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Banking

How to Close Your Wells Fargo Savings or Checking Account

by Luke Landes
Wells Fargo

Two years ago, Wells Fargo changed its customer agreement, taking away the rights of customers to resolve disputes with the bank through the typical legal process afforded citizens of the United States. Current Wells Fargo customers tacitly or knowingly agreed to sign away these rights in favor of an arbitration system that favors wealthy corporations. […]

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Should the US Postal Service Offer Basic Financial Services?

by Luke Landes
Post Office basic financial services

The U.S. Postal Service could offer basic banking services to customers, many of whom do not have reliable and affordable access to mainstream banking products like savings accounts and forms of credit. From the moment I heard this, it sounded like a bad idea. Not long ago, discussions about the U.S. Postal Service focused on […]

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MONEY’s Best Banks in America 2013

by Luke Landes
MONEY's Best Banks in America 2013

The MONEY magazine published its annual analysis of the best banks in America, and I count at least one surprise among the list of 15 categories. Just last month, personal finance bloggers voted on their favorite banks in the Fourth Annual Plutus Awards, and came up with a list with some notable differences, although the […]

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Money Systems That Lead to Success: Automatic Savings

by Luke Landes
Make Savings Automatic

Last month, I wrote about the opinions of Scott Adams on his eventual success as the creator of the comic strip Dilbert. I focused on the failure aspect of the article he wrote for the Wall Street Journal, and I only touched lightly on the success factors. A system, a methodical way of approaching any […]

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Received a Postcard From Bank of America But No Check?

by Luke Landes
Bank of America Class Action Lawsuits

If you’ve received a postcard from Bank of America informing you that you should expect to receive a check as part of the overdraft lawsuit, but you haven’t received a check, you may be wondering what you can do. Consumerism Commentary receives many questions about these checks because I’ve written about them and the lawsuit […]

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The Occupy Debit Card

by Luke Landes
Occupy Banks

Can an organization offer mainstream financial products while being ideologically opposed to the mainstream financial industry? That’s the question I began considering when I first heard that the Occupy Wall Street movement was in the process of developing a prepaid debit card product. The Occupy Debit Card is still just a concept, but if the […]

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GE Capital Bank Online Savings Account: I Was Declined

by Luke Landes
GE Capital Bank

This article started as a regular review of an online savings account. I’ve written many of these for Consumerism Commentary over the years, and I’ve always followed a similar process: I open a new account in my own name, naturally, I link the account to an existing account of mine, I transfer money into the […]

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PerkStreet’s Closing Signals Danger for Rewards Debit Cards

by Luke Landes
PerkStreet Closing

If you have been a customer of PerkStreet, you joined to take advantage of the company’s debit card rewards program, and had accrued rewards as of August 12, you just got screwed, to put it bluntly. PerkStreet is closing, the company canceled their rewards program, and the company will not be paying out any accumulated […]

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Capital One 360 Customer Service: Unsolved Issue With Customer’s Mortgage

by Luke Landes
Capital One 360

When Capital One purchased ING Direct and ultimately rebranded the bank as “Capital One 360,” long-time customers of the online bank asked the same questions. Would Capital One continue ING Direct’s tradition of competitive rates and excellent customer service? Not everyone’s experience with ING Direct has been perfect, but overall, the bank was as beloved […]

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Debit Card Swipe Fees Could Shrink, But Will Banks Punish Consumers?

by Luke Landes
Debit card swipe fees

It’s the lobby of retailers versus the lobby of retail banks. Retailers claimed a small victory recently when a U.S. District Court struck down a rule that capped debit card swipe fees at about $0.24 a transaction. The original cap proposed by the Federal Reserve was $0.12 but as the Federal Reserve operates more for […]

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