Today the Consumer Financial Protection Bureau (CFPB) is suing TCF National Bank for tricking consumers into costly overdraft services. Banks cannot charge overdraft fees on one-time debit purchases and ATM withdrawals without a consumer’s consent. The Bureau alleges that TCF designed its application process to obscure the fees and make overdraft seem mandatory for new …
From the kind folks over at Cambridge Credit Counseling comes this warning and advice about overdraft fees. “At one time or another, you may have had the misfortune of over-drafting your bank account. An overdraft occurs when you make a purchase or ATM transaction but don’t have enough money in your bank account to cover …
You don’t need to be a financial genius or fiscally sound in order to save money. In fact, anyone can save! Anyone with the ability and willingness to save can be a master saver. Taking a few simple ideas and applying them to everyday life can really make a difference over time. A life saver, …
It was announced today that a Federal Trade Commission (FTC) action has banned a payment processor from using a new payment method to debit accounts after allegedly debiting millions from consumers’ bank accounts without their consent. Payment processors provide merchants with the ability to obtain customer payments for products and services via electronic banking. According …
My account was debited by my then bank from my savings account to cover charges for my checking account that they closed after we had resolved the issue of overdraft fees and charges, well so it was communicated to me but they were planning another trap. My account went into overdraft on a Friday for …
“Dear Steve, We have about 35k in credit card bills. There’s 4 cards, one is the biggest, and it’s the overdraft card for our checking account and it’s steadily growing. We’re living beyond our means i guess. Trying to find ways to save money but medical bills and gas costs are killing us these days..We’re …
Yesterday the Better Business Bureau (BBB) put put a warning of an “instant cash” Las Vegas company, Funds Direct, that are allegedly debiting consumer’s accounts $30 without authorization. Complaints filed by consumers are saying that their accounts are having direct withdrawals taken but that they have never had any contact or even heard of Funds …
“Dear Steve, I have been charged so many overdraft fees by my bank, now I cannot pay my bills there are 1300.00 worth of fees. Is there a way to get these reversed Sheri” Dear Sheri, If the fees built up because your account was actually overdrawn, then your options are limited. But saying that …
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 …
“Dear Steve, Have student loan which I currently owe $1000 dollars on because I have not been able to pay it, just had a rent check bounce and owe another one right away, also owe the cable company (though this is in collections now too) ~$500. I would make enough to support myself if I …