Things are busy, here in my corner of the USA. I’m behind in reporting on what’s happening for National Consumer Protection Week. A lot of my time has been taken up since the first of the year taking part in the Dean Ornish heart health program. It ends Wednesday. I’ll be reporting on its many benefits soon.
In 2022, Americans paid more than $120 billion in interest and fees on credit cards. With interest rates going up, that amount is continuing to increase. For consumers to get the best offers on credit cards to keep their costs down, their repayment records need to be reported to credit bureaus.
Presidents’ Day sort of sneaked up on me this year. At times in the past, I’ve written about Presidents’ Day as a time to appreciate our democracy and celebrate the many freedoms we have as a result. As thoughts of democracy come to mind, the war in Ukraine looms large.
How do you pick out a bank? It’s more difficult than it seems. Many people choose a branch near them. But, banks can have practices that are detrimental to consumers who want to spend money wisely. The Federal Deposit Insurance Corporation or FDIC has downgraded Transportation Alliance Bank or TAB Bank to “needs to improve,” a low rating that few banks get.
I’m now a T-Mobile customer. Darn. I switched because I was upset that Verizon wouldn’t give me a deal on a new iPhone and I wanted to be in a family plan with my grandson from Spain who’s going to college in Massachusetts. T-Mobile announced last week that its customer records have been hacked again.
Financial writers recommend when you’re having money problems that you review your subscriptions. Sometimes subscriptions that you aren’t using keep renewing or you didn’t realize you had one. “Negative option” programs include subscription services that automatically renew, and trial marketing programs that charge a reduced fee for an initial period.
Wells Fargo is at it again. It shows why consumers should be skeptical about trusting big banks. The repeat offender has agreed to a settlement that requires it to return more than $2 billion to consumers and pay a $1.7 billion civil penalty for legal violations across several of its largest product lines, the CFPB said Tuesday.
For years, I’ve suggested that consumers consider banking with a credit union rather than a bank. Why? Consumers often can’t trust banks not to gouge them with high interest rates and fees. It was great to listen to President Biden speak on the radio and on television about the action his administration is taking on “junk fees.”
On Facebook this week, a woman in a financial group told about how she almost paid $2,500 to a scammer on Zelle. It was the government imposter scam. A guy told her she owed $2,500 because she’d missed a court date. The calls went on for about an hour. A friend on another line kept telling her not to send the money.
