Conventional wisdom has been that low-income people are better served by mainstream financial institutions than by check cashing storefronts, payday lenders and other providers of fringe financial products. But now, that wisdom …
Banking
What Teens Worry About: Drugs, Sex and … Future Salaries?
A bunch of new surveys about teens and money all point one direction: The kids are learning less and feeling terrible about it. Where is the adult supervision?
Would You Bank with Apple?
Apple fans can be a little crazy in their devotion to anything with an “i” tacked onto the front of it, but a new survey shows just how far that cult-like following stretches: Nearly half of people who use Apple devices would be …
Uh-Oh: Banks and Credit Unions Peddling Payday Loans
A payday loan by any other name is still a raw deal for consumers. That’s the message watchdog groups have in response to the growing number of short-term, high-cost loans being offered by banks and even credit unions. Since …
What’s the Worst Company in America?
What happens when you take companies many Americans love to hate and place them into something we all love to love – namely, a tournament bracket? Welcome to The Consumerist’s Worst Company in America 2012 tourney!
Bank of America, Chase Fees Target of Consumer Ire Again
Updated: 6:15 p.m., March 1
Bank fees are in the spotlight again. The Wall Street Journal reported that Bank of America is planning to roll out new checking-account fees, and the news stirred up negative sentiment in the social mediaverse almost immediately, with consumers reacting angrily to the idea. Chase, meanwhile, wants to charge …
The CFPB Wants to Give You Better Overdraft Fee Protection
It’s hard to overstate how much bank customers hate overdraft fees, but we still shelled out nearly $30 billion on them last year. The Federal Reserve attempted to rein in the “gotcha” factor with new rules in 2010, but banks have exploited loopholes in them and increased the fees. Now, the Consumer Financial Protection Bureau is trying …
‘ING Direct’ Name to Disappear: Customers Disgusted as Capital One Swallows Favorite Online Bank
Ever since the Federal Reserve approved Capital One’s takeover of ING Direct, customers have feared that their beloved bright-orange online bank would change. Turns out they were right to be scared, as a recent notice is circulating announcing that the “ING Direct” name will disappear, probably next year. What else is going to change?
Hey, They Were Listening: Some Banks Reinstate Free Checking
Consumers love to gripe about the scarcity of free checking and ever-increasing bank fees. But something funny happened in the second half of 2011 that belies the narrative of being nickel-and-dimed by the big banks: The …
Citibank Sued For Giving Frequent Flyer Miles That Count as Taxable Income
Citibank customers who earned frequent flyer miles for opening accounts were caught by surprise when the bank labeled the bonus as taxable income. Faced with the prospect of hundreds of dollars in taxes for what they thought were …
ING and Capital One: Is a Culture Clash Inevitable?
The Federal Reserve Board cleared the way last week for Capital One Financial Corp. to complete a $9 billion, cash and stock deal for ING Direct USA. It’s a coup for Capital One, which already purchased a few smaller banks. But …
Some Citi App Users Double-Charged for Bill Payment
Customers who used Citibank’s mobile app for the iPad tablet probably assumed they were on the cutting edge of technology. Here’s what they weren’t expecting: a technical glitch that charged some of them twice when they paid bills.