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☆ This Is the Best Debit Card for Teens That Doesn’t Charge a Monthly Fee
▼ + stars: | 2023-07-17 | by ( Kerri Anne Renzulli | ) www.wsj.com time to read: +6 min

Capital One’s debit card, available to kids ages eight and up, charges no monthly service or subscription fees; comes with no minimum balance requirements to open or maintain; and has no overdraft fees. Capital One Money Teen Checking Account Learn MoreWhat does the debit card offer? That’s a small sum, but more than most other free kid’s debit accounts offer. Parents who want to provide more of a guiding hand to their children would do better with a different card that boasts more comprehensive spending controls, such as those offered by our pick for Best Overall Debit Card for Kids, the Greenlight debit card, or our pick for Best Free Debit Card for Younger Kids, the Chase’s First Banking debit card. How we pickedTo pick Buy Side from WSJ’s Best Debit Cards for Kids, we looked at card options available to those under the age of 18, including prepaid debit cards, checking account-linked debit cards, secured credit cards and brokerage account-linked debit cards.

Persons: Kerri Anne Renzulli, they’ll, it’s Organizations: Capital, Teens, Best, Greenlight Locations: That’s

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May enroll in U.S. Bank Smart Rewards if you meet certain requirements Cons Dash icon A dash. Savings Account 3.75 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY) 0.03% Minimum Deposit Amount $25 Fees $1 Start savingSantander® Bank, N.A. Savings Account 3.75 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY) 0.03% Minimum Deposit Amount $25 Fees $1 View Full Details Start saving On Santander Bank's site. Low APY Dash icon A dash. $5 maintenance fee per quarter if you don't have at least $5 in your account Dash icon A dash.

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☆ Wells Fargo follows a solid quarter, promising investors something many of them count on
▼ + stars: | 2023-07-14 | by ( Zev Fima | ) www.cnbc.com time to read: +8 min

Don't let Friday's stock action fool you: Wells Fargo (WFC) had a very good quarter. Shares of Wells Fargo initially climbed more than 2% following the earnings release, before giving up some of those gains. Wells Fargo stock was trading up slightly and down slightly Friday afternoon. WFC YTD mountain Wells Fargo YTD performance Bottom line It was very good quarter for Wells Fargo as the better-than-expected headline results came on the back of a lower-than-expected efficiency ratio, and slightly higher-than-expected net interest margin (NIM). Charlie Scharf, CEO, Wells Fargo, speaks during the Milken Institute Global Conference in Beverly Hills, California on May 2, 2023. speaks during the Milken Institute Global Conference in Beverly Hills, California on May 2, 2023.

Persons: Wells, Wells Fargo, NIM, Morgan Stanley, Jim Cramer's, Jim Cramer, Jim, Charlie Scharf, Patrick T, Fallon Organizations: —, Refinitiv, Auto, CNBC, Milken Institute Global Conference, Afp, Getty Locations: Wells Fargo, Wells, Beverly Hills , California

☆ Are you owed a slice of the $100 million fine Bank of America has to pay?
▼ + stars: | 2023-07-14 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

New York CNN —Bank of America was fined $250 million this week by US federal regulators for allegedly harming customers by double-dipping on fees, withholding credit card rewards and opening fake accounts. Of those fines, $100 million is set to go directly to consumers who were impacted by the bank’s alleged wrongdoing. People are generally bad at keeping or knowing how to access relatively recent bank records, said Harvey Rosenfield, founder of Consumer Watchdog, a nonprofit consumer advocacy group. It’s unlikely the average customer saved copies of their bank records or credit reports for over a decade, he said. As part of the agreement Bank of America settled with the CFPB, it is also required to identify consumers who were harmed.

Persons: they’re, you’re, you’ve, there’s, Bank of America’s, Harvey Rosenfield, didn’t, CFPB Organizations: New, New York CNN — Bank of America, Consumer Financial Protection Bureau, CNN, Bank of America, Bank of, Consumer Watchdog, Bank, of America Locations: New York

How cash management accounts workCash management accounts are multifunctional accounts that combine checking and savings account features. Where to find cash management accountsBelow, you'll find fintech companies we've reviewed that have cash management accounts. Wealthfront Cash Account: Wealthfront is an investing platform with a cash management account. Cash management account FAQsWhat is the purpose of a cash management account? Betterment Cash Reserve, Wealthfront Cash Account, and Fidelity Cash Management are all popular examples of cash management accounts.

Persons: Tony Molina, You'll, Banks, Read, you'll, Cash, It's Organizations: Service, Governors, Federal Reserve, FDIC, Cash, Fidelity Cash Management Locations: Wall, Silicon, Wealthfront

☆ Bank of America raked in at least $80 million by repeatedly charging some customers a $35 fee, regulators say
▼ + stars: | 2023-07-12 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

Bank of America made at least $80 million by repeatedly charging customers a $35 fee, the CFPB said. The bank would sometimes push the fee multiple times on the same transaction, per the CFPB. "Over a period of multiple years, Bank of America generated substantial additional revenue by illegally charging multiple $35 fees." The regulator ordered the bank to refund customers $80.4 million, and to pay a $120 million total fine. In May 2022, the bank was also made to pay $10 million in civil penalties for unlawfully garnishing its customers' wages.

Persons: It's, Rohit Chopra, William Haldin, Haldin Organizations: of America, Service, Bank of America, Consumer Finance Protection, Bank of Locations: Wall, Silicon

☆ Bank of America staffers secretly opened credit card accounts for people without their knowledge and damaged their credit scores: regulators
▼ + stars: | 2023-07-12 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

Bank of America was issuing credit cards to people without their consent for years, the CFPB said. The CFPB did not say how many current and former bank staffers were accused of submitting false credit card applications. "Bank of America wrongfully withheld credit card rewards, double-dipped on fees, and opened accounts without consent," said CFPB Director Rohit Chopra in the statement. The bank was also ordered to pay $727 million in 2014 for misleading consumers in marketing for its credit card add-ons. In 2016, Wells Fargo was similarly fined $185 million for secretly issuing credit cards to customers without them knowing.

Persons: Rohit Chopra, William Haldin, Haldin, Wells Fargo Organizations: of America, Service, Privacy, Bank of America, Consumer Financial, Bureau, Bank of Locations: Wall, Silicon, Wells

As a result, the Consumer Financial Protection Bureau ordered Bank of America (BAC) to pay more than $100 million to customers and $90 million in penalties. The Office of the Comptroller of the Currency also ordered Bank of America (BAC) to pay $60 million in fines. “Bank of America wrongfully withheld credit card rewards, double-dipped on fees, and opened accounts without consent,” CFPB Director Rohit Chopra said in a statement. Bank of America noted in an email to CNN that those fees were eliminated last year. In 2014, it was ordered by the CFPB to pay $727 million in redress to consumers for illegal credit card practices.

Persons: Wells, ”, Rohit Chopra, Bank of America “, “ Organizations: New, New York CNN, Bank of, Consumer Financial Protection Bureau, Bank of America, Currency, “ Bank of, OCC, CNN, of America Locations: New York, United States

☆ Federal watchdog cracks down on Bank of America but 'junk fees' aren't going anywhere, expert says — it's a 'game of whack-a-mole'
▼ + stars: | 2023-07-11 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

Junk fees are additional, often hidden, charges that can come from a range of lenders. Overdraft fees are a good example of a 'game of whack-a-mole' when it comes to fees. Ted Rossman senior industry analyst at Bankrate"Overdraft fees are a good example of a 'game of whack-a-mole' when it comes to fees," Rossman said. "The Consumer Financial Protection Bureau took a big step by banning surprise overdraft fees," she said. The average overdraft fee costs $29.80, Bankrate's research found, while the average nonsufficient funds fee is $26.58.

Persons: Ted Rossman, Rossman, surcharges, Bankrate, Joe Biden, Biden, Nadine Chabrier Organizations: Center, Financial

July 11 (Reuters) - Bank of America on Tuesday agreed to pay $250 million in fines and compensation to settle claims the bank systematically double-charged customers fees, withheld promised credit card perks, and opened accounts without customer authorization. Consumers could not reasonably expect or understand they would be hit with $35 fees each time the bank declined to pay a single transaction, regulators said. In a statement, Bank of America said it voluntarily eliminated or reduced a range of fees last year. The accounts represented a "small percentage" of new accounts at the bank, regulators said. As a result of these industry leading changes, revenue from these fees has dropped more than 90 percent," Bank of America said in a statement.

Persons: Rohit Chopra, Rami Ayyub, Chris Prentice, Saeed Azhar, Jonathan Stempel, Emma Rumney, Michelle Price, Sharon Singleton, Emelia Organizations: Bank of America, Consumer Financial Protection Bureau, Currency, OCC, Thomson Locations: Charlotte , North Carolina

☆ Bank of America Fined $150 Million Over ‘Junk Fees’ and Fake Accounts
▼ + stars: | 2023-07-11 | by ( Emily Flitter | More About Emily Flitter | ) www.nytimes.com time to read: +1 min

“These practices are illegal and undermine customer trust,” Rohit Chopra, the director of the consumer bureau, said in a statement. will be putting an end to these practices across the banking system.”Regulators said that Bank of America imposed improper overdraft fees by double-charging customers over the same transaction. The first charge would be a $35 “insufficient funds” penalty levied against a customer who tried to pay for something by check or automated transaction without having the funds necessary to do so. A Bank of America spokesman said the bank had “voluntarily” reduced overdraft fees from $35 to $10 in early 2022 and had eliminated its $35 “insufficient funds” penalty. In addition to the action on overdraft fees taken together by the two regulators, the consumer bureau said it had discovered two other areas where it said the bank was mistreating customers.

Persons: ” Rohit Chopra, “ Organizations: Regulators, Bank of America, of America

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☆ Bank of America fined $150 million for consumer abuses including fake accounts, bogus fees
▼ + stars: | 2023-07-11 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

A man walks past an automated teller machine (ATM) outside Bank of America Corp. headquarters in Charlotte, North Carolina, U.S., on Monday, May 2, 2016. Bank of America , the second largest U.S. bank by assets, engaged in deceptive practices that hurt hundreds of thousands of its customers in recent years, the Consumer Financial Protection Bureau said Tuesday. The announcement Tuesday is the latest sign that some of the practices exposed by the Wells Fargo fake accounts scandal in 2016 weren't confined to that bank. Regulators have punished Wells Fargo for a sales culture that led to the creation of 3.5 million fake accounts. But other lenders have had similar lapses, including U.S. Bank , which paid a $37.5 million fine last year for putting customers into unauthorized accounts.

Persons: Rohit Chopra, Bill Halldin, Wells, weren't Organizations: Bank of America Corp, Bank of America, Consumer Financial, of America, Regulators, U.S . Bank Locations: Bank, Charlotte , North Carolina, U.S

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☆ The Best Debit Cards for Kids and Teens
▼ + stars: | 2023-07-02 | by ( Kerri Anne Renzulli | ) www.wsj.com time to read: +15 min

Banks, credit unions, financial technology companies and even investment firms all offer debit cards geared toward under 18-year-olds. With Greenlight, children receive a physical debit card with their name on it. In addition to its abundance of customizable features, Greenlight also rises above other kids debit cards thanks to the educational tools and games included in its app. This is possible because the Step Visa Card is not technically a debit card, though it functions very similarly. How we pickedTo pick Buy Side from WSJ’s Best Debit Cards for Kids and Teens, we looked at card options available to those under the age of 18, including prepaid debit cards, checking account-linked debit cards, secured credit cards and brokerage account-linked debit cards.

Persons: Kerri Anne Renzulli, they’ve, Banks, we’ve, Greenlight, Chase, it’s, Side’s, —, Equifax, Roth Organizations: Community Federal Savings Bank, Capital, Teens, Chase, Teen, Fidelity, Learning, Kids

☆ India’s push to democratise credit tests limits
▼ + stars: | 2023-06-30 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

Yet barely half of them have active loans and only up to 10% have a credit card. That’s why the regulator is allowing the use of RuPay credit cards, the country’s low-cost answer to Mastercard (MA.N) and Visa (V.N), for UPI payments. Earlier, in June 2022, the central bank had allowed lenders to link RuPay credit cards to UPI accounts. HDFC Bank became the first private bank to go live on UPI with RuPay credit cards in February. Paytm tied up with SBI Cards and Payment Services in May to issue RuPay credit cards to its consumers via UPI, offering cashbacks on small-value payments.

Persons: It’s, Paytm, –, Bernstein, Una Galani, Pranav Kiran, Thomas Shum Organizations: Reuters, UPI, Google, Reuters Graphics Reuters, Mastercard, Visa, Merchants, HDFC Bank, Axis Bank, Kotak Mahindra Bank, Punjab National Bank, One97 Communications, Reserve Bank, Tiger, Uni, “, Reserve Bank of India, SBI Cards, Services, Thomson Locations: MUMBAI, India, Punjab

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☆ FedNow's instant payments will help reduce fees overdraft fees, says Brookings' Aaron Klein
▼ + stars: | 2023-06-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFedNow's instant payments will help reduce fees overdraft fees, says Brookings' Aaron KleinDan Dolev, managing director at Mizuho Securities, and Aaron Klein, senior fellow in economic studies at The Brookings Institute, join 'The Exchange' to discuss the upcoming launch of FedNow instant payments, how the FedNow system could help close the income inequality gap, and the stock impact of rapid payment systems.

Persons: Brookings, Aaron Klein Dan Dolev, Aaron Klein Organizations: Mizuho Securities, Brookings Institute

☆ ACI Worldwide fined $25 mln for multibillion-dollar mortgage payment 'fiasco'
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +2 min

[1/2] Signage is seen at the Consumer Financial Protection Bureau (CFPB) headquarters in Washington, D.C., U.S., May 14, 2021. REUTERS/Andrew KellyJune 27 (Reuters) - The top U.S. consumer finance watchdog on Tuesday said it had fined the Nebraska payment processor ACI Worldwide (ACIW.O) $25 million for improperly processing more than $2 billion in mortgage payment transactions without customer authorization. ACI Worldwide consented to the CFPB order without admitting or denying responsibility. According to the CFPB, during a test of the payments platform in April 2021, ACI improperly used actual consumer data, rather than dummy data, which illegally initiated more than $2.3 billion in payments. Reporting by Douglas Gillison; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Cooper, Rohit Chopra, Douglas Gillison, Chizu Organizations: Consumer Financial Protection Bureau, Washington , D.C, REUTERS, Mr, Consumer Financial, Bureau, ACI, Thomson Locations: Washington ,, Nebraska

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☆ Overdraft Fees Are Dwindling, Study Finds
▼ + stars: | 2023-06-16 | by ( Ann Carrns | ) www.nytimes.com time to read: +1 min

Are the days of overdraft fees almost over? The dreaded bank fees are shrinking, even as the share of households paying them remains the same, new financial research shows. Banks charge overdraft fees to cover shortfalls when customers spend more than the amount in their checking accounts. The typical overdraft fee is $15, half the amount it was two years ago, according to Moebs Services, a financial research firm. (Its calculation is based on more than 3,600 institutions, including banks, credit unions and financial technology companies.)

Persons: Banks, overdrafts Organizations: Financial Health Network, Moebs Services Locations: overdraft

Bank of America Unlimited Cash Rewards Credit Card for Students Review: Is It the Best Card for You? If your credit falls short, consider other options like a secured credit card or a starter credit card that gives you a better shot at approval. Bank of America Unlimited Cash for Students RewardsMany student and no-annual-fee credit cards don't come with a sign-up bonus and don't earn rewards for ongoing spending, but the Unlimited Cash Rewards Credit Card for Students offers both. Bank of America Unlimited Cash Rewards for Students Benefits and FeaturesLike most student credit cards, the Unlimited Cash Rewards Credit Card for Students doesn't come with high-value benefits like travel insurance or airport lounge access. Methodology: How We Reviewed the Bank of America Unlimited Cash Rewards for StudentsWe compared the Bank of America Unlimited Cash Rewards Credit Card for Students to similar student and 0% APR credit cards from Bank of America and other card issuers, and evaluated several factors, including:Rewards earning potential — Does the card earn rewards at competitive rates?

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The Bank of America® Travel Rewards Credit Card for Students' introductory 0% APR period is excellent for a card that also earns rewards. Bank of America Travel Credit Card for Students RewardsYou won't always earn a welcome bonus or rewards for ongoing spending on student and no-annual-fee credit cards, but the Bank of America® Travel Rewards Credit Card for Students offers both. How to earn rewardsThe Bank of America® Travel Rewards Credit Card for Students has a simple, consistent rewards structure. Read our review Read Our Review A looong arrow, pointing rightBank of America Travel Rewards Credit Card for Students Annual Fee and Other CostsWith no annual fee and no foreign transaction fees, the Bank of America® Travel Rewards Credit Card for Students is suitable for budget travelers. Methodology: How We Reviewed the Bank of America Travel Rewards Credit Card for StudentsWe compared the Bank of America® Travel Rewards Credit Card for Students to similar student and 0% APR credit cards from Bank of America and other card issuers, and evaluated several factors, including:Rewards earning potential — Does the card earn rewards at competitive rates?

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Bank of America Customized Cash Rewards Credit Card for Students Review: Is It the Best Credit Card for You? If your credit falls short, consider other options like a secured credit card or a starter credit card that gives you a better shot at approval. Bank of America Customized Cash for Students RewardsStudent and no-fee credit cards don't always come with welcome bonuses or earn rewards for ongoing spending, but the Customized Cash Rewards Credit Card for Students offers both. Bank of America Customized Cash Rewards for Students Benefits and FeaturesThe Customized Cash Rewards Credit Card for Students doesn't come with luxury benefits like airline and hotel status or expedited airport security. Methodology: How We Reviewed the Bank of America Customized Cash Rewards for StudentsWe compared the Bank of America® Customized Cash Rewards Credit Card for Students to similar student and 0% APR credit cards from Bank of America and other card issuers, and evaluated several factors, including:Rewards earning potential — Does the card earn rewards at competitive rates?

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