In recent years, most banks started approving, rather than declining, debit and check transactions that exceeded what customers had in their accounts. The banks’ rationale: consumers would rather pay $39-a-pop bounce fees, banks contend, than risk embarrassment at the checkout counter. I don’t know about you, but I would rather have my card declined. [...]
Entries Tagged as 'Banking'
Federal Bank Adds New Regulations on Overdraft Fees
November 18th, 2009 · No Comments · Banking
Tags: ATM card·Banking·checking·checking accounts·Debit Card·Federal Reserve·overdraft fees·overdraft legislation·overdraft protection·recurring debit
High Interest Rate Checking – Myth or Reality?
November 11th, 2009 · 1 Comment · Banking
With savings accounts paying an average of under 1% interest, and the volatility of the stock market, there aren’t many good places left to put your money. Good news, there’s a new banking program out there which may be a good option.
When I first read about high interest checking accounts, I thought [...]
Tags: ACH transfers·ATM·Checking Account·debit charges·direct deposit·Fees·high interest rate checking·minimum balance·Savings account
Facecard Pre-paid Card Teams Up With Facebook
October 29th, 2009 · No Comments · Banking, Credit Cards
For those that are unfamiliar with Facecard, likely you won’t be for long, thanks to the name recognition provided by Facebook, the popular social media network. Facecard is a pre-paid card issued by MetaBank, who launched the program in May of 2008 as an alternative to debit and credit cards. Can you say “marketing genius”?
According [...]
Tags: facebook·facecard·pre-paid cards·pre-paid mastercard·prepaid debit cards·student cards
Overdraft Fee Legislation Gaining Momentum
October 21st, 2009 · 4 Comments · Banking
Sen. Chris Dodd’s battle against banking overdraft fees continues. He introduced a bill on October 19, covering ATM and debit-card transactions as well as checks. Several other Senators are on board with the reform, as the bill is co-sponsored by Senator Charles Schumer D-NY, Sen. Jack Reed D-RI,who is chairman of the Senate [...]
Tags: bailout·Banking·Banking Industry·bounced checks·Chris Dodd·credit card fees·Diane Rehm·FAIR Overdraft Coverage Act·opt-in·Overdraft·proportional fees
