Since the enactment of the Credit Card Accountability, Responsibility and Disclosure (CARD) Act in 2009 which created new consumer protections against fees and rate hikes; banks as well as their customers are entangled in continuous struggle. The … [Read more...]
More and more U.S. households prefer online banking. A 2012 survey conducted by the American Bankers Association (ABA) showed 62% of consumers named online banking as their preferred method of banking. Indeed, even bank customers 55 and older now … [Read more...]
Online banking is gaining in popularity. It is convenient, hassle-free and safe. But free checking accounts are becoming extinct and difficult to find. Opening a free checking account while in Chexsystems is even more difficult. A Chexsystems … [Read more...]
Overdraft fees along with non-sufficient funds fees have become a huge source of revenue for banks and credit unions over the last several years. According to the Center for Responsible Lending (CRL), “...banks and credit unions collected nearly … [Read more...]
Nearly 10 million US households are unbanked. This represents 1 in 12 households in the nation according to a 2011 FDIC National Survey of Unbanked and Underbanked Households. The survey was first taken in 2009 and the current unbanked households … [Read more...]
Banks have introduced new fees as a response to new consumer protections and financial regulations of 2009. Like the airlines, the banks have embraced a new way of doing business…nickel and dime the consumer for as many basic services as … [Read more...]
Banks have been exploring ways to recoup lost revenue due to the Dodd-Frank financial legislation of 2009. Prior to the financial overhaul legislation banks collected billions in overdraft, credit card and transaction fees. According to Moebs, an … [Read more...]
Financial Reform was enacted to protect consumers from abuses by banks such as high overdraft fees, but the result has caused some banks to end free checking. The income generated by overdraft fees has been curtailed with the passage of the Wall … [Read more...]
On August 15, 2010, the Federal Reserve’s “Regulation E” went into effect which will crack down on banks charging overdraft fees for debit and ATM transactions to existing customers. On July 1, 2010, banks were prohibited from automatically … [Read more...]
