Today, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray issued the following statement in response to the RushCard situation, a prepaid card owned by UniRush LLC, in which many consumers have indicated that they have been unable to access funds in their accounts for more than a week: “The CFPB is taking direct action to … Read more
I think all of us can remember an experience like this. “Anyone who has had a credit card declined in a public place like a store knows the news almost always sounds as if it is being delivered via megaphone by someone convinced to the very depth of her – or his – soul that … Read more
The new Next Step MasterCard has a special purpose, it’s supposed to make it harder for addicts to partake of their vice and use their debit card as the needle. The debit card restricts use at locations that people might be tempted to unload their debit card to feed their habit. Places like liquor stores, … Read more
The latest “big news” to hit the personal finance blogosphere is the release of Suze Orman’s Approved prepaid debit card. Suze Orman is one of the most well-known personal finance gurus out there, dispensing no-nonsense advice to millions. She has already been connected with products related to credit scoring, such as her FICO kit, and … Read more
Suze Orman is launching her own prepaid debit card in cooperation with MasterCard. The debit card operates like every other pre-paid debit card. You deposit money on the card and use it for transactions as you would a debit or credit card. The only real issue here is the card will not help boost or … Read more
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 … Read more
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 … Read more
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 … Read more
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 … Read more
For years people continue to try and convince me that debit cards are better than credit cards. Those arguments just won’t fly because there is no getting around the basic fundamental problem of debt cards, they are a direct link into your bank account. Time and time again I’ve heard or read stories of people … Read more
ProPublica Controversy over the Fed’s proposed debit card regulations has largely focused on the proposed cap on interchange fees-the fees banks receive from merchants for processing debit transactions. That provision has sparked an all-out lobbying war between merchants who think interchange fees are too high and banks who accuse the government of attempting to fix prices. … Read more
by Marian Wang, ProPublica It’s April 21, and another Dodd-Frank deadline has come and gone. Today was the day the Fed’s regulations on debit card transaction fees, also known as interchange fees, were supposed to be finalized. Hasn’t happened. Controversy over the regulations caused the Fed to postpone finalizing the rules. But that win alone … Read more
by Marian Wang, ProPublica A provision within the financial reform bill that would regulate debit card transaction fees could be postponed by a year or two following fierce objections from banks. Specifically, banks large and small are objecting to a Fed proposal to limit what are known as interchange fees — the fees they collect … Read more
Chase Bank is talking about significantly reining in debt card transaction limits to $50 or $100. The reason, so the can make more money. Recent legislation capped the amount the bank can charge retailers per transaction for using a debit card. Currently it is 44 cents per debit card transaction but soon it will be … Read more
When it comes to credit cards not much has changed since the introduction of the plastic credit card back in the 1960s. Okay, they added a magnetic stripe on the card, big deal. Oh yes, there was that wave and go credit card that seems to have never really caught on. But here is a … Read more