Citigroup announced last week that it will sell its Brazilian credit card and consumer finance business to Banco Itaú Unibanco, Brazil's largest bank based on market value. The sale was reportedly made for $1.3 billion and includes 96 Credicard branches and approximately … Continue reading
California Attorney General Kamala Harris filed an enforcement action against JPMorgan Chase last Thursday, alleging that the bank used illegal debt collection methods, such as robo-signing, against approximately 100,000 California credit card consumers from January 2008 through April 2011. "Chase … Continue reading
As the use of prepaid debit cards increases, so does the risk of theft and fraud. Last week, federal prosecutors charged eight individuals in New York with cyber attacks on the global financial system. They were part of an international … Continue reading
Overall credit card debt fell for the first time this year during the month of March, according to data released yesterday by the Federal Reserve. Revolving credit, made up mostly of credit card debt, decreased in March at an annual … Continue reading
Chase Bank has now placed self-service kiosks in 400 locations. Last week, additional locations were opened, including one in the Blue Ash branch in the Greater Cincinnati area. The new kiosks were described as "ATMs on steroids." With the new … Continue reading
The Consumer Financial Protection Bureau has adjusted one provision from the CARD Act in order to make it easier for spouses or partners who do not work outside the home to qualify for credit cards. It now allows credit card issuers to consider income … Continue reading
April is Financial Literacy Month. As you await your tax refund, this is a good reminder to review your financial health and make the necessary changes in the way you manage your money. Every household is directly affected by finances, no … Continue reading
Richard Cordray is scheduled to testify before the Senate Banking Committee today, but the Chairman of the House Financial Services Committee refuses to let him testify before the House panel because he hasn't been approved by the Senate. Representative Jeb … Continue reading
Meet Justin Bieber, financial spokesman. A new prepaid card is available called SpendSmart is being heavily promoted by none other than the teen heartthrob. Bieber is using his social media army, reportedly comprised of 30 million Twitter followers and 48 million Facebook fans, to … Continue reading
The U.S. Government Accountability Office recently issued a report stating that ATM fees have risen considerably in the last five years. In 2012, the average cost of using an ATM outside your bank's network was $2.10, an increase of 20 … Continue reading
Schnucks, a major supermarket chain based in St. Louis, announced that 2.4 million debit and credit cards of its customers may have been compromised over a four month period. According to company officials, the breach occurred from December 2012 to … Continue reading
A Louisiana woman is in jail for stealing her 84-year-old grandmother's identity and purchasing over $100,000 in computers, home improvements and several vehicles. It is the latest case that highlights a growing trend in society: financial abuse of the elderly. … Continue reading
Nearly everyone has shopped online at some point in time. While many people are concerned about their credit card information being stolen, the majority of people place orders online all the time and never think twice about the security of … Continue reading
Credit card delinquencies have reached an 18-year low, signaling that more cardholders are paying their bills on time. The number of accounts that were 30 days or more overdue dropped to 2.47% in the fourth quarter of 2012, according to … Continue reading
More consumers are turning to their phones to take care of their banking needs according to the latest data from the Federal Reserve. The study, entitled Consumers and Mobile Financial Services and done in late November, showed that 28% of mobile … Continue reading
Consumers are once again paying more in overdraft fees despite regulations designed to protect them from these charges. Last year, consumers paid $32 billion in overdraft fees, a $400 million jump from 2011 according to a recent study by Moebs … Continue reading
The Consumer Financial Protection Bureau has issued a new rule regarding the disclosure of ATM fees. ATM operators will be required to provide consumers with either an on-screen disclosure or a printout of applicable fees for using an ATM machine. These … Continue reading
Millions of American households will soon receive tax refunds. According to the IRS, the average tax refund last year was nearly $2800. It will be tempting to use the refund to buy some big-ticket items on your wish list or … Continue reading
One of online retailing's big advantages could be dealt a serious blow in the future. On Friday, the Senate passed a nonbinding amendment which would allow states to collect sales tax from out-of-state online retailers. The amendment was part of … Continue reading
Ever notice $10 to $50 missing from your available credit balance without a clue as to why? If so, you may be a victim of "cramming," a new type of credit card fraud. Cramming involves the use of unauthorized small … Continue reading
Consumers in Massachusetts no longer have to give their zip code information when making a credit card transaction. The Massachusetts Supreme Court unanimously ruled last week that zip codes are considered private information according to the state's consumer privacy laws. … Continue reading
The nomination of Richard Cordray to again head the Consumer Financial Protection Bureau was approved by the U.S. Senate Banking Committee by a 12-10 vote that was split down party lines. Every Democrat on the Committee approved Cordray, every Republican … Continue reading
Having to sign for a credit card transaction isn't really effective if no one verifies the signature. It is easy to sloppily sign someone's name on a piece of paper and leave a store with a fraudulent purchase. However, developers … Continue reading
The number of credit cards in the United States increased last year as did the number of credit card transactions, according to the latest Nilson Report. The number of general purpose credit cards in circulation grew to 526.6 million by … Continue reading
A record number of consumers are paying their credit card bills on time as well as paying a greater percentage of their monthly balance. These were some of the findings from the February data from Fitch Ratings. The delinquency rate on retail credit card … Continue reading
The Federal Reserve has issued a report on the effect on the Durbin Amendment which shows a drastic reduction has taken place in debit card interchange fees. As a result, the Federal Reserve does not plan to take any further action … Continue reading
Discover is taking on traditional banks by offering checking accounts with features that should be appealing to consumers. Discover Cashback Checking will come with free checks and will not have monthly fees or a minimum balance requirement. In addition, customers … Continue reading
If you negotiated a debt settlement in 2012 on the balance of your credit card account, you may surprised to find that you owe taxes on the debt that has been forgiven. The IRS views forgiven debt of $600 or … Continue reading
If you have had a credit card for any length of time, it is likely that you've had an error on your account. It could be you were billed for a purchase you never made, billed twice for a transaction … Continue reading
Young adults are carrying less debt than before the start of the 2008 recession, primarily because they own fewer major assets. A new analysis from the Pew Research Center released today shows that Americans under the age of 35 are … Continue reading
One in twenty Americans were victims of identity fraud in 2012. According to the Identity Fraud Report released today by Javelin Strategy & Research, 12.6 million people in the United States or 5 percent of consumers were victims of ID … Continue reading
An increase in holiday spending drove up late credit card payments during the fourth quarter of 2012. The credit card delinquency rate, which represents the percentage of credit card customers that are at least 90 days overdue on their payments, … Continue reading
The credit card industry has faced a tremendous amount of criticism during the last four years. Politicians have imposed significant regulations and legislation on card issuers. Consumers continue to bash the high interest rates and fees associated with their cards. … Continue reading
The re-nomination of Richard Cordray as Director of the Consumer Financial Protection Bureau remains a political hot button. Cordray can be confirmed by majority vote in the Senate, but a minority of 40 Senators can block an agreement to hold … Continue reading
A total of eleven state attorneys general are now part of the lawsuit that challenges the constitutionality of sections of the Dodd-Frank Act and the Consumer Financial Protection Bureau. The plaintiffs claim that the Act has no effective checks and … Continue reading
A number of states are considering banning the surcharges that merchants can now put on credit card transactions. Regulations went into effect on January 27 that allow merchants to impose a surcharge of up to 4 percent on any credit … Continue reading
Financial planning may not be as romantic as flowers and a fancy dinner on Valentine's Day, but it could bring more peace and happiness into your relationship. Money is the leading cause of stress and arguments in marriage, so having a financial plan … Continue reading
A report released today by the Federal Trade Commission underscores the need for Americans to check their credit reports on a regular basis. The FTC study found that 26 percent of consumers had a material error on at least one of … Continue reading
A New Jersey state assembly committee today approved a bill that would prohibit retailers from imposing a surcharge on credit card transactions in the state. The bill moves on to the full assembly. There is similar legislation in the state … Continue reading
The global investigation into the manipulation of interest rates has led to a third major bank facing significant fines and worldwide embarrassment. Today, Britain's Royal Bank of Scotland was fined £390 million or $612 million for rigging the London Interbank … Continue reading
The U.S. Justice Department announced charges against 18 people who bilked financial institutions out of at least $200 million in an international credit card fraud scheme. This would be one of the biggest credit card scams ever broken up by … Continue reading
According to some new research from Equifax, the total number of consumers with subprime credit scores is declining. The latest data from the third quarter of 2012 shows there are about one million fewer consumers with a credit score below 620. … Continue reading
The Consumer Financial Protection Bureau is launching an inquiry into the impact of financial products marketed to students through colleges and universities. It will then determine whether these arrangements are in the best interest of students. "We have seen many … Continue reading
Enforcement actions against credit card issuers and new mortgage guidelines instituted by the Consumer Financial Protection Bureau may now be in jeopardy. Last Friday, a three-judge panel of the U.S. Court of Appeals unanimously agreed with Republican lawmakers that the … Continue reading
Tax time is here: January 30 marks the first date that Americans can file their 2012 income taxes. This year, the IRS is tackling a problem that is growing rapidly: tax-related identity theft. This type of ID theft occurs when thieves … Continue reading
Beginning this Sunday, retailers in most states could begin charging you a fee when you buy something with a credit card. But most industry analysts feel competition will limit the number of merchants that actually begin charging a "checkout fee." … Continue reading
A new report shows consumers paid $17.8 billion in penalty fees on their credit cards last year, an 8 percent decline from the $19.4 billion in 2011. According to the R.K. Hammer Card Penalty Fee Index, fees have fallen for … Continue reading
Card skimming is now a sophisticated crime that can happen anywhere you swipe your credit or debit card. Thieves can insert a skimmer into the card reader sleeve and a hide a tiny camera nearby to record PIN numbers. There … Continue reading
A new study shows that younger Americans are adding more credit card debt than previous generations and paying it off at a slower rate. The Ohio State study shows that a person born between 1980 and 1984 has an average … Continue reading
A troubling survey shows that older Americans are now carrying more credit card debt than younger people, mainly due to job loss and medical bills, not because of a lack of financial responsibility. The study looked at 997 middle-income households … Continue reading
