Financial Privacy Now Blog

Is Direct Express for you?

Thu, 03 Jul 2008 12:54:41 -0600

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.

Challenge: What Type of Overdraft Service Do You Have?

Mon, 23 Jun 2008 18:00:59 -0600

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

Stop Asking for My Social Security Number!

Mon, 16 Jun 2008 15:21:25 -0600

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..

New Way of Lending?

Wed, 11 Jun 2008 12:52:18 -0600

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.

To the Grad: Words of Wisdom from Consumer Advocates

Mon, 02 Jun 2008 13:16:33 -0600

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.

Keeping more money at the checkout

Wed, 28 May 2008 11:28:36 -0600

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.

Who�s Holding Your Money?

Mon, 19 May 2008 12:25:58 -0600

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.

Tell the Fed your credit card horror story.

Mon, 12 May 2008 15:50:10 -0600

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!

Finally some action against the worst credit card practices

Fri, 02 May 2008 17:25:00 -0600

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.

BANK FEES� (The Clandestine Pick-pocket)

Mon, 28 Apr 2008 11:31:49 -0600

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...

Buying a car? That super-low monthly payment offer may cause trouble down the road.

Fri, 18 Apr 2008 16:00:17 -0600

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.

Mortgage mess help � too little, too late?

Mon, 14 Apr 2008 15:28:48 -0600

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.

Retirement savings - diversify!

Mon, 07 Apr 2008 12:40:53 -0600

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.

No more dangerous financial products!

Mon, 31 Mar 2008 16:04:40 -0600

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

Where are your credit card and debit card numbers?

Mon, 24 Mar 2008 12:53:51 -0600

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.