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Banking

How to Close Your Wells Fargo Savings or Checking Account

by Luke Landes

Two years ago, Wells Fargo changed its customer agreement, taking away the rights of customers to resolve disputes with the bank through the typical legal process afforded citizens of the United States. Current Wells Fargo customers tacitly or knowingly agreed to sign away these rights in favor of an arbitration system that favors wealthy corporations. […]

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Should the US Postal Service Offer Basic Financial Services?

by Luke Landes

The U.S. Postal Service could offer basic banking services to customers, many of whom do not have reliable and affordable access to mainstream banking products like savings accounts and forms of credit. From the moment I heard this, it sounded like a bad idea. Not long ago, discussions about the U.S. Postal Service focused on […]

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MONEY’s Best Banks in America 2013

by Luke Landes

The MONEY magazine published its annual analysis of the best banks in America, and I count at least one surprise among the list of 15 categories. Just last month, personal finance bloggers voted on their favorite banks in the Fourth Annual Plutus Awards, and came up with a list with some notable differences, although the […]

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Received a Postcard From Bank of America But No Check?

by Luke Landes

If you’ve received a postcard from Bank of America informing you that you should expect to receive a check as part of the overdraft lawsuit, but you haven’t received a check, you may be wondering what you can do. shizennougyou receives many questions about these checks because I’ve written about them and the lawsuit […]

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The Occupy Debit Card

by Luke Landes

Can an organization offer mainstream financial products while being ideologically opposed to the mainstream financial industry? That’s the question I began considering when I first heard that the Occupy Wall Street movement was in the process of developing a prepaid debit card product. The Occupy Debit Card is still just a concept, but if the […]

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PerkStreet’s Closing Signals Danger for Rewards Debit Cards

by Luke Landes

If you have been a customer of PerkStreet, you joined to take advantage of the company’s debit card rewards program, and had accrued rewards as of August 12, you just got screwed, to put it bluntly. PerkStreet is closing, the company canceled their rewards program, and the company will not be paying out any accumulated […]

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Capital One 360 Customer Service: Unsolved Issue With Customer’s Mortgage

by Luke Landes

When Capital One purchased ING Direct and ultimately rebranded the bank as “Capital One 360,” long-time customers of the online bank asked the same questions. Would Capital One continue ING Direct’s tradition of competitive rates and excellent customer service? Not everyone’s experience with ING Direct has been perfect, but overall, the bank was as beloved […]

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Debit Card Swipe Fees Could Shrink, But Will Banks Punish Consumers?

by Luke Landes

It’s the lobby of retailers versus the lobby of retail banks. Retailers claimed a small victory recently when a U.S. District Court struck down a rule that capped debit card swipe fees at about $0.24 a transaction. The original cap proposed by the Federal Reserve was $0.12 but as the Federal Reserve operates more for […]

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Many Low-Income Families Can’t Use Mainstream Banking Even If They Wanted

by Luke Landes

I’ve written previously about many different reasons households, particularly those in locations where families typically have low incomes and those in areas where certain minorities constitute a majority of households, are more likely to take advantage of the high-cost alternative banking system including payday loans and check-cashing storefronts. For example, traditional banks find it difficult […]

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PNC Offers Videos and Interaction With Financial Advice

by Luke Landes

Last week, I criticized the McDonald’s corporation for producing a website and a toolkit, aimed at their employees, designed to help those employees tackle the financial obstacles they are most likely to face. My first point was that financial literacy education hasn’t been proven to help the most needy, and in some studies, has been […]

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