*What’s the asterisk for? Well, while several big banks say they won’t start charging monthly fees for debit cards a la Bank of America, in most cases they are adding other fees or changing account requirements to increase …
Wells Fargo
Wells Fargo Mails Statements to Wrong Customers
Some Wells Fargo customers who opened their accounts in Florida or South Carolina are getting an unpleasant surprise when they open the monthly statement they receive in the mail: At least some of the statement pages inside don’t …
Is There Any Point Begging Banks to Drop Debit Card Fees?
In the aftermath of Bank of America’s new $5 monthly debit card fee, politicians, consumer groups, and plain old angry consumers have denounced such fees as unfair and arbitrary, and pleaded with BofA and other financial …
Are Debit Card Fees Meant to Get Consumers to Use Credit Cards More?
Why are Bank of America and other financial institutions charging new monthly fees for debit card usage? The move has predictably caused a backlash, and the net result may be that fewer customers will keep using debit cards at …
Credit Card Applications More Transparent, Still Not Terrific
A study published by credit card comparison site CardHub.com last week shows that while the Credit CARD Act of 2009 has helped make the thicket of fine print and legalese somewhat easier to navigate, it’s still a jungle out there. The site’s 2011 Credit Card Application Study looked into the application materials that the 10 biggest …
Banks Waive Fees For Hurricane Irene Victims
Americans along the East Coast, especially in the Northeast, are still grappling with the aftereffects of Hurricane Irene. Many have no power and a smaller number have been displaced from their homes or are trapped by washed-out …
Would You Pay to Use Your Debit Card?
Banks have been scrambling to find ways to boost their revenue after the government stepped in to quash overdraft abuses and cap interchange fees. Free checking accounts have already become harder to come by as banks have upped …
Customers Fight Back Against Overdraft Fee Tricks
A judge recently granted class-action status to a group of consumers who filed a lawsuit against Union Bank, claiming the San Francisco-based institution manipulated the order of transactions in order to maximize overdraft fees. Consumer advocates say that if the consumers prevail, it will send a strong message to other banks that they …
Mortgage Giants Wells Fargo and Bank of America Opt Out of Reverse Mortgage Business
At the height of the real estate market, I recall driving past a Bay Area billboard for an apparently conservative financial advisory firm that read something like: “Your home is not a retirement plan.” At the time, the …
Consumer Study: Most Big Banks Get D Grades
In a new report card-like report evaluating the six largest banks in California, every bank received a failing grade in at least two of the six “subjects” that ranged from basic checking to overdraft protection.
Credit Unions and Small Banks Cream Big Banks in Customer Satisfaction Survey
The results of a new survey show that 88% — 88%! — of credit union and small bank customers say they’re satisfied with the service they receive, and only 1% of credit union customers report being dissatisfied.
Why Wells Fargo isn’t paying back TARP
Fortune’s Colin Barr has an interesting story (it’s almost a week old but I just discovered it via Jim Kim) about why Wells Fargo still hasn’t paid back the $25 billion it borrowed (under duress) from us taxpayers last year, even as Bank of America has and Citigroup hopes to. His main explanation is that, unlike BofA and Citi, Wells …