Bank of America Cutting Overdraft Fees to $10, Eliminating NSF Fees
Bank of America Cutting Overdraft Fees to $10, Eliminating NSF Fees As banks across the country examine their overdraft policies under criticism from consumer advocates, with several eliminating overdraft fees altogether, Bank of America recently announced that it is...
Survey Finds 40% of Credit Card Debtors Don’t Know Their Interest Rate
Survey Finds 40% of Credit Card Debtors Don’t Know Their Interest Rate A recent consumer survey commissioned by Bankrate found that 40 percent of credit card debtors don’t know the interest rate on their primary card with a balance. Bankrate measured the average...
CFPB Report Claims Credit Bureaus Deficient in Responding to Consumer Complaints
CFPB Report Claims Credit Bureaus Deficient in Responding to Consumer Complaints A recent analysis by the Consumer Financial Protection Bureau (CFPB) found that the three major credit reporting agencies—Equifax, Experian, and TransUnion—reported relief in response to...
Study Finds Younger Generations Paying More in Monthly Banking Fees than Older Generations
Study Finds Younger Generations Paying More in Monthly Banking Fees than Older Generations A recent Bankrate survey found that Gen Z and millennial account holders pay on average more than three times as much in monthly bank fees than older generations. Checking...
Visa and Mastercard Teaming Up with Fintechs to Provide Financial Services to Unbanked in Latin America
Visa and Mastercard Teaming Up with Fintechs to Provide Financial Services to Unbanked in Latin America Visa and Mastercard have recently revealed plans to partner with fintechs to help provide increased financial access to consumers in Latin America, a population...
2/3 of Adults Not Optimistic Personal Finances Will Improve in 2022
2/3 of Adults Not Optimistic Personal Finances Will Improve in 2022 According to a recent Bankrate survey, two-thirds of U.S. adults anticipate no improvement in their personal finances in 2022. While 42 percent of Americans said their financial situation will stay...
FDIC Chair McWilliams to Resign in Early February
FDIC Chair McWilliams to Resign in Early February In a surprising move that comes after weeks of partisan infighting at the agency, Federal Deposit Insurance Corporation (FDIC) Chairwoman Jelena McWilliams announced on December 31 that she would be resigning as...
Equifax Adding BNPL Plans to Credit Reports
Equifax Adding BNPL Plans to Credit Reports This year, Equifax Inc. will start recording Buy Now, Pay Later (BNPL) installment plans on credit reports to give lenders a more complete picture of consumers’ financial commitments. In recent years, Buy Now, Pay Later...
