Mike Mozart

My Bank Overdrafted My Account By Putting Two Holds On One Deposit; Doesn’t Care

Imagine that you do everything you can to avoid overdrafting your bank account, only to find that your bank has gone ahead and pushed you into the red — and that it doesn’t really care. [More]

Instagram Will Let You Filter Comments On Your Photos

Instagram Will Let You Filter Comments On Your Photos

It’s always nice to get positive, and even constructive, feedback on your Instagram photos. It’s not so nice when someone takes the time to hurl insults or make threats in the comments. Soon, Facebook-owned Instagram will give users new anti-harassment tools that let them hide unseemly messages left on their photos. [More]

Lawmakers Want Answers On Walmart Prepaid Card Glitch That Left Thousands Without Funds

Lawmakers Want Answers On Walmart Prepaid Card Glitch That Left Thousands Without Funds

When a prepared credit card system goes down, millions of unbanked American lose their ability to access funds needed to pay bills, buy groceries, and make other purchases. This scenario was illustrated last month when customers using Walmart-branded Green Dot prepaid debit cards said they had been stranded without their funds for several days, and in some cases weeks. Now, a pair of lawmakers wants to understand the debacle better and work to prevent something similar from happening again.  [More]

Tom Raftery

Twitter Looking Into Rash Of High-Profile Hackings

Days after the king of the modern internet — Facebook founder Mark Zuckerberg — found several of his social media accounts in the hands of hackers, similar attacks have befallen the NFL and other high-profile Twitter accounts, leading the social network to investigate.  [More]

photo: RushCard

RushCard To Pay $19M To Customers After Weeks-Long Glitch Last year

Last October, thousands of unbanked consumers who rely on prepaid RushCards were unable to access their funds because of a technical glitch. After toying with the idea of creating a compensation fund for those customers, RushCard announced Thursday that it will pay at least $19 million to card users affected by the weeks-long outage.  [More]

catastrophegirl

Banks Attract New Customers, New Fee Income With Check-Cashing Services

Instead of imposing new fees on their existing customers, banks have an exciting new idea: attract new customers and charge them fees. Specifically, banks are looking to low-income and lower-middle-income people who might normally use check-cashing stores or check-cashing services in retail stores to gain immediate access to their money. These customers may not make large deposits, but what customers who want access to their cash right away do generate are lots of fees. [More]

RushCard To Create Reimbursement Fund For Customers Unable To Access Money

RushCard To Create Reimbursement Fund For Customers Unable To Access Money

The thousands of unbanked consumers who rely on prepaid RushCards but have been unable to access their funds because of a technical glitch, may receive compensation for the issue.  [More]

photo: RushCard

After RushCard Fiasco, Consumer Advocates Urge More Oversight Of Prepaid Cards

For the better part of two weeks, thousands of unbanked consumers who rely on prepaid RushCards have been unable to access their funds because of a technical glitch. While the company run by Russell Simmons continues to fix the issue, consumer advocates are pointing at the incident as evidence that federal regulators need to do more to protect prepaid cardholders.  [More]

(photo: RushCard)

Technical Glitch Locked Customers Out Of Prepaid RushCard System For The Past Week

While prepaid credit cards can serve as a lifeline for millions of unbanked Americans in need of an alternative to traditional banking, Russell Simmons’ RushCard recently left thousands of consumers stranded without their funds because of a technical glitch.  [More]

Citi To Return Additional $4.5M In Overcharged Fees To 15,000 Investment Account Holders

Citi To Return Additional $4.5M In Overcharged Fees To 15,000 Investment Account Holders

Last October, Citigroup agreed to return a total of $16 million to nearly 30,000 customers after an investigation by the state of New York found the company overcharged some customers advisory fees on their investment accounts. While that redress seems pretty hefty, it wasn’t enough, with the financial institution now agreeing to pay an additional $4.5 million to another 15,000 account holders. [More]

Google Removing Google+ Requirement For YouTube, Other Product Interactions

Google Removing Google+ Requirement For YouTube, Other Product Interactions

Just a week after Google said it would ship its Google+ Photo platform into the ether, the company announced more plans to distance its social network venture from its other products by ditching a requirement that tied user activities to their public profiles. [More]

(Mike Mozart)

SEC Reportedly Investigating Bank Of America Over Customer-Protection Rule Violations

Financial institutions are required under federal law to follow an array of rules that aim to protect consumers’ accounts. Bank of America may not have followed one of those rules over the course of several years, and now reportedly faces an investigation by the Securities and Exchange Commission. [More]