We wrote in January about a new $10 per month fee that Chase was arbitrarily imposing on customers who had transferred balances to their Chase cards. Well after having a little chat with New York Attorney General Andrew Cuomo, Chase announced that they’ll stop charging this ridiculous fee and they’ll be refunding customers’ previous payments.
banks
Why AIG Gave Your Money To Other Banks
By 3.30.09
There’s been a big stink about how AIG has given a bunch of taxpayer money to other banks. Why why why, demand the American people. Well, it’s not like they enjoy shoveling money out the door, wait, scratch that, but anyway, the real reason is because of something called “collateral calls.” Marketplace’s Paddy Hirsch explains the situation with the help of his friends Mr. Magic Marker and Mrs. White Board in this video.
Nation's Only State-Owned Bank Earns Record Profits, Wall Street Salivates
By 3.30.09
The Bank of North Dakota is the only state-owned bank in America. It also reaped record profits last year. [Mother Jones] (Photo: afiler)
Threat Of Small Claims Court Gets Wells Fargo Overdrafts Refunded
By 3.30.09
After he got some overdraft fees that he felt were unfair, Karney Hatch decided to put the banking system on trial, and make a documentary about it.
Man Pays $38 For Cup Of Coffee
By 3.27.09
Clifford Phillips paid $38 for a cup of coffee. Was it farmed on the moon? Nope, it was overdraft fees. [MSNBC] (Photo: Groovnick)
Banks Seeking To Value Assets Higher Than Market Value
By 3.27.09
Banks are pushing for a change to banking rules that would allow them to ignore mark to market accounting for assets in markets that they deem “inactive.” In other words, if a bank is loaded with worthless assets but decides that the market for those assets is frozen, they can value those assets higher than the market would. Or to simplify it even more, they can create value out of toxic assets. And it looks like now the Financial Accounting Standards Board, which so far has been against this rule change, is caving in.
By 3.26.09
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Treasury Secretary Geithner is testifying before Congress, if you are interested. [CSPAN]
Stop Hungry Hungry Hippo Banks From Gobbling Your Bucks
By 3.25.09
Oh noes! The Hungry Hungry Hippo Banks are trying to gobble up your happy money fish! You only have 5 days left to get them to stop by writing the Fed and saying NO to banks default stuffing you into an overdraft fee programs. Send an email to regs.comments@federalreserve.gov with “Docket No. R-1343” in the subject line. Or you can use this online form.
Best Buy Forgets It Sold Laptop, Won't Take Customer's Money
By 3.24.09
The Best Buy where Toni bought a laptop earlier this month has no record of the sale, and it won’t collect the funds that have already been released from her account. This sounds like a fun problem to have—$1500 extra dollars, free laptop, woo hoo!—but it’s actually pretty annoying. Toni doesn’t want this phantom $1500 messing up her balance indefinitely, and she doesn’t want to feel like she’s stolen a laptop.
Negotiate A Better CD Rate
By 3.23.09
Did you know that you might be able to negotiate CD rates with your bank? I didn’t, until I read a recent Bankrate post about it!
New York Times: Walking Away From Your Mortgage, Not So Bad After All
By 3.22.09
Great news, distressed homeowners! If you aren’t eligible for the President’s homeowner assistance package and can’t negotiate a better deal on your mortgage, the New York Times says that turning in the keys and leaving your home may not be the end of your financial world. The Times mapped out a guide for dealing with the various players controlling your mortgage…
By 3.21.09
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The nation’s banks lost a staggering $32.1 billion in the final three months of 2008, according to the FDIC. [AP]
Blog Gets Some Stupid Capcom Credit Card Fees Removed
By 3.20.09
It turns out that Chun-Li, of Street Fighter fame, does not want to charge you so many onerous fees on your Capcom credit card that attack over and over on your neck like that stupid bitch, Blanka. Just some of them.
15 American Express Executives' Email Addresses
By 3.20.09
Here are the email addresses for 13 American Express execs, in case you need to send them an eecb.kenneth.I.Chenault@aexp.com, kenneth.Chenault@aexp.com, daniel.t.henry@aexp.com, alfred.kelly@aexp.com, l.kevin.cox@aexp.com, ashwini.gupta@aexp.com, john.d.hayes@aexp.com, judson.c.linville@aexp.com, louise.m.parent@aexp.com, louise.parent@aexp.com, thomas.schick@aexp.com, steve.squeri@aexp.com, douglas.e.buckminster@aexp.com, douglas.buckminster@aexp.com, william.h.glenn@aexp.com [More]
27 Citibank Executive Emails
By 3.18.09
Here are 27 email addresses for Citibank execs, in case you need to send them an eecb.
Get The Best Cash Back Credit Card
By 3.18.09
Tired of using a two credit card system to maximize his cash back returns, I did an analysis to determine the single best cash back credit card. Here’s what I found:
Canceling Cards, Raising Interest Rates, Actually Part Of Same Horrible Party
By 3.16.09
That’s why credit-card companies have had to rein in their lending and shed accounts. Since that risks shrinking profits, they’re also trying to get as much as they can out of their existing customers, by doing things like sharply increasing their interest rates.
Tell The Feds You Want A Choice On Overdraft Fees
By 3.16.09
Tell the Feds that you don’t want your bank levying overdraft fees on you until you say, yes Mr Banky, I want to end up paying $28 for a Coke. The Feds are considering Regulation E: R-1343 and of critical concern is whether overdraft fees will be opt-out or opt-in. Obviously people shouldn’t overdraft, but what started out as a service for customers has, in some cases, turned into kicking a guy in the nuts while he’s down and taking his wallet.
