After being convicted on July 5, 2011, Vicente Bilora Mbenga of Maryland, has been sentenced to six years in prison, three years supervised release after and an owed restitution of $27,218.06 for committing bank fraud and running an identity theft scheme. According to court documents and evidence presented at Mbenga’s trial, he participated in a …
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 …
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 …
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 …
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 …
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 …
Commercial Name: Western Union MoneyWise Prepaid Debit Card Record Date: 11-07-2010 Network/Channel: BET Description: Western Union MoneyWise debit card with no monthly maintenance fees, no transaction fees, no overdraft fees, but it does come with other fees mentioned only in the small print. While the commercial presents the card in glowing terms without many fees …
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 …
Why a Debit Card is Not All That Attractive The debit card has an allure for many because it allows people to make credit card like transactions without the fear of debt but all of that comes at a price and a risk. A debit card is not a credit card, obviously. With a debit …
Jon “Dear Steve, Hello, My story is a bit different, and longer than most. feel free to edit as you like. Coming out of high school, I had a job with great perks, and really good pay about a year and a half ago. The problem was, that with all these perks and money at …