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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


    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 »

            ATM Fee Disclosures. How Are ATMs Doing With This?

            BB&T Bank

            I saw a story that mentioned all ATMs should now be displaying prominent fee alerts in accordance with federal law. As I sat here and read the story I could recollect that my bank had some sort of notice on it’s ATM about fees but wondered how ATMs in general were doing on this. So I decided to grab my ... Read More »

              AutoTune the Bankers: The Gregory Brothers Strike Again

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              I was wondering when I’d get a chance to feature The Gregory Brothers on the site. It is a wonderful day. Here is one of their latest songs entitled: Bankers’ Song – We Didn’t See It Comin Read More »

                Case Concludes Bank Intentionally Cleared Checks and Debit Cards to Generate Largest Overdraft Revenue

                Wells Fargo Before and After

                A class action lawsuit (3:07-cv-05923-WHA) that was previously filed against Wells Fargo has come to a conclusion that the bank was intentionally clearing transactions in order to create the largest amount of overdraft revenue. In fact 40% of its overdraft revenue was generated from only 4% of its customers. This is a tactic that a banker shared with me over ... Read More »

                  Bill and Debt’s Excellent Adventure: In Coins We Trust

                  Gold Coin Flyer

                  Are you someone concerned with debt? How about our nation’s debt? Are you eager to see the government spend less? Well, you may be able to help the cause at home for less government spending if you’re a fan of having jingling pockets of $1 coins. For the past 10 years the government has been trying to get $1 coins ... Read More »

                    Banks Target MVBs, Most Vulnerable Bankers, to Keep Overdraft “Protection” Before Regulation E Comes Into Effect

                    Samples of Opt-In Marketing Strategies to Financial Institutions

                    Overdraft “protection” as we know it in America will make a positive change August 15, 2010. Considering to protect something means to cover or shield from exposure, injury, damage, or destruction, overdraft “protection” is anything but that. I view it as one of those “convince” fees. Let’s just call it what it is: a service charge. Most banks charge a ... Read More »

                      Supreme Court to Hear Case About Chase Bank Raising Interest Rates on Cardholders

                      In October, 2010 the Supreme Court of the United States will hear the case of Chase Bank, NA v. James McCoy which was originally filed in 2006 and has been working its way through the court system having been appealed by Chase Bank, now JPMorgan Chase. This case presents the question of whether the notice requirements of the Truth in ... Read More »

                        More Arrests in Mortgage Refinance Scam in Calabasas, California

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                        This is an update on a previous article, Three Mortgage Brokers Arrested in Handcuffs from Mortgage Refinance Scam. In a continuing probe into a defunct Southern California mortgage brokerage, Attorney General Edmund G. Brown Jr. today announced the arrests of president and co-owner Sean McConville and two associates who used “deceptive promises and forged documents” to steal almost $1 million ... Read More »

                          Bank of America CEO: We ‘Missed the Mark’

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                          Bank of America CEO Brian Moynihan says the company is working to improve customer experience, sitting down with policymakers reforming the financial system, improving risk management practices and making changes to its compensation structure. “Before and during the recent crisis, many of our collective business judgments missed the mark,” Moynihan writes in the letter. “We believe the changes we’re making ... Read More »

                            It’s Banks vs. Families, Who Will Come Out on Top? Q&A With Elizabeth Warren | Green Day | Fast Company

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                            Here is an interesting excerpt from an interview with Elizabeth Warren, Esq. FC: I understand that at one point you pursued an entrepreneurial path to reform the consumer financial products market. EW: The short version is that I studied the economics of the middle class and I began to see that credit products were becoming increasingly dangerous. Families didn't know ... Read More »

                              Bank of America Talks About Sales Approach at Branch Banks

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                              In a recent Wall Street Journal article, Bank of America openly discussed the fact they gave out far too many credit cards and now something is going to have to be done about it to reduce continued risk to the bank. Expect to see more Bank of America credit cards closed unilaterally. But in the same article Bank of America ... Read More »

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