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The nation’s big banks have backed down. They’ve pulled the plug on their ill-advised plans to charge customers to use their debit cards. On September 29, Bank of America (the second largest bank in the country) set off a wave of negative publicity when it announced it would start charging a $5 monthly debit card fee next year. This week, BofA revoked the fee, the last major institution to do so.
Debit cards are no longer the darling of the banking industry. That’s because new federal rules limit the “swipe fee” big banks are paid when you use their card. This could lower industrywide revenue from debit cards by billions of dollars a year.
Have you noticed all the signs for layaway programs? In these tough economic times, an old way to buy holiday gifts is making a comeback.
Consumer groups have launched a lobbying campaign aimed at restricting the amount of junk food marketing targeted at kids. It’s called, “We’re not Buying It” and it’s intended to reduce the thousands of commercial messages children see every year for foods that aren’t good for them.
Cyber-thieves have launched a major effort to steal bank account and credit card account information. The attack uses automated telephone calls and bogus text message alerts (a scam known as smishing) that are supposedly from Wells Fargo bank.
If you have a car lease that’s close to running out, you could be in for a pleasant surprise. Right now, many cars coming off of leases are worth more than their residual value (the payoff due).That means if you like the car and it’s been trouble-free, you may want to consider buying it.
Maybe you've been getting more credit card offers in the mail lately. I know I have. Because of the sluggish economy, credit card issuers are looking for new customers. If you're thinking of adding another card to your wallet, you may be wondering if that extra card will bring down your credit score.
There are special dangers to buying a car online. According to FBI data, between 2008 and 2010, at least $44 million has been lost to online auto scams that involve a fraudulent website or phony vehicle listing.
What’s in a name? When it comes to food, the right name can be a game changer.
It’s one thing to write about the dangers of malicious software. It’s quite another to have it take over your computer. That’s what happened to me a few weeks ago. I was at work doing a routine online search when all of a sudden my computer went nuts.
When I was a teenager, if you had pimples you bought a tube of Clearasil. Now there are apps for that. “AcneApp” and “Acne Pwner” claimed to use the light given off from a smart phone to treat acne.
America has a serious case of gold fever. Because of the shaky economy and the soaring price of gold, people are eager to buy gold coins and invest in gold stocks. This gold rush mentality presents a golden opportunity for hucksters to pitch their bogus get-rich-quick schemes.
If you have a credit card account with Bank of America or Chase, two of the nation’s largest banks, a major security flaw has been exposed that could make your information vulnerable to an Internet crook – or even a nosy neighbor. Consumer advocate Edgar Dworsky of , who discovered the flaw, says anyone who knows your phone number and has the last four digits of your Chase or BofA credit card number might be able access your account.
Ask any college student and they’ll tell you: "Books cost too much.” The College Board says the average student at a four-year public college should expect to spend $1,137 this year on textbooks and other course materials. “Books cost a ridiculous amount of money,” says April Wade, a student at the University of Rhode Island, who has paid as much as $160 for a single book.
Most of us simply take it for granted that when our car needs routine maintenance or repairs, we have the right to choose where to have it serviced. If a mechanical problem is covered by the warranty, you’d be foolish not to head to the dealer. When you are paying for the work, you might prefer an independent shop.
It’s fun and exciting and a whole new way to shop. If you know how to play the penny auction game — and are very lucky — you may be able to buy name-brand products and gift cards at amazingly low prices.
When it comes to our pets, my wife and I will spend whatever it takes to give them the best medical care possible. Like so many other people today, we consider them to be members of the family.
The Federal Communications Commission Tuesday proposed new rules designed to reduce a common telephone billing scam called cramming.
You can’t trust anything anymore. Spend the night at a hotel and get a call from the front desk and it could turn out to be a con artist trying to steal your credit card number. It happened recently to hotel guests in two cities.
Imagine the frustration and anxiety of being in a foreign country and finding out that your credit cards don’t work.
We’ve all heard about the recent and hack attacks. But most breaches never make the national news. In fact, security experts tell me the majority of them are never made public. That means the people whose personal information is compromised don’t find out about it.
I thought we’d put this one to bed last summer when the Federal Reserve changed the way banks and credit unions handle debit card overdrafts. But we’re not there yet. Consumer groups claim the industry still is using misleading marketing to sell its overdraft protection programs.
Car buyers always consider price. But these days fuel economy is also high up on the list. High gas prices are driving sales of more fuel-efficient models.
Didn’t we learn anything from the financial meltdown? Individual consumers cannot protect themselves from lenders that are willing to use predatory practices to boost profits. Reputable businesses cannot compete when competitors don’t play by the same rules.
Credit cards are not evil. There, I said it. But that’s not how some people see them. They see credit cards as the devils that tempt them to spend more than they should. Debit cards are the angels in their wallet who keep them from piling up mountains of high-interest debt.
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