When was the last time you thought about your checking account? If you’re like many people, it was probably the last time you wrote a check or paid a bill that wasn’t set up on autopay. Checking accounts tend to exist in the background of our lives, warranting so little thought that many of us … Read more
Losing track of money might seem hard to imagine, but it’s actually not uncommon to forget about an old bank account or other source of money that is rightfully yours. It could be an account you opened a long time ago that, after one or two moves, became both out of sight and out of … Read more
This is the first time I think I’ve ever done this, written about a product with which I have an affiliate relationship. But I feel so strongly about this product that I can’t help but speak up about it as a user since 2018 or even earlier. I’m what some call a “raving fan.” That … Read more
For years banks have lied and hidden the reality of debit cards from you. What I’m about to tell you will sound counter-intuitive from everything you’ve been taught and believe. Here it is. Don’t use a debit card. It’s not smart financial management. By now, you probably think that I’ve lost my mind, but before … Read more
There are hundreds of savings accounts on the market now, catering to all sorts of savers. Saving options are becoming more varied and accessible with the introduction of new financial technology companies. These solutions can start small by rounding up purchases to the next dollar and depositing that loose change into a more structured savings … Read more
Yesterday the Consumer Financial Protection Bureau (Bureau) issued a consent order against Santander Consumer USA Inc. (Santander) to address the Bureau’s finding that it violated the Fair Credit Reporting Act (FCRA). The consent order was issued in connection with Santander providing erroneous consumer loan data to consumer reporting agencies (CRAs). Santander, a subsidiary of Banco … Read more
Question: Dear Steve, I was offered to be an agent to sell “The Money Max Account” by United financial. Is this a good program, or is it a scam? Is it too expensive? Chris Answer: Dear Chris, I think you have several issues that you need to think about here. What I know about The … Read more
Federal bank examiners considered levying fines and sanctions when JPMorgan Chase informed them last year that faulty overdraft charges caused by a software glitch had impacted roughly 170,000 customers. But the bank urged the Office of the Comptroller of the Currency, or OCC, its chief regulator, to take less severe action, according to two people … Read more
Since Donald Trump’s election, federal white-collar enforcement has taken a big hit. Fines and settlements against corporations have plummeted. Prosecutions of individuals are falling to record lows. But just how these fines and settlements came to be slashed is less well understood. Two settlements with giant banks over financial crisis-era misdeeds provide a window into … Read more
A lawsuit filed by a consumer on Juanry 14, 2019 is a painful read if all the facts alleged are proven to be true. It’s the kind of battle against a large financial company that you hate to hear about. It is said Ditech Financial made a gross accounting error to the account of Dawn … Read more
MoneyGram International, Inc. has agreed to pay $125 million to settle allegations that the company failed to take steps required under a 2009 Federal Trade Commission order to crack down on fraudulent money transfers that cost U.S. consumers millions of dollars. The $125 million payment is part of a global settlement that resolves allegations that … Read more
Under the heading of You Can’t Make This Stuff Up, Wells Fargo just sent out a newsletter that calls credit card debt, bad debt. I guess their mortgage division didn’t discuss this with their credit card division. The page from the newsletter, which you can see above, calls mortgage debt good and credit card debt … Read more
Question: Dear Steve, 9 years ago I had two loans with the credit union and one of my cars was repo’d. I have paid the other car off in full many years later and they won’t give me the title. I am find handing over my car that is paid off. But now they are … Read more
Consumer Education Services Inc. (CESI) announced today that CEO Michael Croxson will be a speaker covering Financial Inclusion at the upcoming LendIt Fintech USA 2018 conference April 9-11 in San Francisco. The LendIt Fintech conference is the world’s leading event in financial services innovation, and features more than 5,000 attendees, 1,000 investors, 600 banks and … Read more
Wells Fargo will pay $142 million to settle a bevy of class-action lawsuits over the bank’s creation of unauthorized accounts. If you think the San Francisco-based financial institution created sham accounts in your name, here’s what you need to know to get a piece of the settlement. If you are, or were, a Wells Fargo … Read more