When activating the defogger control in your vehicle you expect it to defog your windows, not start a fire. Alas, that’s apparently the case for nearly 121,000 Cadillac sedans that are part of General Motor’s latest recall. [More]
While mobile banking is no doubt convenient for customers – and banks – there’s a significant downside to the fact that more and more financial institutions are using the technology: an increased risk that your personal information will fall in the hands of a cyber criminal. [More]
The next time you apply for a credit card, your credit report and income will be only a part of the criteria used to determine your creditworthiness. For that matter, as long as you have the card, what you use it for will be noted and added to a growing set of data that makes up your psychological profile, which will then be referred to every time the bank deals with your or reevaluates your risk as a customer.
Using a cell phone as your home phone comes with a risk Although consumers can save money by canceling their land lines, they risk dropped calls and difficulty being located if they ever need to call 911. What do you think: are the savings worth the risk? [Consumer Reports Electronics]
60 Minutes recently took a look at World Savings Bank, the acquisition that ultimately wounded Wachovia so badly that it had to be acquired by Wells Fargo. What was wrong with an institution for which Wachovia was willing to pay $25 billion? Well, one whistleblower claims that World Savings was engaged in fraud and predatory lending — tricking its customers into signing up for dangerous “option-arm” or (as they cheerfully called them) “pick-a-payment” loans.
Despite sending customers letter saying otherwise, American Express now insists that it never blacklisted cardholders based on where they shopped. Those notes explaining that “other customers who have used their card at establishments where you recently shopped have a poor repayment history with American Express?” Whoops! Just a big misunderstanding! Not unlike the comment they gave to ABC explaining that “shopping patterns” were used as a “contributing factor” in slashing credit lines, a statement AmEx later retracted. So what’s really going on? Let’s explore…
Last month we posted about Kevin Johnson, a 29-year-old self-employed businessman with excellent credit and an established history with American Express, who had his credit limit cut by 65% because AMEX said he was shopping at the wrong sorts of stores. Johnson has created a website called NewCreditRules.com to try to uncover what, exactly, he did wrong to fall under AMEX’s high risk category.
USAToday says that panic by the credit card industry is squeezing customers who ordinarily would be able to pay their bills — pushing them toward financial ruin and foreclosure.
The credit crunch is affecting all of us differently. Right now its affecting Nick as he sits in a hotel 3,000 miles from home.
AppleCare’s iPhone coverage is limited to hardware issues and technical support; if you drop your iPhone on the sidewalk, you may be out $600, unless you have insurance against accidental damage and theft.