''If you've ever thought someone was playing fast and lose with the rules on your credit cards, credit score or mortgage, but you had no idea where to go with your complaint, you now have a place to turn.
The Consumer Financial Protection Bureau has been launched. It is supposed to stop lenders from tricking you into a high-interest loan or some other financial product that is not what it appears to be. It also gives consumers an outlet for their complaints on everything from student loans to payday lenders.
But, as you might suspect given its power to regulate banking practices, the birth of this new bureau has not been greeted with celebration by those fearful about constraints on their business. And although it is brand new, the agency is fighting for its survival. Some of the banks and congressmen who fought to keep a consumer advocate out of Dodd-Frank financial reform measures are still trying to euthanize it.''
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''Among some of the practices Plunkett and other advocates want the bureau to clean up are:
Unfair bank overdraft charges. Some banks manipulate the order of the checks they clear. By clearing a large check first and then many small ones, the bank can charge overdraft fees for each. Yet, an individual may not have written many checks on an empty account.
Fees on prepaid cards. While new rules require credit cards to give consumers more clarity on fees and penalties and avoid practices like changing due dates on payments to trigger fees, prepaid cards are not subject to much regulation. The Consumer Federation objects to a "dizzying array of fees" that may not be clear to consumers.''
"Direct mail offers are flowing for business credit cards, many with attractive promotional interest rates and balance transfer deals...while there are many reasons to open an account, there can be substantial risks involved."
More infoThis fact sheet focuses on the lessons learned from consumers who purchase and use prepaid debit cards.
More info"Something is wrong when keeping cash in the kitchen cookie jar seems a reasonable substitute for your bank.''
More info"It was early 2007, and Michael Roster and Dwane Krumme each viewed the credit card industry with growing dismay."
More infoThe Pew Health Group’s Safe Checking in the Electronic Age Project investigated checking accounts offered by the ten largest U.S. banks, which held nearly 60 percent of the nation’s deposit volume.
View an interactive graphic presenting a state-by-state overview of Underbanked or Unbanked households.
More info"'Hidden or unexpected' fees are the No. 1 reason given by the working poor for closing bank accounts, a recent study found. The study by the Safe Banking Opportunities Project, a project of the Pew Health Group, surveyed 2,000 predominantly low-income, Hispanic households in the Los Angeles area in a two-phase study. Study participants were screened and recruited through a door-to-door, interviewer-administered survey."
More info"Hidden bank fees are pushing the working poor out of mainstream banking and into riskier, more expensive alternatives to managing their personal finances. A new study released by the Pew Charitable Trusts provides a stark snapshot of how banks’ embrace of sneaky fees hurt the most vulnerable consumers."
More infoLos "cargos ocultos o inesperados" fueron mencionados como la razón principal por la cual los trabajadores pobres del Gran Los Ángeles, aquellos que tienen empleo pero que incluso así permanecen en pobreza relativa, cerraron cuentas de banco el pasado año, por encima de razones como la pérdida del empleo o la falta de dinero, según una encuesta en hogares predominantemente hispanos y de bajos ingresos dada a conocer por el Safe Banking Opportunities Project (Proyecto Oportunidades para Banca Segura) del Pew Health Group.
More info“Hidden or unexpected fees” were cited as the number one reason Greater Los Angeles’ working poor – those who are employed yet remain in relative poverty– closed bank accounts in the past year, surpassing job loss or lack of money, according to a survey of predominately Hispanic, low-income households released by the Pew Health Group’s Safe Banking Opportunities Project.
"Hidden or unexpected fees” were cited as the number one reason Greater Los Angeles’ working poor, those who are employed yet remain in relative poverty, closed bank accounts in the past year, surpassing job loss or lack of money, according to a survey of predominately Hispanic, low-income households.
More info''More small companies—already struggling with weak sales and tight lending—are being forced to rely on business credit cards to provide working capital.''
More info"Four Senators today called for more disclosure on business credit card offers so cardholders will understand that business cards are not protected by the same laws as regular consumer cards that bar practices like retroactive interest rate hikes."
More info''Households receiving offers for 'business' credit cards would be wise to throw them away, a nonprofit research group is warning consumers.''
More info"It’s been two years since the landmark Credit Card Accountability Responsibility and Disclosure Act of 2009 was signed into law, and by all accounts, it’s led to some pretty significant changes in the giant industry grinding away behind those little pieces of plastic."
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