A new set of Federal Reserve rules went into effect yesterday that now require banks to get your permission before you’re enrolled in overdraft protection. Before, your bank could enroll you without notice in an overdraft plan that would process the transaction but hit you with a fee for every ATM, check, and debit card [...]
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 [...]
January 19, 2010 – 6:52 pm
Welcome to this week’s edition of our Tuesday Top 5, Econ4U’s weekly tips post to help you manage your money in five easy steps. Have you broken your New Year’s financial resolutions yet? If so, today’s edition will help you get back on track by pointing out the most common banking mistakes people make — and [...]
December 4, 2009 – 2:29 pm
A growing number of Toys “R” Us shoppers on the East Coast have come forward to say that in the scrum of Black Friday sales, the toy retailer charged them twice by accident. Sales errors have been reported in New York, Florida, and Georgia, with more complaints coming in as consumers check their statements, but Toys [...]
Wondering how banks are coping with the recession? Easy: They’re dipping deeper into the pockets of consumers who make banking mistakes. The Washington Post yesterday reported on a topic we’ve covered in depth: increased banking fees. Customers are paying more to maintain a checking account and withdraw cash from an out-of-system ATM, and when they bounce a [...]
Especially in times like these, everyone’s looking for ways to save money. Daniel Adler at Forbes.com has an excellent feature identifying seven ways being lazy may be costing you money, and how little changes can make for big savings. My personal favorite, and possibly the most expensive of the seven: Not Opening a Retirement Fund [...]
New York Times economic columnist Edmund L. Andrews got real with his readers this week and shared an enormous secret: Even personal-finance experts aren’t immune to poor money management. In an article adapted from his upcoming book, he explains how easy it was for him to get in over his head in debt, starting with [...]
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 [...]
Nearly half of American banks cut their customers’ credit limits in late 2008, but a little preparation can help keep your borrowing options open.
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 [...]
