Data Breaches Cost Consumers Billions of Dollars A new report from Javelin Strategy and Research concludes that a single massive data breach can result in “billions of dollars” in consumer fraud losses. A record number of breaches took place in 2012, … Continue reading
The Long Shadow of Bad Credit in Job Search Over the last several decades, credit reporting bureaus have been selling their services to a much wider range of buyers than just banks. Nearly half of employers use credit checks when … Continue reading
Credit card delinquency rates fell again in March as consumers continue to pay down credit card debt in a timely manner. Five of the top six credit card issuers reported lower delinquency rates in March than in February. Discover was the only exception … Continue reading
18 States Considering Ban on Credit Card Surcharges Eighteen states are now considering legislation that would bar retailers from imposing surcharges when consumers use their credit cards. Ten states have already imposed bans on credit card surcharges, which limited the potential impact of … 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
Bank of America is trying to attract new customers by offering a cash rewards to people who pay down their credit card balance each month. The Better Balance Rewards card gives cardholders $25 per quarter for paying more than their … Continue reading
Visa Ends Ban on Retailer Discounts for Specific Cards Visa is giving its merchants more flexibility in offering discounts to their customers, and reversing restrictions that prevented retail partners from offering special deals to customers that paid with a specific bank's … Continue reading
On Monday, ten U.S. banks agreed to pay $8.5 billion to settle regulator's accusations that they didn't follow the correct foreclosure process and made errors in the loan process. This includes the robo-signers used to sign off on thousands of … Continue reading
Bank of America’s Plan to Drive Mobile Banking Beyond 12 Million Users As part of a drive to sign up more people for mobile banking, Bank of America is outfitting its teller stations with quick response (QR) codes that can … Continue reading
Credit Card Penalty Payments are Arriving More than $425 million in refunds and restitution will soon be sent to millions of consumers nationwide, penalties paid for deceptive credit card practices. And another $410 million--from Bank of America--is already landing in … Continue reading
Visa's digital wallet product, V.me, grew significantly yesterday with the addition of two major banking partners. Bank of America, with an estimated 30 million online customers, and the Royal Bank of Scotland have both agreed to offer V.me. Earlier this … Continue reading
Bank of America has introduced a mobile payment system that turns smartphones and iPads into credit card readers. The "Mobile Pay on Demand" service is a joint venture between the bank and payment processor First Data. It will become available … Continue reading
A report recently released by the Consumer Financial Protection Bureau showed the number of college credit card agreements between issuers and institutions of higher learning or alumni organizations dropped dramatically in 2011 versus 2010. The data revealed a 20.6 percent decline … Continue reading
Some of the nation's biggest banks have extended temporary waivers through Wednesday, November 7 on a variety of fees and late charges for residents of states hit hard by Superstorm Sandy. The banks waiving fees include JP Morgan Chase, Citigroup, … Continue reading
Rise in Household Debt Might Be a Sign of Strengthening Recovery American households are taking on more debt than they are paying down for the first time since the recession started. Some economists even see an end to the long, … Continue reading
Data breaches and credit card fraud are becoming common occurrences. Yesterday's revelation that hackers stole credit card information from 63 Barnes & Noble stores is just the latest reminder. Credit card fraud is not just isolated to the United States. … Continue reading
In September, delinquencies for five major credit card issuers increased from their near-historic lows. Bank of America, American Express, Chase, Discover and Capital One all showed slight increases from August to September in their delinquency rate. A delinquent account is … Continue reading
The robo-signing scandal burst onto the financial scene two years ago when a number of major U.S. banks aggressively fast-tracked foreclosure paperwork. The practice was loudly condemned and the government handed down a $25-billion dollar fine. Robo-signing slowed, but it … Continue reading
U.S. Credit Card Lenders Shun Add-Ons as CFPB Cracks Down Chase, Bank of America and American Express are among credit card lenders retreating from a $2.4 billion market as regulators seek curbs on deceptive marketing of products including debt cancellation. Scrutiny … Continue reading
Americans are slowly getting more options for EMV chip credit cards for overseas travel. The EMV (stands for EuroPay, MasterCard and Visa) chip has replaced the magnetic stripe in most countries but the United States, and this has created problems for travelers … Continue reading
Bank of America Exits Credit Card Protection Bank of America and other banks have stopped selling to credit card customers products that suspend borrowers' minimum monthly payments in the event of a job loss or other hardship as regulatory scrutiny … Continue reading
London is shining in the spotlight as the host of the Olympics, a welcome distraction from the Libor (London Interbank Offered Rate) rate-fixing scandal that threatens to rock the financial world. The Libor scandal is far reaching for both consumers … Continue reading
Last Thursday, Capital One agreed to pay $12 million in a settlement over alleged violations of special consumer protections for military families. The Office of the Comptroller of the Currency and the Department of Justice took action against Capital One … Continue reading
There is good news for international travelers. Banks are adding chip technology, also known as EMV, to more international credit cards. Using the old magnetic strip credit card outside the United States has become somewhat of an ordeal for travelers. Many … Continue reading
Retailers reached an antitrust settlement on interchange fees with Visa, MasterCard and several large banks that will be good for merchants but might penalize cardholders with higher prices or decreased credit card rewards. The $7.25 billion dollar settlement allows retailers to … Continue reading
BBVA Compass is notifying customers that it is "improving transaction speeds." ATM withdrawals and debit card purchases by signature or PIN will post immediately. Online bill payments, automatic debits and checks drawn from your account will post throughout the day. … Continue reading
Last Thursday, Moody's Investors Service cut the credit rating of fifteen banks due to their significant exposure to the volatility and risk to the global financial markets. Earlier this month, Standard & Poor's also warned that the United States could … Continue reading
More Americans are paying their credit card bills on time as well as carrying less of a balance. According to figures from last week's regulatory filings, credit card delinquencies decreased for each of the top six credit card issuers in … Continue reading