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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 »
If you're a customer of a small bank or credit union with limited access to fee-free ATMs, consider asking your financial institution to look into joining pre-existing, surcharge-free ATM networks like
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
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 »
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 »
interviews
Checks Stolen? Maybe Leave The Account Open, Otherwise The Bank Won't Help You With The Hot Checks
Boom: I read your article about BOA and the identity theft today.Boom: My parents had their check book stolen once. (by my sister but that's another story)
Boom: They decided to close the account and move the money to another account.
Boom: Banks are usually accountable if they accept fraudulent checks but if the account is closed they are no longer accountable for all the bad written checks. Moral of the story - if you check book is stolen don't close the account or you will be held accountable for the bad checks.
Boom: It caused my parents tons of money in lawyers to ward off the companies coming after the hot checks
Boom:when the account is closed they no longer accept the checks but the companies who were given the hot checks are still out $$
Benpopken: Isn't the paper hanger responsible?
Boom: Tell that to companies like Pizza Hut and Papa Johns
Boom: who accepts checks at the door without verifying anything
Boom: they get angry and they sent many letters... 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 »
how to
How To Find And Join A Credit Union
Credit unions are nonprofit, cooperative, member-owned banking institutions, so they're less likely to screw you with fees and rules than the major commercial banks. More »
credit unions
Undocumented Workers Offered Special Savings Accounts With Arizona Credit Union
From the Arizona Republic:A restaurant chain with a store in Mesa offers to accept Mexican pesos for pizza and receives threats at its Texas headquarters.The state's largest credit union is bracing for similar fallout as it begins marketing savings accounts to undocumented immigrants.More »
banking
