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Banking

Bank of America Class Action Lawsuits – Did You Receive a Check?

by Luke Landes

Many Consumerism Commentary readers have written in to let me know that they recently received a check for about $98 from Bank of America. If you received this check prior to November 2012, this check is not a result of the Bank of America overdraft fee class action lawsuit, but it is the result of […]

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Binding Arbitration: Wells Fargo Taking Away Customers’ Rights

by Luke Landes
Wells Fargo

February 14, 2012 update: The change in terms described here goes into effect tomorrow. It’s not too late to switch banks. If you enter into an agreement with a company, and that company does something to wrong you, most of the time you can avail yourself of the American judicial system to correct the problem. […]

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Wal-Mart Offering Check Cashing Services

by Luke Landes
Wal-Mart

Many Wal-Mart locations around the country now have Money Center departments. These developments create an incredibly convenient way to take your paycheck into the store, have it cashed at the Money Center, and use your cash for your shopping trip. With Wal-Mart’s trend to become a one-stop shop for all household needs, including groceries, each […]

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Credit Unions Successfully Woo 650,000 New Customers

by Luke Landes

Bank of America has given into the pressure of losing more than just a few unprofitable customers, canceling its planned $5 monthly debit card fee. The damage, not just to Bank of America but to retail banking overall, has already been done. The Credit Union National Association has counted, state by state, a total of […]

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We Did It: Bank of America Dropping $5 Debit Card Fee Proposal

by Luke Landes

After Wells Fargo, Chase Bank, SunTrust Bank, and Regions Bank dropped their plans for debit card fees yesterday, the largest bank in the United States, the only bank holding onto its policy of eliminating unprofitable customers by annoying them with inconvenient fees, dropped their own plans to enact a $5 monthly debit card fee in […]

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More Banks Drop Debit Card Fees

by Luke Landes
Chase Bank

Consumer outrage and backlash does work, apparently. Wells Fargo Bank and Chase Bank have been testing debit card fees in a small number of locations within the United States, but due to the anger unleashed after the largest bank, Bank of America, announced it would add a $5 debit card fee in 2012, the two […]

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EverBank Checking Account Offering $60 Cash Limited Time Bonus

by Luke Landes

As I’ve pointed out recently, banking customers have grown accustomed to the concept of free checking. Thanks to profits in the banking industry from a variety of sources, banks could justify offering checking account services, including debit cards, without charging any fees. The industry has changed over the past year, and many banks, particularly large […]

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Banks Offering Remote Deposit

by Luke Landes

Almost ten years ago, the government passed a law that made electronic images of paper checks just as legitimate as the paper checks themselves. As banks implemented the law, it saved time and money by allowing banks of first deposit to scan checks after a customers deposit them for verification with the originating bank. With […]

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Wells Fargo Sent Statements to Wrong Customers

by Luke Landes

The fourth largest bank in the United States by assets, Wells Fargo, admitted last week that many of its customers received statements with other customers’ banking information included. In this security breach, those affected might have received a statement with a stranger’s account number, transaction detail, and in some cases, Social Security number. Other affected […]

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Bank Transfer Day

by Luke Landes

Kristen Christian has declared November 5, 2011 to be Bank Transfer Day. Fed up with the big banks’ claims that regulation would make the institutions unprofitable, and with research to back that up, Kristen started a movement on Facebook to encourage more people to withdraw money from large banks and use these funds to open […]

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