Mommy's little helper.
The Federal Reserve Board is asking for comments from ordinary citizens like you and me on two proposals aimed at lowering unexpected overdraft fees. The proposals tackle the fact that financial institutions have been known to automatically enroll customers in overdraft programs that charge a fee whenever customers exceed their account balances. Instead of preventing the transaction from going Read more
According to the Consumers Union, this year 25 million toys have been recalled and many contained lead paint. So CU is teaming up with parenting blogs across the United States to promote their effort to educate shoppers with the Twelve Days of Safe Shopping. Larger shopping events are planned in certain cities, but if you are a concerned consumer who wants to host one in your community, Read more
By now, you've probably heard of The Approved Card from Suze Orman, a prepaid debit MasterCard endorsed by the personal finance guru. I guess it makes more sense for Orman to promote a financial product versus the Kardashians, but you would expect a no-fee miracle debit card that's beneficial to consumers. The population that's being targeted are people with little or really bad credit history, Read more
We're thrilled to present this smart Business Insider story here on Savvy! Credit card companies may be targeting consumers with great credit with a host of new perks recently, but CreditCards.com warns against falling for 0% balance transfer fee offers. In a study looking at offers from 37 lenders, the site found offers to waive these fees for as many as 21 months. But there's a catch: Read more
We're thrilled to present this smart LearnVest story here on Savvy! You wouldn’t normally think of credit unions as sexy or hip. They don’t have glossy ad campaigns and beautiful branches on every street corner. Even their basic definition—non-profit financial co-ops — sounds boring. But these days, more and more Americans are clamoring to join the club of credit unions because of their Read more
Although Bank of America and other banks have agreed to not charge customers monthly debit usage fees, you shouldn't get too comfortable. Apparently, these financial establishments are still trying to earn profit without customers catching on. Here are some of the examples reported by The New York Times: Lost BofA debit card requires $5 replacement fee and a $20 rush delivery fee. BofA MyAccess Read more
Many are unhappy with the debit card fees introduced by banks that want to reap more profit from their customers. I'm sure by now you've heard about the $5 monthly fee Bank of America is planning on charging for debit card usage. Other banks plan to follow suit and consumers have been lashing back, threatening to cancel their accounts. According to a SavvySugar poll, 91 percent of readers are Read more
The United States Postal Service is in dire straits and may be forced to close this Winter if Congress doesn't take emergency action, reports the New York Times. The financial troubles of the USPS have been dragging on for some time now, but it's about to come to a head — the agency can't pay off a $5.5 billion payment meant for retirees' future health care that's due this month and is facing a Read more
If you're not happy with your bank, you're not alone. About 63 percent of people are dissatisfied with their financial institution, according to a recent study by consulting company Ath Power. In the aftermath of the economic crisis, banks are taking a blow from the new consumer protection laws, which causes them to raise fees and penalties and do away with rewards and freebies. If you're looking Read more
We're thrilled to present this smart Kiplinger story here on Savvy! Pesky bank fees aren’t just creeping up — they’re attacking from all sides. Banks impose 49 different fees, on average, according to the Pew Charitable Trusts. Getting paper statements in the mail will cost you $1 to $2 a month; seeing a teller could result in a $9 fee; and maintaining a checking account without meeting Read more
