A leading research and analysis company confirms the feelings of discontent and frustration that consumers have about banking fees. Recent findings by Mintel Comperemedia found that nearly 80% of consumers would not pay a $2 fee to use a debit card and nearly 25% would switch banks over the fee. More than 55% would choose another payment method rather than pay the fee. Read More →

Much of the language used to describe the terms and conditions of a credit card agreement is obtuse, legal mumbo-jumbo for many consumers. Critics complain that most are written at a 12th grade reading level, making it difficult for some consumers to fully understand what they’re agreeing to. With one of the goals of the newly established Consumer Financial Protection Bureau to make using credit cards easier for consumers, the agency has designed a new prototype agreement written in plain English that they hope will simplify the application process and eliminate all the confusion. Read More →

When the Credit Card Accountability, Responsibility, and Disclosure Act (CARD Act) took effect in February of 2010, many assumed that consumers would benefit from the proposed changes. Congress concluded that certain practices in the credit card industry were not fair or transparent enough and caused consumers unexpected financial hardship. While consumer advocates applauded the changes, according to a recent American Marketing Association Journal study, the CARD Act may be having some negative results. The intent of the legislation was to spur better financial decisions by consumers, but this isn’t reflected in the report. Read More →

Over the last year, the buzz in the world of credit, debit and online payments has been the technology that eliminates the need for a physical credit card. Mobile payments are
one of the most exciting new developments in decades and tremendous growth is expected worldwide. The advantages of using a smart phone for credit and debit purchases are touted by both credit card issuers and phone companies alike. But many questions still remain about security. Read More →

New federal limits on debit card fees have banks scrambling
for ways to recoup lost revenue this year. Back in October, Bank of America came under a firestorm of criticism for implementing a $5 monthly fee (just for using a debit card) to make up for the losses. While most institutions have backpedaled and abandoned the monthly fees that were initiated on the heels of the new regulations, many banks have revisited the issue and are quietly introducing new or increased banking fees. Read More →

The newly established Consumer Financial Protection Bureau (CFPB) was setup to enforce federal financial laws, but it
also accepts consumer complaints regarding credit cards. A recent summary by the agency shows complaints received from July through October. Approximately 5,000 complaints were filed during that period, with most being turned over to credit card issuers. Half were resolved, and when necessary, some were turned over to law enforcement officials. Read More →