union with limited access to fee-free 
New York, 1:19 PM
Mon Nov 9
11 posts in the last 24 hours
Tip Your Editors:
tips@consumerist.com
tipline: 347-42C-ON95
Co-Managing Editor:
Ben Popken
Email | AIM | Twitter
Co-Managing Editor:
Meghann Marco
Email | Twitter
Senior Editor:
Chris Walters
Email | Twitter
Weekend Editor:
Laura Northrup
Email | AIM | Twitter
Associate Editor:
Alex Chasick | Email
Associate Editor:
Phil Villarreal
Email
