The Daily Dollar
Get the inside scoop on financial privacy and identity theft legislation and other issues affecting your wallet.

Is Direct Express for you? Posted by Michelle at 07/03/08 12:54 PM

If you are a Social Security recipient who is interested in the Direct Express card, we have some tips for you. Generally, the card is a good idea for recipients who do not have a bank account and are interested in direct deposit. You’ll be able to access your funds at ATMs, at stores and inside the bank with tellers. And, if you're in the know, you can avoid paying most fees.

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Challenge: What Type of Overdraft Service Do You Have? Posted by money mom at 06/23/08 06:00 PM

Do you know what will happen if you accidentally overdraft your bank account?

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Stop Asking for My Social Security Number! Posted by Gail H at 06/16/08 03:21 PM

Alaska has just enacted a strong new law to stop government and businesses from requesting, collecting, selling, or disclosing Social Security numbers unless the number is needed for certain specific purposes. Read about this new state law. Don't live in Alaska? Tired of giving out your Social Security number? Read about what your state lawmakers could do to protect you..

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New Way of Lending? Posted by money mom at 06/11/08 12:52 PM

College students may have another way of raising funds to pay for their room, board, books and other necessities for the upcoming school year. Social networking has now extended itself into the lending business.

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To the Grad: Words of Wisdom from Consumer Advocates Posted by money mom at 06/02/08 01:16 PM

Congrats graduates! Money mom would like to share a recent article that ran in the San Francisco Chronicle which provides some money management wisdom from consumer advocates around the country.

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Keeping more money at the checkout Posted by money mom at 05/28/08 11:28 AM

Money mom was at the local grocery store checkout the other day and saw that the store was offering an extra 10 percent if she cashed in her tax stimulus check for a store gift card. A number of retailers are offering similar incentives to get you to commit your tax check to them.

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Who’s Holding Your Money? Posted by money mom at 05/19/08 12:25 PM

These days, we’re all trying to make every dollar stretch a little farther. But it doesn’t help when debit holds freeze access to your money for a few days. What’s worse --when you get hit with overdraft fees or NSF (insufficient funds) fees because of debit holds.

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Tell the Fed your credit card horror story. Posted by money mom at 05/12/08 03:50 PM

If something unfair has happened to you with your credit card, now is the time to tell the Federal Reserve Board about it. The Federal Reserve Board and two other agencies have issued a proposed rule that would restrict some of the most unfair credit card tricks and traps. If this proposal is adopted, it will stop some of the most outrageous credit card practices, such as bumping up your interest rate because you are a few days late on the credit card. The story of your bad credit card experience can help to make sure that this new rule is finalized in a strong form. Tell the Fed what has happened to you, and what you think of a new regulation to stop some of the unfair practices that credit card companies now use. Let’s take advantage of this great opportunity to get some substantial credit card protections for consumers!

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Finally some action against the worst credit card practices Posted by money mom at 05/02/08 05:25 PM

The federal banking regulators have finally done something about credit cards. They have approved for public discussion a proposed rule that would stop or limit some of the worst credit card practices. There is much more to be done, but also some reason for optimism. The proposed rule, announced on May 1st and made publicly available on May 2nd, finally acknowledges that consumers need real protection, not just disclosure. All the disclosure in the world can’t make it fair to send the bill too close to the due date; to raise the interest rate on money already borrowed: or to charge a fee for a problem caused by the bank’s practice to allow a credit hold or a debit hold. The proposed rule responds to a sustained outcry from consumers and strong interest in Congress in credit card reform and in reform of bank account practices such as overdraft loans.

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BANK FEES… (The Clandestine Pick-pocket) Posted by Jamie at 04/28/08 11:31 AM

Have you ever added up your bank fees? Wow! When I added up the bank fees on my fairly new business account, I had a suprise I wasn't banking on...

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Buying a car? That super-low monthly payment offer may cause trouble down the road. Posted by money mom at 04/18/08 04:00 PM

Don't get caught upside down...Should your car take six years or longer to pay off? Car dealers now offer six and even seven year car loans. This reduces the monthly payment, but increases the total cost of the loan. The low payment makes the car look cheaper than it really is – and it increases the time for which you will owe far more than the car is worth. That means when you are ready to trade in the car, you have to come up with extra cash or roll the amount you still owe into the loan on your next car, making the problem worse. Experts call this being “upside down” on the loan. To read more, click here.

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Mortgage mess help – too little, too late? Posted by Gail H at 04/14/08 03:28 PM

The Federal Reserve Board has proposed some changes in regulations to respond to the subprime mortgage mess, but the first draft of those regulations is too short on real consumer protections. The Board acknowledges the need for strong regulation and the problems faced by borrowers when dealing with the mortgage lenders. But its proposals won’t prevent another mortgage meltdown. That’s because the Board continues to make access to credit the guiding principle for regulation – even when the terms of the credit are harmful to the consumer.

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Retirement savings - diversify! Posted by money mom at 04/07/08 12:40 PM

If your company stock takes a nose dive like Bear Stearns – from $170 to $10 a share in a year – would your retirement plans evaporate as quickly? They just might if your 401(k) is heavily invested in company stock.

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No more dangerous financial products! Posted by money mom at 03/31/08 04:04 PM

We expect the government to keep dangerous products off the market – toys, prescription drugs, food. But dangerous financial products?

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Where are your credit card and debit card numbers? Posted by money mom at 03/24/08 12:53 PM

Going to the grocery store can hold more dangers than rotten meat or tainted spinach – the Associated Press reports that thieves stole 4.2 million payment card numbers from an East Coast supermarket chain. About 1,800 of those numbers already are being fraudulently used.

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Could your tax refund be stolen? Posted by money mom at 03/13/08 05:59 PM

Stolen credit cards, stolen Social Security numbers and now stolen tax refunds? The Internal Revenue Service’s national taxpayer advocate lists ID theft among the most serious problems facing taxpayers today.

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Gift Cards – An Unexpected Pitfall - Bankruptcy! Posted by money mom at 03/12/08 12:11 PM

The bankruptcy filing of Sharper Image raises questions beyond where you can get a Human Touch Zero-Gravity Massage Chair. Namely, if you have a Sharper Image gift card – or a gift card for any other retailer facing financial troubles – can you still use it?

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What the Postal Service and the FTC didn’t say about ID theft Posted by money mom at 03/03/08 11:37 AM

Money Mom and many of her colleagues at Consumers Union got a brochure in the mail this past week from the Postal Service warning about identity theft. The brochure is from the Federal Trade Commission and tells consumers how to “Deter, Detect and Defend” themselves from identity thieves… with one glaring oversight: no information on how to place a security freeze.

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Spending is not the way to save Posted by money mom at 02/22/08 06:14 PM

Monday’s Tip from Money Mom – Bank of America’s “Keep the Change” and Wachovia's "Way2Save" programs aren’t the way to build up family savings. Instead, pick an amount to save from every paycheck and “pay yourself first” by making an automatic deposit directly into savings every time you get paid.

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Read your bank statements carefully Posted by money mom at 02/11/08 12:14 PM

Money Mom’s Monday Tip: Read Your Bank Statements Carefully

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Telephone check? Could the Wachovia “demand draft” problem happen to you? Posted by Gail H at 02/06/08 12:57 PM

Did you know that your bank can pay someone from your checking account because that person says you authorized it - even though you never signed a check? News stories today say that this happened at Wachovia Bank, and that documents from a lawsuit show that Wachovia knew about it. Consumers Union can't say what Wachovia did or didn’t know, but here is what consumers need to know: The method reported as the means to steal from Wachovia’s customers can occur at other U.S. banks.

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Kiss Credit Card Rip-offs Goodbye! Posted by Meg at 02/04/08 04:27 PM

We're taking aim at unfair industry practices...

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Don't borrow from your 401(k) Posted by money mom at 01/28/08 11:24 AM

Monday's Tip from Money Mom - Avoid a Debit Card Tied to Your 401(k). Money Mom just heard about a truly bad idea - a debit card that pulls money straight from your "qualified retirement plan" such as a 401(k). You spend money for everyday purchases using the debit card, but with every purchase you are borrowing a bit more money from your retirement account.

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Money Mom says don’t let tax time become ID theft time Posted by money mom at 01/21/08 07:22 AM

January is the month when we all receive tax information containing our social security numbers. Protect that mail and be sure it gets to you, not an identity thief.

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Money Mom says get your free credit report Posted by money mom at 01/11/08 05:56 PM

Monday’s tip from Money Mom – get your free annual credit report online at www.annualcreditreport.com, by calling 877-322-8228, or by making a request by mail.

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