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