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Wells Fargo Must Pay $4M Over Allegedly Illegal Student Loan Servicing

For the last 10 months, it’s been one of the banking industry’s worst-kept secrets that Wells Fargo’s student loan servicing business was being investigated by federal regulators. Today, the Consumer Financial Protection Bureau confirmed these rumors and ordered Wells to pay more than $4 million in refunds and penalties over allegedly illegal loan servicing practices that increased costs and unfairly penalized certain borrowers. [More]

Psht, Bank Of America Doesn't Need Your Consent To Give You A Credit Card

Psht, Bank Of America Doesn't Need Your Consent To Give You A Credit Card

Hector didn’t know whether or not he was going to accept Bank of America‘s offer of a new credit card with a $3,500 limit, so the bank made his decision easy by issuing the card without his permission. When Hector discovered the surprise credit line, he called Bank of America with two requests: explain how they could open a new account without his consent, and keep the account open until he could figure out the new line’s impact on his credit score. Of course, without a peep, Bank of America immediately canceled the new credit card, leaving Hector wondering what might happen to his credit score…

GrandCentral Changes Your Telephone Number Without Consent

GrandCentral is informing select customers that their phone number will change on August 25. The feature-rich service recently acquired by Google bills itself as “one number for life,” which is then linked to your existing phone numbers – unless you are one of the unlucky few who: “have been assigned numbers that are not performing to our quality standards and are being replaced with higher quality services.” GrandCentral’s full email, inside.