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 'Federal Reserve'
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
Even After New Credit Card Laws, Interest Rates Can Increase – Without Notification
August 24th, 2009 · 1 Comment · Consumer Debt
We’ve written about the
Tags: bank of america·Banking·Chase·credit card reform laws·Credit Cards·Fed Rate·Federal Reserve·interest rate·notification·prime rate·variable rate
Happy Holidays, Credit Card Users: Reform is on its Way!
December 16th, 2008 · No Comments · Banking, Consumer Debt, Consumer Info, Credit Cards
In a year when any headline involving the term “credit” has been overwhelmingly negative, it seems that consumers may see some good news associated with credit shortly.
New rules which were proposed earlier this year would prohibit credit card companies from increasing rates at will, with some exceptions such as those that apply to people who [...]
Tags: credit·credit card changes·credit card reform·credit card rules·Credit Cards·credit news·Federal Reserve
Speak Up! Your Chance to Comment on Credit Card Rules
July 7th, 2008 · 2 Comments · Consumer Debt, Credit Cards
Tired of dirty little tricks by the credit card companies like that unexpected interest-rate increase on your credit card and confusing grace period? The Federal Reserve is accepting public comments through Aug. 4 on new credit-card rules it proposed in May. If the Fed decides to adopt them, card-issuers will need to follow them. [...]
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Tags: Congress·Credit card·Disclosures·Federal Reserve·Grace Periods·Interest Rates·Public Comment·Rules·Two Cycle Billing