"Unbanked" and "Underbanked" - American citizens who lack access to secure banking services.Guest post by John Gower, NerdWallet.com.From the piggy bank to federal student loans, banks touch the lives of almost every American. Yet, nearly 60 million Americans lack access to secure banking services and/or do not have a bank account. Minorities and immigrants, in particular, often rely on … [Read more...]
The World Bank: The Bank’s Role in the Global Economy and Why it Matters
The World Bank is the largest financial backer of international development, particularly of emerging nations. Guest post by Angie PicardoA supremely powerful institution, the World Bank is also frequently criticized for its policies, initiatives and operations. Framed with successes and shadowed by missteps, the Bank has generated significant fiscal and social change for countries around … [Read more...]
Bank of America Sued…Again – It’s only the fifth inning according to the New York Times
New York prosecutors sue Bank of America over Bad LoansOn Wednesday, federal prosecutors in New York took aim at Bank of America. They accused it of carrying out a scheme, started by its Countrywide Financial unit, that defrauded government-backed mortgage agencies by churning out loans at a rapid pace without proper controls. In a civil suit, prosecutors seek to collect at least $1 billion in … [Read more...]
Bank Overdraft Fees & Practices – How to Prevent Excessive Overdraft Fees
Consumers have been raked over the coals by overdraft rates and the reordering of debits to increase fees.Show Date: April 9, 2009.The Federal Reserve's website has been hit with repeated complaints about unexpected overdraft fees, exorbitant overdraft fee rates and the reordering of debits to increase fees. Consumers complain about the "reprioritizing" of their … [Read more...]
Removing Unfair Bank Overdraft Charges and Penalty Charges. What You Can Do.
When the bank purposely delays posting fees paid: He was twice charged a $35.00 over a $4.00 overdraft.Our prior post on bank overdraft charges generated many questions.I overdrew my acct by $4.00. The very next day I deposited 50.00 to cover the overdraft and no fees were posted to my acct yet. They waited until my acct had $3.21 left in it, then charged me a 10.00 overdraft fee, which … [Read more...]