This week’s election was a cliffhanger for many people, but the stakes were higher than most for the director and staff of …
overdraft protection
More Evidence That We’re Getting Hammered With Bank Fees
It’s hard to tell which is piling up faster — the fees bank customers have to pay these days or the research showing just how pervasive these fees are.
Bankrate.com just issued a new survey of checking account fees. (Spoiler …
Banks’ Overdraft Policies Are Getting More Confusing
Last week, JPMorgan Chase & Co. announced that it’s eliminating overdraft fees on purchases of $5 or less. Also this month, regional banks Fifth Third and U.S. Bank are raising their overdraft fees for multiple overdrafts and …
Study: Banks Still Doing a Crummy Job Disclosing Fees Even as They Raise Them
In an extensive study last year, the Pew Charitable Trusts found out what many Americans who’ve been zapped by overdraft fees or frustrated trying to understand fine print already knew: Big banks make it difficult for their customers to figure out exactly when and how much they’ll be charged in fees.
Now, in a follow-up report that …
They’re Baaack: Americans Paid $31.6 Billion in Overdraft Fees in 2011 — and the CFPB Ain’t Happy
Federal Reserve rules implemented in 2010 were supposed to protect customers from getting hit with overdraft fees if they unwittingly made a purchase that put their account in the red. Now, two years later, banks are still raking …
JPMorgan Chase Agrees to Pay $110 Million in Overdraft Class-Action Lawsuit
JPMorgan Chase & Co. is one step closer to a possible settlement of a class-action lawsuit brought against a number of banks over their so-called transaction-ordering practices. “We’re pleased to have reached an agreement in …
We Paid Almost $30 Billion in Overdraft Fees in 2011
They called it the “$39 cup of coffee.” At many banks, customers were automatically — often unwittingly — enrolled in overdraft programs that would permit debit purchases to go through even if it would overdraw their account, to the tune of up to $35 a pop. But a year and a half after new Federal Reserve rules kicked in to protect …
New Hybrid Card Convenient But Potentially Expensive
Fifth Third bank has debuted a hybrid credit-debit card called Duo, which is linked to both a checking account and a line of credit. But beware: Using the card could be costly.
How to Launch a Counteroffensive Against Bank Fees
You’ve heard the news (banks are piling on the fees), and you’re not happy about it (most big banks get D grades). Now it’s time to do something about it.
A Bank Heist, Committed by the Banks
Bank customers don’t like fees. Early on during the debate over reforming debit card overdraft programs—in which a customer was charged $30 or $35 for swiping a card that lacked enough funds to cover the bill—a survey was conducted to see how many people would prefer that such a transaction would be declined, so long as no fee was …
Debit Card Overdraft Protection: How Many Customers Actually Opted In?
Bank customers used to be automatically enrolled in overdraft programs, which “protect” the customer by covering debit card expenses even if it exceeds the account balance. The fee for this protection—which only protects the customer from having his card rejected—is about $35 for each and every transaction. As of August 15, however, …
Has Your Bank Offered You “Courtesy Pay,” a “Buffer Zone,” or “Debit Card Advance” Services?
These carefully-phrased services sound quite nice, don’t they? But if you read the fine print carefully, you’ll discover that these programs are strategies for banks to collect fees on customers who are careless with their account balances.
