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.
Borrowing
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 …
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.
Will the Recession Effect Last?
For now at least, cheap is cool. Frugality is viewed as acceptable, sensible. The assumption is that this “Great Recession,” which has thrown the nation (and our retailers) all for a loop, will have lasting effects. Here’s why it won’t.
A Dozen Disturbing Health Care Statistics
Most people know the big number: 45 million. That’s the generally accepted tally of Americans currently without health insurance. With the prospect of a public option all but gone, it appears that any change that does occur will pretty much bring more of the status quo—meaning more numbers like these.
Saving Money Isn’t Just About Buying Stuff on Sale
If you’re going to scale back in the hopes of saving money, it sure makes sense to do it smartly, ensuring that all your sacrifice and effort pays off.
So Banks Really Want to Help Customers? Here’s What They Should Do
Last week, Bank of America and Chase announced some supposedly customer-friendly changes to the way they assessed debit card overdraft fees. The changes did not impress anyone.
Curious About Ditching Plastic and Going Cash Only? Read This First
Even in the 21st century, you can survive without plastic. Thrive, actually. Many people swear by the switch to cash-only as a means to avoid going into debt.
Cheapskate Wisdom from … Benjamin Franklin
“Beware of little expenses. A small leak can sink a great ship.”
Read on for ten more wise quotes from B.F.
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
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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 …
New ‘Basic’ Credit Card: Basically More of the Same
Bank of America is introducing the Bankamericard Basic Visa, due in part to consumer requests for “products that offer simple and straightforward solutions,” according to a BofA exec.