CFPB Sues National Bank for Tricking Consumers Into Costly Overdraft Service

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 … Read more

Overdraft Fees On The Rise Warns Cambridge Credit Counseling

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 … Read more

BBB Warns Of Unapproved Funds Directly Withdrawn By Funds Direct

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 … Read more

Is There Any Way to Get My Overdraft Fees Reversed? – Sheri

“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 … Read more

I Had a Rent Check Bounce, Owe the Cable Company, and Student Loans. – Tina

“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 … Read more