Credit and Prepaid Card News

The latest news on the credit card and prepaid card industry from the Center for Responsible Lending.

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  • Payroll Debit Cards on the Rise, And So Are Hidden Fees 
    AOL Jobs 27 Jun 2013
    A growing number of employers -- particularly those with seasonal or transient workers -- are using debit cards to pay the help. A 2012 report from the Aite Group estimated that $42.8 billion dollars will be loaded onto these cards this year...
  • Though Personal at Their Core, Small Biz Credit Cards Enjoy Few Consumer Protections 
    Opposing Views  26 Jun 2013
    Small-business credit cards often do not enjoy the same account holder protections as their general-consumer counterparts, and they also are not covered under the Credit CARD Act of 2009. There is no fundamental difference between small-business cards and “normal” credit cards.
  • Good News in Banking? Traditional Savings Accounts 
    MoneyWatch 24 Jun 2013
    According to a new study by Consumer Federation of America (CFA), the bank savings account is still one of the best ways for lower and middle-income workers to save...
  • Scrutiny for Social Security's Prepaid Debit Card 
    Bloomberg Businessweek  24 Jun 2013
    The Senate’s Special Committee for Aging recently hosted a hearing to discuss the effort to transition to paperless Social Security payments.
  • Check Cashing Shops Expensive, Banks Better, According to Massachusetts Division of Banks Study 
    The Republican (MA) 24 Jun 2013
    A report from the Massachusetts Division of Banks concludes that signing up for a checking account at a bank or credit union is a more affordable alternative for consumers than using check cashing shops, which could charge them $200 to $1,300 in annual fees for services that would cost nothing -- or next to nothing -- at a traditional financial institution.
  • Texas Outlaws Debit Surcharges — Are More Bans Coming? 
    American Banker  24 Jun 2013
    The state of Texas has passed a law that prohibits merchants from imposing surcharges when customers use their debit cards. The Independent Bankers Association of Texas (IBAT)...
  • More Young People Ditching Credit Cards 
    New York Times 20 Jun 2013
    In 2012, 16 percent of adults aged 18 to 29 did not have a single credit card -- up from 9 percent in 2005. That is one of the findings of FICO's new analysis of data on millions of consumers...
  • 5 Secrets Credit Card Companies Don't Want You to Know 
    Fox 7 (Austin, Tex.)  20 Jun 2013
    Credit card holders can reduce unnecessary penalties by examining the fine print of their user agreements. Many cards allow for interest-free purchases if they are repaid within a grace period; but spenders should know that providers are abbreviating that period from 30 days to 20-25 days, or eliminating it completely.
  • Union Bank Earns Praise for Move to Serve ‘Unbanked Customers’ 
    Eastern Group Publications  20 Jun 2013
    Union Bank is offering a type of account specifically for low- to moderate-income consumers who shun conventional bank accounts that they find complex and costly.
  • Credit CARD Act: The Next Generation  18 Jun 2013
    The Credit CARD Act of 2009 helped to curtail consumers' penalty fees and surprise interest-rate increases, but the law may be due for an update already due to new consumer complaints.
  • Rep. Maloney Calls for Crackdown on Excessive Overdraft Fees 
    CBS New York  15 Jun 2013
    Rep. Carolyn Maloney (D-N.Y.) has introduced legislation designed to rein in exorbitant overdraft charges. Although some measures have already been approved to reform the practice...
  • Millennials Big Fans of Prepaid Cards, Payday Loans 
    USA Today 13 Jun 2013
    A Think Finance survey of more than 1,000 Millennials, ages 18-34, reveals that they are willing to pay for convenience when it comes to financial products. Although 92 percent of respondents use...
  • U.S. Bank Overdraft Settlement Drags On 
    Minneapolis Star Tribune (MN) 11 Jun 2013
    Almost a year ago, U.S Bank agreed to pay $55 million to settle accusations that it overcharged customers by reordering debit card and ATM overdrafts by size rather than when the overdraft occurred...
  • Banks Seen as Aid in Fraud Against Older Consumers 
    New York Times  10 Jun 2013
    Federal authorities say it is an all-too-frequent occurrence that reputable U.S. banks are used as gateways between fraudulent Internet merchants and their victims—often seniors...
  • Beware of Credit Card Checkout Fees 10 Jun 2013
    Although credit cards can be convenient, help build credit, and earn rewards, users also need to keep an eye out for a new surcharge. Under a 2012 settlement with Visa, MasterCard...
  • FTC Sues Payment Processor for Assisting Credit Card Debt Relief Scam 
    Imperial Valley News  05 Jun 2013
    In its ongoing crackdown on payment processors that ignore fraud, the Federal Trade Commission (FTC) is suing Independent Resources Network Corp. (IRN)...
  • A.G. Targets Exorbitant Credit Card Rates 
    Westfair Online  04 Jun 2013
    New York State Attorney General Eric T. Schneiderman reached a settlement agreement with GE Capital Retail Bank and its CareCredit LLC unit. The agreement requires new protections for consumers...
  • Credit-Card Option That Travelers Should Avoid 
    Seattle Times  22 May 2013
    With a service called "dynamic currency conversion," overseas merchants can process a credit card charge in the cardholder’s native currency rather than in the merchant’s currency; but it could cost travelers extra. Companies that allow merchants to run DCC transactions promise increased revenue, because merchants can charge for making the conversion...
  • Credit Card Debt Causes People to Forgo Medical Care 21 May 2013
    New research out of the University of Michigan suggests that credit card debt prevents ill borrowers from seeking treatment. More than 64 percent of study participants who were sick but had not visited a healthcare provider because of the cost were buried under credit card debt, and almost 58 percent of sick people who declined to seek medical attention were already burdened with medical bills...
  • TransUnion: Late-Payment Rate on U.S. Credit Cards Fell in 1Q as Borrowers Tackled Holiday Debt 
    Associated Press  21 May 2013
    Americans repaid on their credit card bills more quickly in the first quarter of the year, according to TransUnion, which reports that the rate of payments overdue by 90 days or more dropped to 0.69 percent from 0.85 in the same three months of 2012. Although lower, the late-payment rate is still above historically low levels, the company said...
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