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]
Citibank Transfers Student Loan To Another Company, But Sits On $1000 Payment For 30 More Days
By September 29, 2010
Wachovia's "Way2Save" Account Triggers Over $5,000 In Penalty Fees
By October 27, 2009
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.
Obama Announces Plans To Make Food Safe For Human Consumption
By March 15, 2009
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!
White House To Citi: Don't Even Think About Buying Luxury Jets With Taxpayer Money
By January 27, 2009
Yesterday, we wrote that Citigroup had decided to spend $50 million of its bailout money on a French luxury jet to ferry execs around town. The White House was not pleased about this.
Bailed Out Citigroup Stimulates French Economy By Purchasing $50 Million Corporate Jet
By January 26, 2009
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.
Commerce Bank Can't Decide Whether Funds Are Available Or Not
By May 5, 2008
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.
Confessions Of A Hedge Fund Manager Redux
By April 9, 2008
n+1: So can you tell me what happened with Bear Stearns? What were the steps?
What Can You Do If PayPal Holds Your Funds For 21 Days? Gamble With It In Their Money Market Fund
By February 28, 2008
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.
USAA Customer? Make Sure Your Checks Haven't Been Cashed Twice
By February 8, 2008
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.
Creditors Can Steal Your Social Security Check Right Out Of Your Bank Account
By January 6, 2008
Nathalie Martin’s elderly cousin had her social security check garnished straight from her bank account by a collections agency. Apparently, most banks skip over the section of federal law that protects social security and other public benefits from creditors. Good thing Nathalie is a bankruptcy scholar and knows how to fight the sleazy debt collectors.
What The Fed's Rate Cut Means For You
By November 4, 2007
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:
WaMu Holds Large Deposits For 2 Weeks, Doesn't Warn You First
By March 21, 2007
How long should a bank be allowed to hold your money to “verify” it? A week? 5 days? 2 weeks?
