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Overdraft Fees
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Big banks hike existing consumer fees
One of the biggest challenges facing large retail banks face right now is the pressing need for revenue at a time when consumers are strapped and keen to put up a fight.
The recent fiasco at Bank of America, which tried unsuccessfully to impose a simple debit card fee on consumers, was ample e
Banks respond to criticism of debit, credit card transaction ordering
The common practice of banks ordering debit and credit card transaction from largest to smallest was quite the controversy not so long ago, prompting regulatory action and lots of complaints from consumer activists.
The banking industry's response has always been that they order transactions a
Union Bank: Debit transactions case wins class action status
Recall that one of the big issues in the debate running up to the passage of landmark credit card reform legislation last year was the order in which banks processed debit card transactions.
Most banks processed these transactions from the largest amount to the smallest, rather than chronologi
Citigroup's Simplicity card aims for high credit scores
This is not the first time that Citigroup has tried a simplified credit card. It launched the Simplicity card several years ago and tried to make a splash with its no-fee approach to overdraft fees, late fees and annual fees. The card was discontinued of course, but since then the world has change
Bank of America ponders new ways to charge overdraft fees
The return of overdraft fees? That's hard to believe, after such fees were vilified by consumer advocates in the financial regulatory debates a few years ago. But Bank of America intends to test a new program that would call for the bank to notify customers by text message if a transaction will pu
Citi changes check cashing order
One issue that cropped up in the bank reform movement that crested with the passage of Dodd Frank last year was overdraft fees from checking accounts.
Banks have long had a practice of cashing checks in according to the size of the checks, from highest to lowest, not unlike the policy on debit
Many opt in to overdraft charges
Why did the FDIC step into the whole overdraft mess with a new rule requiring banks to essentially work with serial overdrafters, who rack up huge fees because they so often make charges with insufficient funds? After all, much-ballyhooed Fed policies and credit card reform legislation was intende
When will free checking really die?
People have been talking for at least a year about the end of free checking. And there are indeed more banks imposing checking fees or making it more difficult to qualify for "free" checking. Giants like Bank of America (NYSE: BAC ) and Wells Fargo (NYSE: WFC ) have moved in this direction.
Video: Heidi Montag takes on bank, credit card fees
Heidi Montag Says No to Plastic from Heidi Montag
(chris dodd, Credit Card, Heidi Montag, Overdraft Fees)
Banks ponder their options on card fees
It's no secret that banks have a lot of revenue to make up; overdraft fee ( overdraft fee news) revenue has no place to go but down. You've got to make up that revenue somehow, and more banks are opting for explicit card fees, which is understandable. Citigroup ( NYSE: C ), for example, has i
