The Consumer Financial Protection Bureau, new to the scene of consumer reporting, is challenging the banking institution’s practice of charging overdraft protection penalty fees on checking accounts. They are testing sample text that will disclose these fees on checking account statements. Overdraft fees have the capacity of inflicting serious financial damage on those people who can least afford it. The bureau wants to learn how consumers are affected, and how they are able to anticipate and … [Read more...]
Exposed: Famous Banks With The Worst Fees & How to Bank Fee-Free
Take a step into your metropolitan “downtown” district. Take notice of the largest buildings in that district. Whose names are on those buildings? Shocking that they usually are names of very large banking institutions! Interesting how banks who seem to have very large physical presences, have some of the highest fees for banking. Below is a chart of the 16 banks with the most U.S. deposits, and how much they made in fees on these deposit accounts during 2008. The right-most column is a … [Read more...]
Who Hijacked Customer Service At Your Bank?
Ahhhh, remember the days of when your time spent with a banking institution actually meant something? Days when if your account was say 20 or more years old with that bank, you would be treated as someone special just because of your loyalty? Those days are long gone! The Customer Is Always Right? Gone are the days where you could walk into a bank and dispute a charge and there would be no questions or doubt, and the bank teller would just take your word for it and correct the issue. Now, … [Read more...]
