The new Consumer Financial Protection agency will be a place you can go to with your complaints and they will be taken seriously, the White House said this afternoon during a conference call in which Consumerist took part. While, “It’s not totally worked out who’s going to be manning the 1-800 number,” said senior economic adviser Austan Goolsbee, [More]
banks
Late Payments Are Dropping Thanks In Part To The CARD Act
By 5.17.10
Banks and card issuers warned against the credit card reforms that went into effect a few months back, but so far it’s been a good thing for consumers, according to new delinquency numbers. [More]
Thieves Flood Your Phone Line While Draining Your Bank Account
By 5.14.10
How can you electronically drain someone’s bank account while also preventing their bank from contacting them to verify the transaction? Use telephony to flood all of their phone lines with anything from dead air to phone sex promo recordings. According to the Communication Fraud Control Association, these scams are increasing in recent weeks. Be wary. [More]
Reach Citi's Executive Response Unit
By 5.14.10
They say you can only bang your head against a wall for so long. If that describes where you’re at with a stuck Citi customer service issue, and you’ve tried and failed with customer service reps and supervisors, consider dialing this secret phone number for their executive response unit. Warning: Break Glass Only In Case Of Emergency. [More]
Cuomo: Banks May Have Misled Raters On Mortgage Securities
By 5.13.10
New York Attorney General Andrew Cuomo has opened an investigation of eight major banks, to find out whether they gave misleading data to rating agencies to pump up the ranking of mortgage-backed securities. The companies in the crosshairs are Citigroup, Goldman Sachs, Morgan Stanley, Credit Suisse, Deutsche Bank, UBS, Crédit Agricole and Merrill Lynch (aka Bank of America). [More]
Man Gets 9 Ridiculous Wells Fargo Overdrafts Reversed
By 5.12.10
John got his account back in black after Wells Fargo had him paying for his rent twice and hit him with nine overdraft fees. He put a stop payment on his electronic check and wrote a paper one instead, but both went through and he was in the red. When he went to customer service, they would only refund some of the fees. Quivering with rage, he steeled himself and emailed the CEO and CFO. The next time he called back customer service, they reversed all the charges. Shazam! [More]
BoA Sued For Taking TARP $ But Not Helping Foreclosures
By 5.7.10
A class action lawsuit has been filed against Bank of America for taking $25 billion in federal TARP bailout money but intentionally failing to live up to its part of the bargain. The deal was that banks were supposed to use use the money to allow struggling homeowners to reduce their payments to affordable levels. “Bank of America came up with every excuse to defer the Kahlo family from a home loan modification, from stating they ‘lost’ their paperwork to saying they never approved the new terms of the mortgage agreement,” said the plaintiff’s attorney. “And we know from our investigation this isn’t an isolated incident.” Bank of America declined to comment.
Washington homeowners file class action against Bank of America [Seattle PI]
Top 7 Legalized Ripoffs
By 5.7.10
We busted the trusts! Oil! Rail! Coal! Kapow! You just got Tafted! Yeah, but that was a century ago. Industries have had more than enough time to mutate and adapt, especially when it comes to technology, and figure out new anti-consumer ways to develop and maintain hegemony. You get higher prices, lower product quality, and fewer rights. They get more yachts to waterski behind. In no particular order, here are some of the top 7 legalized ripoffs consumers face today: [More]
Man Seals Self Inside Foreclosed Home
By 5.4.10
Now we finally understand the secrets of the pharoahs: a bunch of angry people in Stony Ridge, Ohio have sealed up a home with the homeowner inside, with his permission, leaving only a golf ball-sized hole in the front door. The man, Keith Sadler, says he fell behind last year after paying on his mortgage for 12 years, and that his bank promised to work with him but instead proceeded with foreclosure. [More]
BoA Debt Collector Tells You How Not To Be A Deadbeat
By 5.3.10
A shadowy figure emerges from even darker shadows to reveal the umber-colored world that is the Bank of America Collection department. It is a place so fell that it cannot be even spoken of directly and is instead referred to as “Customer Assistance.” A cruel joke? Perhaps. “I never expected to be working for such an evil company. but they were the only ones hiring,” says our tipster who has some tough-love advice for all you deadbeats out there so he doesn’t have to call you up and demand your money. Because he will find you, and he will get you. [More]
Bank Of America Misplaced Divorce Decree, Handed Over All My Money To Ex
By 4.29.10
Deb tells Consumerist that she did the proper thing after her divorce: months ago, she brought a copy of the divorce decree to her local Bank of America branch so they could remove her ex-husband from the account. The branch manager declared the situation taken care of, which is why Deb was horrified to learn last week that her ex’s name had never been removed from the account, and he had transferred its contents–all of her money–into his own account. Yep, the branch manager made a mistake, and no one at BoA will admit that it was their mistake. [More]
Somali Pirates Disclose They're A Goldman Sachs Subsidiary
By 4.27.10
A mosquito-boat’s worth of Somali pirates stunned the courtroom today when they disclosed their entire piracy enterprise was in fact a subsidiary of Goldman Sachs. [More]
Chase Charges $5 To Use Non-Chase ATMs Outside The U.S.?
By 4.21.10
Chase says this about using non-Chase ATMs: “$2 each for any non-Chase ATM withdrawal, balance inquiry or transfer. $3 per ATM withdrawal outside the U.S.” You might think that means it costs $2 in the U.S., and $3 outside. You’d be wrong. [More]
Chase To 15% Of Cardholders: Drop Dead
By 4.16.10
15% of current Chase credit card users are going to get the axe, Chase CEO Jamie Dimon announced in a shareholder letter this week. “In light of new regulations,” that forbid sucking in customers with zero-interest introductory rates and then ratcheting up lunatic penalty rates, “we deem them too risky.” Other highlights from the letter (PDF): [More]
Bank Of America Technician Turned ATM Into Free Money Machine, Stole Over $200,000
By 4.13.10
A former BoA IT worker has agreed to plead guilty to installing malware on the bank’s ATM machines in order to withdraw money whenever he felt like it, reports Wired. According to the plea agreement, his total take from the crime was between $200-400k. The bank won’t disclose how he did it or what the malware was like, but earlier this month Visa announced that new malware has hit the U.S. that could not only capture customers’ PINs and card data, but also give the criminal the ability to empty the machine of any cash that was in it. [More]
Reach Bank Of America's CEO
By 4.13.10
Got a squirrely Bank of America issue that no amount of calling and pleading with customer service can resolve? Try kicking it up the poop pile to CEO Brian Moynihan, or one of his trusted slaves: [More]
Tell Your Senator To Rollback Unfair Interest Rate Hikes
By 4.12.10
Before a new law went into effect in February to clamp down on their abusive tactics, credit card companies jacked up interest rates, putting the squeeze on already strapped consumers. But that same law can still help as. In it, Congress told the banks to review those spiked rates, and, for responsible cardholders, bring them back down to normal levels. Of course, the banks are working feverishly to make sure they don’t have to live up to the law. As the Senate considers Regulation Z; Docket R-1384, be sure to grab their ear and say hey! Gimmie back my rates! Contact your rep now. [More]
How To Find A Good Local Bank
By 4.12.10
So you’re tired of banking at one of the big, faceless national chains and want to keep your money local? You can try one of the recent sites devoted to the local bank movement, like anewwayforward.org or moveyourmoney.info, or you can follow this Kiplinger columnist’s lead and do it yourself with a little online research. [More]
