Bank of America will pay $10 million for processing illegal, out-of-state garnishment orders against customers’ bank accounts. It froze accounts, charged fees, garnished funds, and sent payments to creditors based on court orders that should have been processed under state laws where the consumers lived.
Major national auto repair chains need to stop offering financing through EasyPay Finance and TAB Bank, which issue loans at rates up to 189 percent even in states where that rate is illegal. A coalition of consumer groups sent letters to the corporate offices for businesses such as JiffyLube about the loans.
With the likelihood high that the Federal Reserve will raise interest rates by half a point on May 4, people with credit card debt will spend an additional $3.3 billion on interest in 2022, according to WalletHub. “People generally have a negative opinion on Fed rate hikes,” said Delaney Simchuk, analyst.
Some large banks have announced they’re eliminating non-sufficient fund or NSF fees on their checking accounts. It’s a positive development, the Consumer Financial Protection Bureau said. These changes mean consumers will pay about 50 percent less in fees each year, an annual savings of about $1 billion.
National Consumer Protection Week March 6-12 is a time to help people understand their consumer rights and avoid frauds and scams. The Federal Trade Commission leads the national outreach for the week of events. It’s focusing on how fraud affects every community.
In the past, I’ve encouraged citizens on Presidents’ Day to take the opportunity to participate in government and make their voices heard. The goal? To help make government work more effectively. That message is even more critically important now.
On LinkedIn Wednesday, I read an article about the Capital One Venture X credit card by Ana Staples, a reporter for Bankrate, an independent, advertising-supported publisher, and comparison service website. Staples said she loves credit cards, and she enthusiastically recommended the Capital One Venture X credit card.
In 2021, Congress expanded tax benefits and made other advanced payments in response to the covid-19 pandemic and the resulting financial impact. This may increase the amount of money you’ll receive through your tax refund. You also may be eligible to access other benefits when you file a tax return.
Since everyone is online more during the pandemic, there’s an increased urgency about fixing computers if there’s a problem. Scammers, as always, are lurking around just looking for a new opportunity to strike. They’re offering even more phony tech support services.
