80% of Debit Card Holders Don’t Want “Protection”

Most debit card fees come by way of “overdraft protection,” in which banks allow customers to spend more than what’s in their accounts—and then customers are smacked with fees of around $35 each time they do so. Here’s a real shocker: Very few people actually want that sort of protection.

Prepaid Debit Cards: Buyer Beware, Be Really Aware

Prepaid debit cards are attractive to certain consumers—immigrants and low-income people in particular—because they can be purchased quickly and easily in drugstores or Wal-Mart, and there’s no I.D. or paperwork necessary. What people who use these reloadable cards often fail to understand is that they’re loaded—overloaded, …

The Plain English Campaign: Waging War Against Gobbledygook

Why are government documents and the fine print in bank agreements and credit card offers littered with undecipherable phrases like “collateral debt obligations” and “sector-specific benchmarking” and “amorphous challenges”? Perhaps because the organizations creating these ugly phrases are purposefully trying to confuse consumers and taxpayers.

Ten Credit Card Myths

The website FoolProof uses videos and straightforward messages to warn young people (and everyone else, really) about the hazards of debt, interest, bouncing checks, and more.

Read more about the website at this story, which includes the site’s top financial myths:

–I don’t have to worry about credit at my age.

–Bad credit can’t …

Debit Card Overdraft Fees: Will the Rip-offs End Soon?

Because debit cards deduct money directly from the cardholder’s bank account, it’s not possible to pile up debt like you can with a credit card. But debit cards are not without risk: Overdraft fees, which card issuers assess when customers spend more than the balance in an account, routinely cost $35 a pop, in some cases adding up to …

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