Banks Feed

Keep an eye on your financial institution because regulator found errors in examination of consumer transactions

In its role to check on financial institutions, the Consumer Financial Protection Bureau found that some violated federal law in the first half of 2021. “Today’s report reveals that irresponsible or mismanaged firms harmed Americans during the COVID-19 pandemic," said CFPB Director Rohit Chopra. Read more →


Is your big bank charging you a lot of overdraft fees?

Banks continue to rely heavily on overdraft revenue, which reached an estimated $15.47 billion in 2019, according to the Consumer Financial Protection Bureau. Three banks – JPMorgan Chase, Wells Fargo, and Bank of America – brought in 44 percent of the total in 2019 by banks with assets over $1 billion. Read more →


How to avoid a student loan debt relief scam

It’s a big problem. Companies promising to help with student loan debt advertise widely, using misinformation and high-pressure sales. However, consumers need to know that there’s nothing a student loan debt relief company can do for them that they can’t do for themselves for free. Read more →


Learn about senior financial abuse during National Family Caregivers Month

Up to five million older Americans are abused every year, and the annual loss by victims of financial abuse is at least $36.5 billion. A guide to help family members and friends of people living in nursing homes and assisted living learn how to prevent and report elder financial abuse is available from the CFPB. Read more →


Credit score apps may come with extra costs and risks

Apps that provide access to credit scores may not offer all of the benefits users expect, and they can come with extra costs and risks that people may not foresee, Consumer Reports said. Americans can get access their credit reports for free once a year, but they don’t have a similar right to their credit scores, except in some cases. Read more →


Wells Fargo fined $25 million for failing to pay back customers

Wells Fargo has been fined $250 million by the Office of Comptroller of the Currency, which said the bank didn’t pay back customers who were charged excessive or improper fees. “Wells Fargo has not met the requirements of the OCC’s 2018 action against the bank,” said Acting Comptroller of the Currency Michael J. Hsu. Read more →


Credit scores and credit reports: What are they and can you positively influence them?

What’s the difference between a credit report and a credit score? A credit report is a record of your current and past debts, including your payment history. It’s used by banks, other financial institutions, and businesses to make decisions about your loan, rent, and sometimes employment applications. Read more →


More than a third of consumers found mistakes in their credit reports, survey shows

More than a third of consumers who recently checked their credit reports found mistakes in them, a survey found. Many of the nearly 6,000 consumers who participated also reported having difficulty getting their free credit reports online, while others said they were unfairly charged for services. Read more →