Some Americans might be getting a break on their credit card interest rates very soon. [More]
banks
Remember: Checks Can Still Overdraft
By 8.17.10
Just remember, even though starting this week banks can’t charge you overdrafts unless you opted into their overdraft program, they can still authorize overdrafted checks, ATM withdrawals, and automatic bill payments at their discretion and charge you a fee for it. [More]
Self-Styled Robin Hood Banker Pleads Guilty
By 8.16.10
An ex-vp at a bank plead guilty last week to modifying over 100 loans to make it look like the customers were still current on their loans instead of overdue. This was not a money-making scheme, he was trying to help them. Nevertheless, it was fraud, and he could face up to 30 years in prison and a $1 million fine. [More]
Why Can't All Credit Card Agreements Look Like This One-Page Piece Of Beauty?
By 8.16.10
Branding expert Alan Siegel has designed a model credit card agreement that is only one page long, is written in English, and communicates everything you need to know about your credit card. It therefore has no chance of coming to life. So let’s gaze upon it and dream about a better tomorrow that will never come: [More]
$150 Bonus For New BBVA Compass Bank Accounts
By 8.16.10
Savings site Smartypig’s banking partner BBVA Compass Bank is giving away up to $150 in bonus money if you open a new account with them. Of course, there are a few caveats to make sure you’re using the account and not just doing it for the money, like: [More]
Does The "S. Larson" Who Always Signs Citibank Customer Letters Really Exist?
By 8.13.10
For decades, “S. Larson” has been the named that signed the bottom of Citibank’s letters to customers. But does this person actually exist or are they a construct? [More]
Branch Manager Quits Rather Than Trick Bank Customers Into Signing Up For Overdrafts
By 8.13.10
The bank branch manager who felt uncomfortable that his bank was making him choose between misleading customers into signing up for overdraft protection and keeping his job has decided to quit. [More]
Notorious Alleged Stolen Credit Card Data Reseller Arrested, But His Promo Cartoon Remains
By 8.12.10
An alleged big-time old-school credit card data reseller was arrested in France and extradited to America after Department of Justice investigators arranged to buy some credit card data off him via ICQ. His reign as king jerk may have ended, but the flash cartoon he used to promote his netherworldly services is still online (NSFW). [More]
Wells Fargo Ordered To Pay $203 Million For Processing Transactions High To Low, Maximizing Overdraft Fees
By 8.11.10
A California judge ordered Wells Fargo to pay California customers $203 after finding that the bank had deliberately manipulated the way it processed transactions in a way that turned one overdraft fee into as many as 10, at $35 a pop. [More]
TD Bank Sells Overdraft Protection As A "Free" Service
By 8.11.10
Frank writes that he received a call from his bank, TD Bank, that insults the consumer savvy and the intelligence of their customers. TD kept calling him…unsurprisingly, to try to sell him on the idea of opting in to overdraft protection. Their sales pitch? Overdraft protection is a “FREE SERVICE.” Well, yeah, like many services, it’s free until you actually use it. [More]
Citibank Yanks Your 87,000 Rewards Points And Closes Account Without Warning
By 8.10.10
Andy and his wife were just about to use their 87,000 accumulated rewards points to take a vacation when all of a sudden Citibank closed the account and took away all their points. According to customer service, there’s nothing that can be done. [More]
21 Banks And Credit Unions That Accept Remote Check Deposits
By 8.8.10
Why trek to local bank to deposit a check when you can slap it on a scanner or use your smartphone’s camera to upload it directly to your bank? Even though it still scares most of the bigger banks, remote deposit checking represents the future of consumer banking. Inside, a list of twenty-one credit unions and banks that are ready to save you a trip to the bank and the hassle of deposit slips. [More]
Get Customers To Sign Up For Overdraft Fees Or Get Fired
By 8.3.10
One of our readers is a bank teller branch manager and he feels queasy. His bank is making him trick customers into signing back up for overdraft fees, and if he doesn’t, he’ll get fired. [More]
Paypal's New Security Card Fits Inside Wallet
By 8.2.10
Like the idea of the Paypal security key fob, which auto-generates a 6-digit code that must be entered every time you use your Paypal account, but not so hot on its bulky shape? This year Paypal introduced a credit-card sized design that fits inside your wallet. [More]
Crooks Crack Check Image Sites, Steal $9 Million
By 8.2.10
Know how when you go into your online checking account you can click on checks that you’ve written and see the scanned image of them? Well, those pictures have to be stored somewhere, and they’re not always secure. Russian crooks broke into three sites that store archival check images, stole the information, and wrote over $9 million in phony checks against over 1,200 accounts. [More]
Guy Hacks ATM To Spew Money, Play Music
By 8.2.10
Whether it’s a steel door or an encrypted network, thieves are always finding ways to break down the barriers that protect money. And the new technologies are also enabling bank robbers to invent new ways to jack cash with flair and razzle dazzle. Exhibit A, a security researcher at the Black Hat conference in Las Vegas demonstrates on-stage how one can remotely hack an ATM to make it spew money while playing a lively tune. [More]
Be Sure To Update Citi iPhone App To Delete Sensitive Info
By 7.27.10
It looks like Citi doesn’t just do a crappy job of protecting customer info in the mail. The bank admitted yesterday that its Citi Mobile iPhone app was storing sensitive data in a hidden file on users’ phones and possibly their computers. [More]
Five Things To Do Before Losing Your Wallet
By 7.24.10
Look, it’s going to happen eventually. Whether it’s pickpockets or carelessness, you’re going to lose your wallet. When you do, you’ll be glad you took these five steps to make recovery simple and painless. [More]
