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Archive for the ‘Checking Accounts’ Category

Filed under: Consumer Ally, Banking – Checking Account, Banking – Savings Account

Despite a federal law requiring full disclosure of all fees, many banks continue to give consumers the runaround, according to a recent report from the national consumer advocacy group U.S. PIRG.

During a six-month survey of 392 bank and credit union branches in 21 states (as well as 12 online banks), U.S. PIRG found that fewer than 40% of them complied with the Truth in Savings Act to promptly divulge bank fees and rates.

Continue reading Bank Fees: Some Banks Still Not Disclosing All Fees

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Filed under: Banking – Checking Account

Americans aren’t thrilled with the way the nation’s biggest banks have been piling on the fees lately, and it seems they’re looking for an alternative. According to new research from the National Foundation for Credit Counseling, 51% of respondents to a recent online poll said they would shop for another bank if theirs slapped a fee for checking accounts on them.

Judging from the parade of news about how our big banks are doing just that and more with fees for everything from having too little money in your checking account to using another bank’s ATM, that’s potentially a lot of people who are shopping for a new place to park their hard-earned dollars.

Continue reading Fed Up With Checking Fees? Try a Small Bank

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WalletPop

Filed under: Banking – Checking Account

Bank of America is launching a new checking account that encourages customers to stick to banking online, through ATMs or over their mobile phones.

Called eBanking, the new account will be free to customers provided they do what is suggested in the title — stick with electronic banking. Should the customer use a bank branch, they will have to pay an $ 8.95 monthly maintenance fee. “But just for that month,” says Bank of America spokeswoman Anne Pace.

Bank of America tested the new account in Georgia and will make it available nationwide on August 6, according to Pace.

Continue reading Bank of America’s new checking account awards those who bank online

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WalletPop

Filed under: Banking – Checking Account

Bank of America is launching a new checking account that encourages customers to stick to banking online, through ATMs or over their mobile phones.

Called eBanking, the new account will be free to customers provided they do what is suggested in the title — stick with electronic banking. Should the customer use a bank branch, they will have to pay an $ 8.95 monthly maintenance fee. “But just for that month,” says Bank of America spokeswoman Anne Pace.

Bank of America tested the new account in Georgia and will make it available nationwide on August 6, according to Pace.

Continue reading Bank of America’s new checking account awards those who bank online

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WalletPop

Filed under: Banking, Retirement, Technology, Banking – Checking Account

Last month, I wrote about a big move by the Treasury Department to make all payments from the U.S. government electronically. In the announcement, Office of Management and Budget Director Peter Orszag called the change a “win-win for the American public.” Now, we’re hearing from others with a different opinion.

Consumer rights groups, including the Consumer Federation of America and Consumers Union, have stepped forward to say that the real winner here could be banks and payday lenders.

The issue at stake is that, while the Social Security Administration says that 83% of all Social Security and SSI beneficiaries receive their benefits by direct deposit, the elimination of paper checks may be forcing the rest into a situation that could put them at risk for expensive payday loans and high fees.

Continue reading Social Security’s electronic payment system criticized

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Filed under: Banking, Money College, Saving Money, Banking – Checking Account, Student Loans

A recent survey by Capital One Bank revealed that “nearly half of all high school seniors polled say they are unsure or uncertain about their ability to manage their banking and personal finances.” This is quite alarming considering the fact that they will likely be handling college and personal finances on their own in just a few short months. Pair this with the increased likelihood that students are vulnerable to unscrupulous credit card deals and identity theft, and it is clear that a high level of protection is greatly needed.

For this reason, most colleges have their own credit union, which offers credit cards to students at much lower interest rates, plus other services to help guide and protect students in their financial dealings. One such credit union for college students is Campus Federal Credit Union, which is available to students, alumni and employees of the Louisiana State University system, as well as their family members. Membership is also available to residents in areas of Baton Rouge, Shreveport, and New Orleans.

Continue reading Campus Federal Credit Union helps LSU students get financial footing

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