Defend Your Dollars is the website of the Consumers Union Financial Services Campaign, where we support reforms to the financial marketplace to curb bad practices by banks and lenders.
Bank Accounts
Bank accounts provide security and services that help you manage your money. But some bank accounts come with hidden fees and complicated terms which often end up costing you. Consumers Union advocates for upfront pricing and fair practices so that you don’t end up losing your deposits.
Subtopics:
Checks
Although the numbers of checks are dwindling, consumers are still paying and being paid by check. Many consumers’ frustrations are due to lengthy check processing times, which vary depending on the way the check is processed—which the consumer has little to no control over.
- CU comment on “end of checks” proposed rule (August 9, 2010)
- Get the Facts about Overdrafts and Fees (June 29, 2010)
Overdraft Loans
Overdraft programs are really high-cost, short-term loans with quadruple digit APR rates. Until recently banks could automatically cover your transactions when there's not enough money in your account, and charge an astronomical fee for this service without your permission.
- NBC's Overdraft Report- Watch It (August 26, 2010)
- DYD to Wells Fargo: "STOP" (August 24, 2010)
- CU letter to Wells Fargo responding to Gutierrez v. Wells Fargo decision (August 20, 2010)
Policy and Legislation
- CU letter to Wells Fargo responding to Gutierrez v. Wells Fargo decision (August 20, 2010)
- Group comments to NCUA proposed rule on short term loans (July 6, 2010)
- Coalition letter to house members opposing HR 1214 (March 23, 2009)
- Coalition letter to sponsors opposing HR 1214 (March 17, 2009)
- Consumers Union's agenda for the 111th Congress (January 12, 2009)
- Fact Sheet about ID Theft (January 4, 2009)
- Letter to the Comptroller of the Currency regarding stored value cards (November 26, 2008)
- Protect all your money if your bank fails (September 15, 2008)
- Fact sheet on state gift card protection laws (August 4, 2008)
- CU calls for one stop banking complaint system (December 12, 2007)
- State laws restricting private use of Social Security numbers (November 28, 2007)
- Simplify the fees, not just the disclosures (June 6, 2007)
- Letter to the CA Dept. of Social Services regarding electronic benefit transfer (September 11, 1998)
Consumers Union News Releases
- New protections from high overdraft fees start July 1 (June 30, 2010)
- Senator Dodd Unveils Discussion Draft for Financial Reform (November 13, 2009)
- CU: Just say "no" to costly overdraft programs (October 19, 2009)
- CU applauds Obama credit card proposals (April 29, 2009)
- Consumers need opt-in on overdraft programs (March 12, 2009)
- Foreclosure plan offers hope for homeowners (February 18, 2009)
- CU: Foreclosure moratorium needed now (February 11, 2009)
- State oversight needed to fight bank abuses (February 5, 2009)
- Bailout should include new credit card standards (November 26, 2008)
- CU calls for new reforms to address financial crisis (November 14, 2008)
- Senate approves Wall Street rescue package (October 1, 2008)
- CU: Bailout should include consumer protections (September 23, 2008)
- Gas consumers to get relief on debit card holds (June 27, 2008)
- Credit cardholders send Congress a Valentine (February 14, 2008)
- Take action now! ]]>">Post "Check 21" banking law reforms proposed in Congress (February 15, 2005)
Research and Reports
- Obama's bailout plan should help protect taxpayers (February 10, 2009)
- Jury’s out on abusive overdraft loans proposal (December 22, 2008)
- New credit card protections adopted by Feds (December 18, 2008)
Consumer Tips
- Get the Facts about Overdrafts and Fees (June 29, 2010)
- Steps to Safely Move Your Money to a New Bank Account (April 22, 2010)
- Credit Union Insurance Coverage (June 16, 2009)
- FDIC Insurance Calculator (June 16, 2009)
- FACT SHEET: FDIC Insurance and Bank Failure (July 22, 2008)
- Recovery information for consumers affected by Hurricane Katrina (September 17, 2005)
Blog Posts
- NBC's Overdraft Report- Watch It (August 26, 2010)
- Back To School: Campus Financial Tips (August 26, 2010)
- DYD to Wells Fargo: "STOP" (August 24, 2010)
- Wells Fargo's unfair overdraft practices EXPOSED (August 11, 2010)
- Bank of America Charging $8.95 for Paper Statements (July 22, 2010)
- A bar in Seattle will buy you dinner for quitting Chase bank (July 15, 2010)
- As the July 1st deadline approaches, CFA warns consumers not to Opt-In to Overdraft. (June 29, 2010)
- Bank of America gave us a little and then took it away! (June 18, 2010)
- Call to Action for Social Security, SSI, and Veterans benefits recipients (May 18, 2010)
- Senate debate on financial reform heats up (May 5, 2010)
- Moving Your Money? Use these tips to do it right! (April 22, 2010)
- Chase Bank's Overdraft Opt-in System: FAIL (April 8, 2010)
- Credit Unions Promoting Idol-esque Video Contest (March 16, 2010)
- Bank of American finally does the right thing on overdrafts (March 10, 2010)
- Winner of the Danger of Debt Contest!! (March 2, 2010)
- Back to Basics: Using Your Debit Card (December 2, 2009)
- OPT-IN VICTORY !!! (November 12, 2009)
- Protect Your Holiday Spending (November 11, 2009)
- Back to Basics: Checkholds (November 4, 2009)
- Dodd introduces the best overdraft protections yet (October 19, 2009)
- Call Bank of America—Opt Out of Automatic Overdraft!! (October 19, 2009)
- Big news--Two banks reduce but don't end outrageous overdraft fees. (September 23, 2009)
- Back to Basics: The Bank Account (September 22, 2009)
- Calling all creative shutter bugs! (September 15, 2009)
- Consumer Financial Protection Agency - What it is and What it does (June 17, 2009)
- Treasury Releases Report: Financial Regulatory Reform: A New Foundation (June 17, 2009)
- A Bad Moon Rising for Credit Card Banks (April 20, 2009)
- No foolin’: A bank card with 15 fees (April 1, 2009)
- Is my money safe? (September 16, 2008)
WHAT'S HOT
- Tips: Steps to Safely Move Your Money to a New Bank Account
- Research: Where’s my money: Consumer protections needed for new ways to pay
- Letter: CU letter to Wells Fargo responding to Gutierrez v. Wells Fargo decision
- Letter: Group sign on letter supporting The Freedom and Mobility in Consumer Banking Act
- Press Release: New protections from high overdraft fees start July 1
Subtopics
Tell Us Your Story!
What banks call "overdraft protection" is really just a high cost, short term loan that amounts to more than the overdraft itself. We want to hear your experience with overdraft fees so we can fight for better protections for you. Your account of what has happened to you will help us push for real reform.
We want to hear from you. Your willingness to share your stories helps us pass laws to protect you and your family.Read stories from individuals who have shared their stories, like:
Mary of Goldendale, WA
This small-business owner planned to put gas in her car, then buy groceries. What she didn’t plan on was the $10 gas purchase freezing $50 of her bank account, forcing her to put items from her cart back on the shelf.
How to complain to the Government
Online, by mail, phone or fax... Agencies need to hear from you!
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Defend Your Dollars is the website of the Consumers Union Financial Services Campaign, where we support reforms to the financial marketplace to curb bad practices by banks and lenders.
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Financial Services TeamConsumers Union
1535 Mission Street
San Francisco, CA 94103
money@consumersunion.org
media@consumersunion.org