Government launches crackdown on unfair credit cards
by Federal Reserve
The Federal Reserve Board proposed rules to prohibit unfair practices regarding credit cards and overdraft services that would, among other provisions, protect consumers from unexpected increases in the rate charged on pre-existing credit card balances. The rules also would forbid banks from imposing interest charges using the two-cycle billing method, would require that consumers receive a reasonable amount of time to make their credit card payments, and would prohibit the use of payment allocation methods that unfairly maximize interest charges.
5 Tips for Protecting Your Checking Account
by Federal Reserve
Don’t give your account number and bank routing information to anyone you don’t know. Give out your account information for transactions only if you are familiar with the company you are dealing with. And if you have not done business with a company before, give out account information only if you have initiated the transaction.
Federal Reserve Board Kids Web Page
by Federal Reserve
The Federal Reserve Board on launched a new kids web page designed to educate middle school students about the Board of Governors of the Federal Reserve System. The new web page is designed in a user-friendly, question-and-answer format to ensure easy navigation and the ability to learn basic information about the Fed.
How to File a Consumer Complaint About a Bank
by Federal Reserve
As a federal regulatory agency, the Federal Reserve System investigates consumer complaints received against state chartered banks that are members of the System. If you think a bank has been unfair or deceptive in its dealings with you, or has violated a law or regulation, as a consumer you have the right to file a complaint. The major consumer protection laws covering...
Shop: The Credit Card You Pick Can Save You Money
by Federal Reserve
Smart consumers comparison shop for credit, whether they're looking for a mortgage, an auto loan, or a credit card. Comparison shopping is important because it could save you money. When you're looking for a credit card, be sure to consider the costs and terms. They can make a difference in how much you pay for the privilege of borrowing. Compare them with the costs and terms of the...
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