Since 2007, the FBI and authorities in Egypt have been running an investigation they’ve called “Operation Phish Phry,” sigh, and this week it paid off with 53 charges against U.S. defendants and 47 against people in Egypt. Three of the 53 in the U.S. have been arrested, and the FBI are looking for the other 50. To prove you’re not one of the remaining 50, please send the FBI your login credentials to your bank. Ha ha, we kid.
banking
How The Banking Industry Wants You To Think About Overdraft Fees
By 10.7.09
Earlier today, a public relations person sent in the following suggested “follow up” story about the explosion in overdraft fees. She was quite friendly and complimentary and made it clear she just wants to help educate consumers about banking fees. The only problem is, the entire story is a jumble of propaganda designed to spread FUD about any attempt to change current overdraft policies. We figured it might be fun to see how the banking industry wants you to think.
Consumer And Banking Scholars Speak Out In Favor Of Consumer Financial Protection Agency
By 10.2.09
Earlier this week, a group of 70 law professors from universities across the country released a 16-page Statement of Support (pdf) detailing why they’re in favor of the proposed Consumer Financial Protection Act. You can read the statement yourself via the link above, but we’ve summarized them below.
All About Reward Checking Accounts
By 10.2.09
Reward checking accounts offer above market interest rates, higher than almost any other bank deposit account, if you can satisfy their requirements.
Citibank Markets To Only Rich People, Large Cities
By 9.26.09
True to its name, we suppose, Citibank will be focusing its marketing efforts on six major U.S. metropolitan areas and wealthy customers, and not the rest of us deadbeats.
Wells Fargo Also Pledges To Reduce Overdraft Fees
By 9.24.09
Chase and Bank of America aren’t the only ones suddenly growing pseudo-human faces and reducing their money-sucking overdraft policies. Today Wells Fargo squirted out a press release that says they “will eliminate overdraft fees for customers when they overdraw their accounts by $5 or less and will charge no more than four overdraft fees per day.”
FDIC May Ask Banks For Bailout
By 9.22.09
Due to the record number of bank failures this year, the FDIC is low on funds. Instead of borrowing from the Treasury as they did in the early ’90s savings and loan crisis, regulators have a new idea: asking banks for a bailout.
Where To Find Great Personal Finance Writing Online
By 9.21.09
If you don’t know about the Carnival of Personal Finance, it’s a weekly round-up of interesting posts from the glut of personal finance blogs and websites that now litter the web. I discovered two of today’s posts—the 23 debt-saving tips and the the alkaline-vs-rechargeables story—through the most recent Carnival.
Bank Of America Has High Money Order Fees, Teller Recommends You Go Elsewhere
By 9.18.09
Christian writes in telling us he went into Bank of America looking for a cashier’s check or money order, and the teller was so embarrassed of his bank’s high fees — for customers, mind you — he recommended Christian look elsewhere. He writes:
The Free Checking Account Myth
By 9.12.09
One of the biggest myths of the financial industry is the “free” checking account. They have high minimum balance requirements, offer 0% interest, and have other annoying requirements. The worst part is that they’re not even free.
NYC Restaurant Stops Accepting Cash
By 9.11.09
If you decide to eat at Commerce, an unpleasantly named upscale restaurant in New York City that charges nearly $25 for spaghetti, your cash is no longer welcome.
Bank Piles On Overdraft Fees Due To Merchant Error, Doesn't Seem Too Keen On Refunding Them
By 9.10.09
Here’s a story from a reader about a bad bank practice that we hear about too frequently—a bank cascades hundreds of dollars worth of overdraft fees on an error that’s beyond the customer’s control, but then is unresponsive or uncooperative on refunding those fees.
Banks Cling To Overdraft Fees Because They Need Them To Survive
By 9.10.09
Banks now make more on debit card overdraft fees than credit card penalties—they’ll rake in about $27 billion in 2009 alone, according to the New York Times. They obviously have zero incentive to curb the practice. In fact, one economist told the paper that “45 percent of the nation’s banks and credit unions collect more from overdraft services than they make in profits.”
Man Says Byzantine ING Identity Verification Stops Him From Opening Account
By 9.9.09
Rick recently moved and needed to set up a checking account quickly, so he went with ING, the online bank with which he already has a savings account. He tells personal finance blog Poorer Than You, the bank wouldn’t give him account because it couldn’t verify his identity.
Bank Of America Wants To Begin Paying Back Bailout Money, Avoid Government "Fee"
By 9.1.09
The Wall Street Journal says that Bank of America is interested in paying back a portion of the bailout money it received, with the goal of getting out from under the purview of the salary czar and reduce a “layer of federal involvement in its affairs.”
Skimmers Rig Door Instead Of ATM
By 8.31.09
Last week, a customer in Long Beach, New York, discovered a skimmer attached to the outside of a local ATM branch instead of on specific machines. We’ve talked a lot about being wary of any suspicious add-ons at the ATM, but in this case the criminals were collecting card info as people swiped to enter the building—although they still had pinhole cameras set up to record PINs next to each keypad.
Banks Once "Too Big To Fail" Now Even Bigger After Meltdown
By 8.30.09
Remember those banks that the federal government bailed out because they were “too big to fail?” Well…after mergers and bank takeovers (some encouraged by the government) those banks bailed out because they were “too big to fail” now are much bigger. JP Morgan Chase and Bank of America combined now control more than 20% of all bank deposits in the United States.
If The Bank Accidentally Gives You $11,000 And You Won't Give It Back, You're Gonna Get Arrested
By 8.28.09
“Bank error in your favor” may help you out in Monopoly, but in real life — you gotta give the money back. One New York man didn’t agree, and now he’s been arrested and has been charged with grand larceny.
