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Banking

Consumer Has Money Taken Out of Her Account Without Permission. Wells Fargo Blames Her.

It has long been held that if a consumer notices a fraudulent transfer out of an account that they should notify the bank immediately. U.S. banks have typically been good about protecting the consumer. UK banks on the other hand have seemed to tend to blame the victim. In a turn of at least one banks position, Wells Fargo Bank ... Read More »

OCC Alert: Unauthorized Banking: Mexican Financial Entities

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The Office of the Comptroller of the Currency (OCC) has been informed that the below-mentioned entities have represented themselves as banks and offered banking products and services to the general public. The National Banking and Securities Commission (CNBV) of Mexico states that the below listed entities are not part of the Mexican financial system, are not supervised by the CNBV, ... Read More »

Is Bank Of America Taking Advantage Of The Unemployed With Debit Card Fees?

The state of South Carolina and Bank of America have teamed up together to administer unemployment benefits to South Carolina residents. Unemployment benefits used to come in the form of a check but are now being issued in the form of a Bank of America prepaid debit card. Bank of America claims that it’s good deal for everyone from taxpayers ... Read More »

Bank Of America Backs Off $5 Debit Card Fees After Anti-Fee Petition Skyrockets

Tell Bank Of America No Debit Card Fees

Just one month ago I wrote about the implementation of debit card fees coming into play for big banks such as Chase, Wells Fargo and most notably Bank of America. Due to the change in a new government regulation that caps what banks can charge merchants for debit transactions they announced plans to implement a monthly debit card fee to ... Read More »

Bank of America To Charge Monthly $5 Fee For Using Debit Cards

I’m not sure if I’ve mentioned this before but I, Amanda Miller, am a Bank of America customer. Although, not a thrilled and loyal customer, I’m a customer nevertheless. In fact, this bank has done some things over the years I’m not very happy about but I continue to bank with them because I love their mobile application (Yes, I ... Read More »

Banking Scams: How Banks Are Legally Stealing Your Money and What You Can Do About It

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The down economy has hurt more than just general public – banks are feeling the pinch as well. In an effort to generate extra income, they’ve become quite creative and sneaky in their tactics. We refer to these at 720CreditScore.com as banking scams. They are the ways banks “legally steal” from you month after month, most times without you even ... Read More »

Financial Literacy For Kids: How To Really Teach Kids How To Manage Money

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When I was 8 years old my dad took me into Citibank to open my very first savings account. He said it would teach me the value of a dollar and the importance of saving. I don’t remember how much I started my account with and if I deposited on a regular basis but I do remember being the talk ... Read More »

Financial Regulation Kills Jobs? Perhaps Not

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by Marian Wang ProPublica With the presidential campaign in motion, and President Obama urging immediate passage of his new jobs bill, the attention in Washington has shifted almost exclusively to the economy and job creation. And that means a shift away from regulation, right? Not necessarily. Some regulators and financial industry experts are predicting the opposite–that new financial regulations will ... Read More »

Is a Bank of America Bankruptcy in the Future?

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In an interesting twist, Chris Whalen of Institutional Risk Analytics is making the case that Bank of America is better off at this point to pursue bankruptcy to restructure their mortgage liability problem. It is yet another case of bankruptcy being used appropriately to restructure debt so the person or business can move forward. Bank of America could enter a ... Read More »

Digital Bank Robber Steals $500,000 In Bitcoins. Who Didn’t See This One Coming?

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There are many things in the world that engage my well-known automatic body response of a slight cocking of my head, a furrowed brow and a whisper of the word “really?”. But today, I fear that minor automatic response stepped aside as I threw my head into my hands, dropped my elbows down onto my desk and exclaimed, rather loudly ... Read More »

Banks Lose in Senate Today Over Debit Card Fees

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by Marian Wang ProPublica, What’s arguably been the biggest lobbying brawl so far this year came to a head today in the Senate when lawmakers voted against delaying a controversial element of the Dodd-Frank financial reform legislation. The vote clears the way for the Federal Reserve to set rules that would limit banks’ revenue from debit card fees and cut ... Read More »

Canada to Switch to Plastic Money They Can Recycle

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Canada is rolling out new currency. Unlike the U.S. this new currency will not be printed on paper, but on a plastic polymer. The hope is the bills will remain in circulation longer and be harder to counterfeit. An added feature for all you germaphobes out there is the bills will be able to be washed and sanitized. Further, scientific ... Read More »

Factchecking Banks’ Dubious Claims on Interchange Fees

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by Marian Wang, ProPublica The banking industry has been busy fighting to defeat or delay a proposal that would cap the interchange fees they collect from merchants when customers pay with debit cards. As we’ve noted, they’ve lobbied extensively, and some banks have warned that they’ll end free checking, end some debit rewards, or place limits on the size of ... Read More »

Bank of America to Consumers. You Get a Grace Period if You Pay.

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Bob Sullivan over at the Red Tape Chronicles put out a great piece today on Bank of America and the “sort of” grace period. When is a grace period not really a grace period? When you have to pay a $6 fee for using it. Some Bank of America mortgage customers will receive an unwelcome Valentine’s Day gift when the ... Read More »

U.S Bank Says People on Unemployment Don’t Count as Customers

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From our friends over at the Consumerist comes this nugget from a reader. I have been unemployed in Oregon for a couple of months. Oregon uses US Bank to distribute funds and gives beneficiaries a visa debit card in which is deposited their funds every month. We needed a printout to prove I was receiving benefits so my wife went ... Read More »

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