Almost a third of households which closed bank accounts between 2009 and 2010 did so because of unexpected or unexplained fees.
Consumers could close bank accounts at any time at no charge regardless of the size of their bank balance and could do it in person or by phone, according to legislation introduced by Rep. Brad Miller (D-N.C.).
This article will be among the news, features, analysis and insight filling the pages of the next print edition of Credit Union Times.
While the credit union model is the most effective one for helping middle-class citizens improve their financial health, government officials should enact policies to enable credit unions to do even more, Wright-Patt CU President/CEO Doug Fecher told a Senate panel.
The issue of revenue that banks and credit unions make from transactions on their debit cards moved from the obscure corners of the financial services industry into the national spotlight last week as the Federal Reserve's debit interchange cap came into effect.
Retailers received $1.7M in interchange fee savings from just one processor over three days.
Rep. Brad Miller's bill would prohibit financial institutions from levying fees or charges once they received a request to close an account.
Former St. Paul Croatian FCU President/CEO Anthony Raguz, whose actions helped trigger one of the largest credit union failures in history, pleaded guilty on Sept. 29 to six criminal counts, including bank fraud, money laundering and bank bribery in federal court in Cleveland.
Durbin amendment poised to set commerce for many consumers back 60 years.
Cases typically involved keylogging malware that ended up with money transferred overseas.