Wednesday, April 7, 2010 as of 11:14 AM ET
The Plus Side of Prepaid CardsDon't believe everything you hear when it comes to prepaid cards.
Taking advantage of customer outrage over new monthly fees at some of the nation's largest banks, many providers of general purpose reloadable cards have been touting them as a low-cost alternative to a traditional checking account.But despite aggressive marketing to promote them, Bankrate's Prepaid Debit Cards Survey found many prepaid debit cards carry a fusillade of fees that make them pricier overall than traditional checking, says Greg McBride, CFA, senior financial analyst at Bankrate.com."Two-thirds do in fact have a monthly fee, and that's not the only fee they charge. So they can very quickly eclipse the cost of a low-cost checking account," McBride says. "A lot of people who may be confronting fees on their checking accounts for the first time would be better served by looking to credit unions, community banks and online banks, many of which still offer free checking accounts or ac...Ever since recent government regulations cut into bank profits from overdraft fees and debit card swipe fees, big banks have been scrambling to find ways to replace ...
The Consumer Finance Protection Bureau (CFPB) is a federal agency dedicated to consumer protection and awareness. Created in 2010, this fairly young federal agency i...
Attention, college students: Want to save $60 every month? It’s easy, just cut out your daily latte purchase on your way to class.While it doesn’t seem like much, $6...
Finding the right financial institution can save you money and peace of mind in the long run. For many people, a large part of this decision means choosing between b...
Bankrate.com Senior Analyst Greg McBride and American Banker Editor-in-Chief Neil Weinberg on Bank of America considering new fees on some checking accounts.
Consumers battling with financial firms over overdraft charges, late fees and other checking account issues can now file complaints with a new federal watchdog.The C...
Consumers battling with financial firms over overdraft charges, late fees and other checking account issues can now file complaints with a new federal watchdog.The C...
The Consumer Financial Protection Bureau announced yesterday that it has launched an inquiry into checking account overdraft fee practices. Citing concerns regarding...
Thought Bank of America’s (NYSE:BAC) daunting fees were over? Think again.The bank is readying to charge customers of basic checking accounts monthly fees unless the...
This week, we’re grouping the headlines into two buckets: 1) the economy as a whole, and 2) news about new business regulations.First, the American economy as a whol...
Richard Riese, American Bankers Association, weighs in on consumer overdraft fees and protections.
Back in 2009, the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act was signed to great fanfare, with the White House lauding it as a "turning po...
If last year was any indication, checking account customers won't stand for things like debit card fees or monthly service charges. Witness national protests such as...
With all the bad press payday loans get, including legislation aimed at curtailing the industry's predatory lending practices, you'd think people would steer clear o...
FBN’s Gerri Willis on the unintended consequences of government regulations.
Making a Prepaid Card Your Transaction ChoicePrepaid debit cards are among the most controversial financial products. Celebrities endorse them. Many consumer advocat...
Since bank customers typically have both a checking account and some form of savings account, an important question when choosing a bank is which type of account sho...
Maybe former New Jersey car dealer Denis Kelliher can license his name to an investment firm once he is released from federal prison next year.Kelliher, like E.F. Hu...
Brokerage firms want to be your banker, too.Brokerages are offering free checking accounts to woo their brokerage customers. And they're also throwing in tempting fr...
