The Military Lending Act attempts to shield military personnel and their families from some predatory lending practices, but a new report from the Pew Charitable Trusts claims that some traditional banks on military bases are nickel-and-diming members of the armed forces with excess overdraft fees, and a general lack of transparency.
We understand why someone might opt for getting a payday loan online instead of doing it in person. It’s easier, faster, doesn’t require going to a shady-looking storefront operation where some trained fast-talking huckster might try to upsell you unnecessary add-ons or tack on illegal insurance policies. But the truth is that people who get their payday loans online often end up in a worse situation than they would have if they’d applied in person. [More]
Prepaid debit cards may offer a convenient alternative for unbanked consumers, but there are often unexpected costs buried in all the fine print of the cards’ disclosure documents that most people never read. It doesn’t need to be that way. [More]
At first glance it wouldn’t appear that the United States Postal Service and banks have much in common. But that might soon come to an end if an idea to expand banking services to local post office branches in an attempt to meet the needs of the underbanked. [More]
Since 2010, financial institutions have been required to obtain an opt-in confirmation from consumers before enrolling them in overdraft penalty plans, yet a new report found more than 50% of consumers who incurred such penalty fees in the past year don’t believe they opted into any such plans. This revelation, coupled with consumers’ concerns over fees and bank practices, has led to a call for federal regulators to improve rules governing financial institutions’ overdraft policies. [More]
Checking accounts come in all shapes and sizes to fit every consumer’s needs – fine, not every consumer. While options can be good when you’re shopping around for a new bank, they also lead to a plethora of fees and risks for consumers. While some practices have improved, a new Pew Charitable Trusts report shows banks have a long way to go and it’s time the Consumer Financial Protection Bureau took action. [More]
In 2012, nearly 12 million consumers loaded more than $64 million onto prepaid debit cards. With so many people turning to these cards, more companies are getting into the prepaid debit business. To assist consumers faced with a plethora of card options, Pew Charitable Trusts unveiled a new model disclosure box for easy comparison of prepaid card fees and terms and conditions. [More]
We recently wrote about the PIRG study showing how fewer than 40% of banks were willing to clearly disclose checking account fee schedules. Now a new report from the Pew Charitable Trust demonstrates just how far banks are willing to go to make it difficult for consumers to know what they are getting with their checking accounts. [More]