Tag Archives: bank

Could You Be Denied A Bank Account?

June 25, 2010 – 1:29 pm

If you’ve ever overdrawn your bank account, there’s a decent chance that a company called ChexSystems knows about it. Classified as a consumer credit reporting agency, ChexSystems operates a database that member banks can use to report bounced checks and other activity it classifies as “suspicious.” On the record, ChexSystems is a tool that banks [...]

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Is Walking Away From Debt An Ethics Issue?

August 21, 2009 – 1:06 pm

Megan McArdle at The Atlantic is currently working on a long feature piece about consumer borrowing. But since the article won’t be out until early 2010, she has given us a taste by sharing an interesting observation about people who walk away from secured debt. A secured loan, if you’re unfamiliar, is one backed by collateral, [...]

Posted in Credit, Economy, Mortgages, Personal Finance | Also tagged , , | Comments (3)

My Checking Account Costs $119.40?

April 22, 2009 – 4:24 pm

You know those “Important Notices” you get in the mail from your bank and credit card companies? The ones filled with 25 pages of indecipherable fine print? Well, it turns out that sometimes there’s actually important information mixed in with all the legalese. At least if you want to avoid paying $119.40 in annual fees. [...]

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Do You Need Overdraft Protection on Your ATM or Debit Card?

April 3, 2009 – 12:26 pm

Washington Post columnist Michelle Singletary recently wrote about an important change in the rules on overdraft protection that will apply to any consumer who uses an ATM or debit card. The Federal Reserve has proposed giving bank customers the right to choose whether to enroll in overdraft protection for ATM withdrawals or debit card purchases. Opting out [...]

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Fed steps in on overdraft charges

February 5, 2009 – 3:42 pm

The Federal Reserve Board is seeking public comment on overdraft fees and has proposed a regulation requiring banks to ask permission before enrolling customers in overdraft programs. Typically, banks approve overdrafts on ATM and debit cards and–often without notification–charge customers as much as $60 as part of an “overdraft protection program.” A new Federal Deposit [...]

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