Five Debit Card Don’ts

Five Ways to Protect Yourself Against Dangers

Yonkers, NY – Using a debit card may seem like the best choice when you don’t want to use cash or a credit card to make a purchase. However, the latest issue of ShopSmart identifies five scenarios that can put consumers at risk when using their debit cards.

The April 2012 issue of ShopSmart magazine, from the publisher of Consumer Reports also features five ways consumers can protect themselves from common debit card dangers. [Read more]

Bank of America Ends Debit Card Fee Plans Following Consumer Backlash

Episode Demonstrates Consumers Have Power to Shape the Marketplace

San Francisco, CA – Following weeks of consumer protest, Bank of America announced today that it is dropping its plan to begin charging consumers a monthly $5.00 debit card fee. Bank of America’s decision demonstrates that consumers can have a big impact on banking industry practices by joining together and making their voices heard, according to Consumers Union, the advocacy arm of Consumer Reports.

“Consumers have the power to make the big banks back down from unfair practices if they raise their voices and vote with their feet and their dollars,” said Norma Garcia, manager of Consumers Union’s financial services program. “In the end, Bank of America understood that it risked losing too many valuable customers by charging an unfair debit card fee.” [Read more]

Regions Bank Eliminates CheckCard Fee in Response to Customer Feedback

Birmingham , AL – In response to feedback from customers, Regions Bank (NYSE:RF) announced that it has eliminated the monthly CheckCard fee for all accounts, effective November 1st, and will refund any CheckCard fees already incurred. [Read more]

Consumer Reports finds Hidden Costs in Cell-Phone and Digital-Wallet Payment Services

Survey finds Americans not clamoring to pay with cell phones just yet

Yonkers, NY – While Americans are still using plenty of cash, checks, credit and debit cards to pay their bills, new electronic methods such as paying by cell phone or digital wallets are emerging. Before jumping in, consumers should be aware of the disparity in loss liability and consumer protections they offer, according to Consumer Reports.

CR’s latest investigation into these new payment options finds that banks and technology companies are jostling for a greater share of the $50 billion a year in fees generated by everyday transactions. Some services by PayPal, Obopay, Square, Zong, and FaceCash already allow you to pay for purchases with your cell phone, but so-called digital wallet services are scheduled to hit the market soon. [Read more]

New Payment Options Available for Tennessee Unemployment Insurance Benefits

Debit Cards and Direct Deposit Available for Unemployment Claimants

Nashville, TN – Effective January 18th, 2011, the Tennessee Department of Labor and Workforce Development will begin offering unemployed workers two new electronic options for receiving their unemployment benefits – debit cards and direct deposit. The Visa® debit card is called Tennessee Automated Payment (TAP) and is a provided by Chase Bank.

Debit card and direct deposit will be offered to newly unemployed workers as they apply for unemployment benefits. Claimants currently receiving benefits can also enroll for debit cards or direct deposit payments online at https://ui.tn.gov. In the future, all claimants will receive their unemployment benefits electronically. [Read more]