Bankers are sure trotting out the appealing straight talk to defend the recent increase in rates on various consumer banking services. First it was Bank of America CEO Brian Moynihan telling folks that adding a $5 monthly fee for debit cards was okay because they “have the right to make a profit.” Now an American Bankers Association has an interesting turn of phrase to defend the jackup in checking account costs, most recently done by Citibank. [More]
Bankers Association Defends Checking Rate Hikes: "We Don't Expect To Pay Nothing To Ride The Train"
By October 7, 2011
Bank Of America CEO Defends $5 Fee Hike: We Have "Right To Make A Profit"
By October 6, 2011
Bank of America has taken a lot of flack over the bank’s decision to levy a $5 monthly fee on debit card holders. Now the CEO is firing right back. [More]
Citi Jacks Up Monthly Fees And Minimum Balance Requirements For Checking Accounts
By October 5, 2011
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]
Citibank Jacks Up Monthly Fees On Checking Accounts
By September 29, 2011
Citibank sent customers a letter informing them that starting in December, they’re raising monthly fees on checking accounts, in some cases by double. [More]
DirecTV Promises No Extra Fees, Then Charges $10 Monthly Fee
By September 23, 2011
After a recent move, Vincent signed up with DirecTV for his television-beaming needs. A sales representative quoted him a price, then assured him that no, there would be no extra fees on top of that. No one will be surprised at what happened next: a $10 per month HD fee appeared on his monthly bill. The person who originally signed him up refunded the fee and called it an “error.” But it didn’t go away with his next bill. Or ever. [More]
It Could Now Cost You Over $400 To Check A Bag On Some Flights
By September 20, 2011
Fees for checked bags vary wildly, from absolutely nothing to arm-and-a-leg-and-an-ear. And according to a new round-up of fees from the various carriers, you might need to throw another limb in there if you’re checking an oversize bag on your international flight. [More]
What New Fees Have You Seen Popping Up On Your Bank Statements?
By September 7, 2011
As we’ve reported numerous times during the last year, many banks have been planning to fight new financial regulations and swipe fee reforms by tacking on a host of new fees for everything from getting a paper statement to talking to a human being at the bank to closing an account. Now our corporate cousins at Consumer Reports want to hear from you about which ones have been creeping their way into your bank statements. [More]
AT&T CSR: We'll Probably Refund Your Minimum-Use Fees If You Ask
By August 26, 2011
Yesterday, we wrote about a new “minimum use” fee AT&T was charging to landline customers without long-distance service plans. Per the official company line, the only way to get around the fee is to make the equivalent amount in long-distance calls or pay another fee to remove access to long-distance from your account. But a CSR from AT&T tells Consumerist that you can probably get the fees credited back to your account if you just ask. [More]
U.S. Airways CEO: We Don't Overcharge, We Pass On Costs
By August 23, 2011
If any of you had some sort of pipe dream that there might be a day when airlines wouldn’t charge ancillary fees for services that used to be included in the ticket price, U.S. Airways CEO Doug Parker has made it clear the charges aren’t going anywhere because they benefit everyone in the long run. [More]
How Should Banks Notify Paperless Statement Customers Of Changes?
By August 19, 2011
When a growing number of bank customers go paperless and statement-free, is notifying them of new fees or policy changes only on their statements enough? Becky doesn’t think so. She’s annoyed that Key Bank instituted a $9 per month fee on some accounts recently, but only announced it on the statements that, thanks to online banking, she has no reason to pay attention to. [More]
Wouldn't It Be Nice To Find Out Your Checking Fees With A One-Pager Like This?
By August 11, 2011
Wouldn’t it be really cool if your checking account disclosure form looked like this nice one-pager the Pew Research Group mocked up? Naw, just kidding. We know you love reading paragraphs of tiny text that have the important clauses buried in the middle of longer sentences. Playing a scavenger hunt to find out what fees you have to pay is part of the fun of having a checking account! [More]
Even Paying On Due Date Won't Save You From Late Fees
By August 10, 2011
Even though he thought he paid on his credit card’s due date, Russel still got dinged with a late fee. Turns out that he needed to make his payment before 5pm Eastern, otherwise it would get counted as being the next day. Rarg! [More]
Bank Of New York Charges Some Big-Time Clients Fees For Making Cash Deposits
By August 5, 2011
Some clients who are considering making large cash deposits to the Bank of New York Mellon will have to pay for the privilege of doing so. Responding to huge cash deposits from freaked-out customers who are fearful of losing their money in the market, the bank will charge 0.13 percent for accepting high-dollar deposits some accounts. [More]
Delta And US Airways Will Refund "Taxes" Collected During FAA Shutdown
By August 2, 2011
Delta was the first airline to start giving out refunds for the extra money they’ve been scalping from passengers while the FAA remains shut down. After the airline made the announcement Monday, US Airways on Tuesday said they would follow suit. [More]
Senators Blast Airlines For Profiteering During Tax Holiday
By July 27, 2011
Naughty, naughty. Senators Jay Rockefeller and Maria Cantwell are wagging the fingesr at airlines for raising airfares during the tax holiday that has resulted from the Federal Aviation Administration’s shutdown. The practice could have “long-term negative repercussions for the industry,” said the senators in a letter sent to the airlines on Tuesday. [More]
How To Get A Tax Refund From JetBlue
By July 26, 2011
If you have a ticket with JetBlue for dates between July 25 and August 2nd, here’s how to get a refund on collected Federal taxes just by sending an email. [More]
Ralph Nader Gets A Refund From US Airways
By July 25, 2011
Ralph Nader, the almighty godfather of the consumer activist movement, has still got it. NYT’s “The Haggler” column just posted a story that Nader called up to tell him about how he got a full refund from US Airways after canceling two round-trip tickets, even getting back the $150 cancellation fee. [More]
Bank Of America Paying Out $410 Million For Reordering Your Transactions To Maximize Overdraft Fees
By July 14, 2011
What makes this Bank of America $410 million class action settlement special is that it’s over a basic consumer banking business practice. For years, banks have been processing your daily transactions in order from highest to lowest, rather than real-time. They say they’re doing us a favor so that if we have a check bounce, it’s the one for the babysitter and not the mortgage payment. But this class action suit claims that Bank of America did this to unjustly enrich itself. It’s one of over 60 lawsuits against various banks for similar practices, and it could reshape the entire industry. [More]
