Weeks after federal regulators finalized rules aimed at making prepaid cards safer and less costly for consumers, a new report from the Federal Deposit Insurance Corp. finds that more households are relying on the financial products than ever before. [More]
federal deposit insurance corporation
Several federal agencies teamed up like your favorite buddy-cop movie to bring down the bad guy today. In this particular case the bad guy was Citizens Bank, which must now pay a total of $20.5 million in penalties and $11 million in refunds to the owners of accounts it allegedly failed to credit for full amounts of deposited funds. [More]
Despite the fact that consumers pay more than $32 billion annually in overdraft fees alone, a new report found that the amount of money banks make off customer-account fees declined for the first time in seven decades. [More]
I used to know a guy who kept his money hidden in his home because he didn’t trust banks. Like, all of it. He would never tell me where, obviously, guess though I may (Freezer? Under the mattress? Behind the “secret” DVD collection?). He isn’t alone — there are 10 million American households that don’t have bank accounts, a number that is increasing every day.