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 [...]
Entries Tagged as 'credit card fees'
Overdraft Fee Legislation Gaining Momentum
October 21st, 2009 · 4 Comments · Banking
Tags: bailout·Banking·Banking Industry·bounced checks·Chris Dodd·credit card fees·Diane Rehm·FAIR Overdraft Coverage Act·opt-in·Overdraft·proportional fees
Another Consumer “Success Story” Against Bank of America
October 7th, 2009 · No Comments · Banking, Consumer Debt
Are consumers just on a lucky roll against the big banks, or are more Americans simply fed-up with the outrageous fees and charges and just finding more unique and brazen ways to show that they aren’t going to take it anymore?
Kristy posted a blog last Friday which showed a video documenting one consumer’s successful fight against the usurious fees charged [...]
Tags: ann minch·bank of america·consumer rights·credit card fees·Credit Cards·Debtors revolt·interest rate increase
Feds Cut Rates, Yet Credit Card Rates Continue Upward??
December 9th, 2008 · No Comments · Banking, Consumer Debt, Credit Cards
It’s a classic case of “what is wrong with this picture”: the Federal Reserve recently slashed it’s benchmark interest rate for the umpteenth time this year to 1%, it’s lowest level in years, yet many consumers are getting broadsided with higher rates and fees on their credit cards. So what gives?
The bottom line is, the [...]
Tags: banking fees·consumer spending·credit card fees·credit card rates·Credit Cards·higher fees·increased credit card fees·interest rate increases
Banks Increasing Reliance on Income From Late and Over-the-Limit Fees
June 25th, 2008 · No Comments · Banking
Isn’t Congress supposed to be doing something about $40 late and over the limit fees
From 2002 to 2006, the nation’s ten largest banks increased their reliance on fees by 17%.
From 1994 –2005, over–the-limit fees in the credit card industry more than doubled, while late fees nearly quadrupled.
Interchange fees–fees credit card issuers charge merchants when [...]
Tags: ATM fees·banking fees·credit card fees·increased banking costs·interchange fees·late fees·over the limit fees·overdraft fees
