Bank of America is said to be working on requirements that customers with basic checking accounts pay a monthly fee unless they bank online, buy more products or maintain a certain balance, The Wall Street Journal reports today.
Backlash against bank fees, along with poor service and the like has lead to an increase in defection rates among customers of large, regional and mid-size banks, according to a new study by J.D. Power and Associates.
As part of a brand-new investigation into bank overdraft-fee practices, Consumer Financial Protection Bureau Director Richard Cordray today unveiled a prototype "penalty fee box" for bank statements, so consumers can see how much overdraft fees are costing them.
The Consumer Financial Protection Bureau today proposed new regulation to oversee credit bureaus and the largest debt collection agencies in the U.S. This would be the first time such agencies would come under federal supervision.
As a temporary precaution, Google has disabled the prepaid credit card feature from its Android digital-payment app, Google Wallet, after two different reports of security vulnerabilities.
The New York Attorney General, Eric Schneiderman, has brought suit against several big banks accusing them of deceit and fraud in how they used a mortgage electronic registration system, or MERS. Schneiderman says the banks' actions put homeowners at a disadvantage during the foreclosure process.
Asset Acceptance, one of the largest consumer debt buyers in the U.S., will pay a $2.5 million civil penalty to settle Federal Trade Commission charges that it made a range of misrepresentations in attempts to collect old debts.
Bank of America poses "a grave threat to U.S. financial stability," according to watchdog group Public Citizen, which has called for the bank to be broken up.
We've already seen credit cards that generate unique, random security codes every time a card user makes a purchase, so that it would require the buyer to have the physical card on them in order to buy something. But here's a card that wants the ID thief to think he's more clever than he is.
Suze Orman, the personal finance author and CNBC television host, today announced the launch of a prepaid debit card that she is not just endorsing, but actually responsible for creating.
It's been nearly six months since President Obama picked former Ohio Attorney General Richard Cordray as his nominee to head the recently created Consumer Financial Protection Bureau. But with Senate Republicans continuing to block a vote on Cordray's appointment, the President has decided to go ahead and use his authority to fill the position by making a recess appointment.
Citi has launched an app that lets its customers share points with their friends on Facebook if they too are ThankYou Rewards members, allowing groups of people to pool their points toward a shared purchase or goal.
The company, Free ATMs NYC, plans to roll out several thousand ATMs that have no fees and are not tied to any one bank across the country by the end of next year. Instead of fees, customers will watch an ad.
Chase and British Airways have introduced a new co-branded credit card embedded with chip technology that will make it easier for U.S. travelers to use.
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