Banks on Military Bases Need Greater Transparency for Troops

Many banks on military bases do not offer the protection or transparency soldiers need to make informed decisions about their finances, according to a new report from Pew Charitable Trusts. The study reveals a strong need for safe financial products … Continue reading

Do Credit Cards Let You Go over the Credit Limit?

Every credit card comes with a credit limit--a virtual cap on the amount of money you can charge to the card. This limit is set based on your credit worthiness and the specific card you have. When an emergency situation … Continue reading

LowCards.com Weekly Credit Card Update–August 29, 2014

U.S. Late Payment Rate on Credit Cards is at the Lowest Level in Seven Years Americans are doing a better job of making timely credit card payments, even as many lenders increasingly extend credit to more people with less-than-stellar credit. … Continue reading

Small Debit Card Purchases Lead to Big Overdraft Fees

A new report from the Consumer Financial Protection Bureau indicates most overdraft fees on debit cards occur on transactions of $24 or less. In addition, the majority of consumers pay back those overdrafts within three days. This means that a … Continue reading

LowCards.com Weekly Credit Card Update–August 1, 2014

A Third of Americans Delinquent on Debt More than a third of the country is in trouble when it comes to paying debts on time; 35% of Americans have debt in collections, according to a study out Tuesday from the … Continue reading

The Appeal of Prepaid Debit Cards

Two new surveys from the Pew Charitable Trusts show that prepaid debit cards have become a popular alternative to checking accounts for more Americans. Consumers loaded $64.5 billion onto prepaid debit cards in 2012, a 13% increase from the $56.8 billion in 2011, and … Continue reading

The CFPB’s Accomplishments in its First Two Years

The Consumer Financial Protection Bureau is celebrating its two-year anniversary with much calmer waters ahead. The CFPB has been the center of political firestorms ever since it was originally formed. Republicans first opposed Elizabeth Warren as the head of the … Continue reading

LowCards.com Weekly Credit Card Update–June 14, 2013

4 Reasons Excessive Overdraft Fees Just Won't Go Away Despite regulatory reform aimed at reining in checking account overdraft fees, the penalty is still a cash cow for banks--to the tune of about $31 billion a year. The CFPB thinks … Continue reading

Are Consumers Getting Ripped Off by Overdraft Fees?

The Consumer Financial Protection Bureau is now investigating bank overdraft practices since consumers paid $32 billion in overdraft fees in 2012. The CFPB study shows overdraft coverage varies significantly by financial institution and that consumers who sign up for overdraft coverage … Continue reading

LowCards.com Weekly Credit Card Update–April 5, 2013

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

Consumers Paid $32 Billion in Overdraft Fees in 2012

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

Bill Introduced to Limit Overdraft Fees

A bill was introduced in the House of Representatives on Tuesday which would put further limitations on overdraft fees on checking accounts. Democrat Carolyn Maloney introduced the "Overdraft Protection Act" bill that would require overdraft fees be "reasonable and proportional" to … Continue reading

LowCards.com Weekly Credit Card Update January 4

Consumer Watchdog Readies to Bare Its Teeth The Consumer Financial Protection Bureau is entering 2013 poised to flex its muscles as it finishes up a list of studies and rules required by the law. They will have wide latitude to … Continue reading

Wells Fargo Overdraft Fee Policy Upheld by Court

Wells Fargo may once again charge overdraft fees based on its practice of posting customers' same-day debit card transactions in a high-to-low order. The U.S. Court of Appeals in San Francisco overturned a lower court ruling that ordered Wells Fargo … Continue reading

Consumers Can Be Hurt by Banks Increasing Transaction Speed

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

LowCards Weekly Credit Card Update July 6

Big Banks Confront the Ghosts of Bank Transfer Day Last fall, the Occupy movement encouraged frustrated customers to flee big banks in favor of credit unions and smaller banks. On the ground, it had mixed results. But large banks shouldn't … Continue reading