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
College Financial Service Provider Higher One To Pay More Than $55M In Fines, Refunds For Misleading Students
By 12.23.15
Higher One, Inc. promises to help students reach their goal of achieving a degree by providing money management and refund services. But federal regulators say the company misled these students into paying improper fees, opening unneeded accounts through deceptive marketing tactics, and now it must pay $55 million in fines and restitution to harmed consumers. [More]
Citizens Bank Must Pay $31.5M In Fines, Refunds For Failing To Credit Full Deposit Amounts
By 8.12.15
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]
Charging Fewer Fees Doesn’t Mean Banks Aren’t Making Billions Of Dollars From Customers
By 9.3.14
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]
Overheard In 10 Million American Households: Bank Account? What Bank Account?
By 9.14.12
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. [More]
