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How Bank Of America Lost All Of My Business Over A $2 Balance Check Fee

As a reader of Consumerist, Shawn knew that he should probably stay away from mega-bank and Worst Company in America 2013 Final Four contender Bank of America. Yet his non-BoA lender of choice sold his mortgage to…well, guess who? He moved his other banking there for the sake of convenience, and that’s when he walked up to an ATM and conducted the fateful transaction. [More]

I Accidentally Receive Millionaire Stranger's Financial Documents, Not His Cash

I Accidentally Receive Millionaire Stranger's Financial Documents, Not His Cash

If Avi had ever considered using Morgan Stanley to handle his imaginary millions, he’s probably reconsidering now. A UPS envelope showed up at his house with detailed financial statements from a complete stranger. It wasn’t a mixup, since Avi has no relationship with the firm. Why did this show up on his doorstep? [More]

Wells Fargo Advances War On Free Checking With $7 Fee In 6 More States

Wells Fargo Advances War On Free Checking With $7 Fee In 6 More States

Wells Fargo continues to phase out its free checking offerings, tacking on a $7 monthly fee in six states. Even existing customers whose free checking had been grandfathered in will have to start paying up. Oddly, the bank declined to name the six states affected. [More]

Consumer Financial Protection Agency On The Chopping Block

Consumer Financial Protection Agency On The Chopping Block

According to the Wall Street Journal, Senator Chris Dodd, a Democrat from Connecticut, has offered to abandon the Consumer Financial Protection Agency (CFPA) proposal in exchange for Republican support on other legislation. Nobody is saying anything official right now, but the WSJ reports that “the offer is conditional on the creation of a stronger consumer protection division within another federal agency.” [More]

VIDEO: Derivatives Are Sort Of Like A Pre-Ordered Turkey

VIDEO: Derivatives Are Sort Of Like A Pre-Ordered Turkey

The business and financial news are full of something called “derivatives.” But, okay, what is that? You’re not the only one who’s wondering. That’s why Paddy Hirsch from the public radio program Marketplace put together a whiteboard, some stick figures, and a bunch of metaphorical turkeys to explain it all to us.

What's Your Financial Advice For A 24-Year-Old?

What's Your Financial Advice For A 24-Year-Old?

Andrew has a pretty good job, and not a lot of debt. Now he’s ready to start preparing for the next phase of his financial life, and he wants to know what advice Consumerist readers have for him.

Consumer And Banking Scholars Speak Out In Favor Of Consumer Financial Protection Agency

Consumer And Banking Scholars Speak Out In Favor Of Consumer Financial Protection Agency

Earlier this week, a group of 70 law professors from universities across the country released a 16-page Statement of Support (pdf) detailing why they’re in favor of the proposed Consumer Financial Protection Act. You can read the statement yourself via the link above, but we’ve summarized them below.

Seven Free Sites To Track Your Personal Information

Seven Free Sites To Track Your Personal Information

The Consumer Reports Money Adviser has compiled a great list of sites that store your personal information and will provide free copies of their reports to you if you ask.

Chamber Of Commerce Attacks Proposed Consumer Financial Protection Agency

Chamber Of Commerce Attacks Proposed Consumer Financial Protection Agency

Maybe you forgot about the proposed Consumer Financial Protection Agency in all the health care sound and fury, but it’s still out there, and financial companies are still very much against it. Now the U.S. Chamber of Commerce is launching an ad campaign that shifts the focus from credit card companies to smaller businesses that they insist will be affected, although the scope of the proposed agency is still kind of unclear.

Be Careful How You Spend Those Lotto Winnings

Be Careful How You Spend Those Lotto Winnings

It’s a problem most lottery players would like to have but will never face — what to do with that jackpot?

Seven Reasons To Circle Up For Charity Giving

Seven Reasons To Circle Up For Charity Giving

Charity circles are like book clubs for philanthropy. You get together with a group of like-minded pals and channel your powers of donation into one superpowered Care Bear stare that has more impact than your piddling donations would on their own.

If You're Losing Money In Stocks You're Dumber Than A Fifth Grader

If You're Losing Money In Stocks You're Dumber Than A Fifth Grader

To win a state contest, four Wisconsin fifth graders took a hypothetical $100,000 and more than doubled it in 10 weeks, according to an AP story. The kids focused on financial stocks, which they correctly figured had bottomed out. Out of the 15 stocks they fantasy-invested in, 13 were profitable, the biggest winners being Deutsche Bank and JP Morgan. The kids won a trip to the New York Stock Exchange, where they were surely viewed with utter exasperation.

New Credit Card Rules Won't Stop You From Making Bad Decisions

New Credit Card Rules Won't Stop You From Making Bad Decisions

Barbara Kiviat in Time takes a look at the one aspect of credit card debt that no amount of government reform is going to fix: the human brain’s tendency to fail miserably when it comes to making decisions about spending.

Check Out The New Commercial For Citibank!

Check Out The New Commercial For Citibank!

Here’s what you can expect from a nationalized Citibank, courtesy of Funny or Die. NSFW warning: this thing is full of f-bombs, and even an r-mine. (Full video after the jump.)

Watch Out For Payment Date Errors—And Related Finance Charges—From Chase

Watch Out For Payment Date Errors—And Related Finance Charges—From Chase

Mike used an Office Depot Visa card issued through Chase to take advantage of a pay-no-interest deal through 2008. He paid off the remaining balance a couple of days before the offer period ended, but Chase still slapped him with a nearly $40 interest charge. Why? Because they’ve been “having problems like that” with Office Depot cards.

Four Unexpected Situations Where Bad Credit Hurts

Four Unexpected Situations Where Bad Credit Hurts

If you aren’t planning on getting a big loan in the next couple of years, you probably shouldn’t be worried about your credit score right? Wrong.

http://consumerist.com/2009/01/19/the-credit-card-regulations-that/

The credit card regulations that the Fed enacted last month won’t take effect until summer of 2010, so Congresswoman Carolyn Maloney is reintroducing the Credit Cardholders’ Bill of Rights, which offers the same reforms but would come into effect 90 days after the president signs it.

Prepare For A Budget Meltdown By Conducting A Financial Fire Drill

You’re fired! Now what? It’s the nightmare scenario, and you can prepare for it by conducting a financial drill. Take a moment and pretend you have no income. Ask how you would pay pay for rent and food, and what lifestyle changes you could make on two week’s notice. To guide your planning, the New York Times has a few unorthodox and downright scary suggestions that are worth considering in a worst case scenario.