Diners may choose to use the mobile app from their favorite fast food joint for a number of reasons: to easily customize their meal, to ensure they don’t have to wait in long lines to order, or to get in and out of the joint in a flash. One thing these customers likely don’t count on is having the charges for a month’s worth of app orders cleared on the same day, resulting in an overdrawn bank account through no fault of their own. [More]
A decades-long dispute between the New York Attorney General’s Office and major tobacco firms over payments the companies were required to make for smoking-related public-health costs, but refused to dish out, has come to an end. A new settlement between the parties directs the tobacco companies to deliver $550 million to the state, New York City and other counties. [More]
The last time I uncovered an obvious error with my Citibank checking account, I realized it was time to move on. Our tipster Roarke may have just reached that same conclusion, only in his case Citibank has already passed along the account for him–just not the thousand dollar electronic payment he made on it a few days prior, which Citibank says it plans to hang on to for another 30 days. [More]
Wachovia has a new financial product called Way2Save that automatically moves $1 from your checking account into a high interest personal savings account every time you make an electronic bill payment. Susan tried to maximize her contributions by making a lot of little bill payments, but Wachovia cut off access to her funds without notice and triggered an avalanche of penalty fees. Now she owes over $5,000 to her credit card companies, far more than she would likely have ever earned through Wachovia’s complicated savings program, and of course Wachovia is denying any responsibility.
President Obama this week declared war on the Chinese Poison Train, announcing that the FDA will receive $1 billion in new funds for modern testing labs and additional food safety inspectors. Inspecting less than 5% of our food processing plants is apparently a “hazard to public health, and “it is unacceptable.” So what’s really behind the new policy shift? No, it’s not those melamine murders or salmonella outbreaks. It’s seven-year-old first daughter Sasha Obama!
With $45 billion in taxpayer funds burning a hole in its pocket, Citigroup is purchasing a $50 million Dassault Falcon 7X, according to the New York Post. Apparently none of the existing jets that ferried execs to Washington to ask for bailout funds was ironic enough.
Meg in New Jersey wants to know what’s up with her Commerce Bank account. They say if you deposit a check before 6pm, the funds are made available that day—but when she did just that and then transferred the funds to another account, she was hit with a $35 “uncollected funds fee.” She never got a straight answer out of the Commerce CSR, and although they refunded the fee, they told her she “could only get that refund once ever,” as if to say it was her fault the fee was assessed.
n+1: So can you tell me what happened with Bear Stearns? What were the steps?
EBay’s highly criticized fee changes—lower listing prices but a 67% increase in seller fees—kicked in last week, and next month eBay’s payment service PayPal will start holding certain deposits for up to 21 days if PayPal considers the transaction “high risk.” PayPal earns interest on any money it holds—and it’s perfectly legal because PayPal is a deposit broker and not a bank. If you do find your money stuck in “high risk” detention, there’s only one way you can attempt to earn money from the delay, and that’s by sticking it in PayPal’s Money Market Fund.
This morning, Mary logged onto her USAA bank account to check her balance and was surprised to find that her rent check had been cashed twice while she was asleep. She was eventually able to get through to a human and get the problem addressed, but it wasn’t easy. And she may not have been the only one affected.
The Fed’s recent quarter-point rate cut could either mean more or less cash in your pocket, depending on what you accounts you own. Here is the breakdown:
How long should a bank be allowed to hold your money to “verify” it? A week? 5 days? 2 weeks?