"Direct mail offers are flowing for business credit cards, many with attractive promotional interest rates and balance transfer deals...while there are many reasons to open an account, there can be substantial risks involved."More info
"Something is wrong when keeping cash in the kitchen cookie jar seems a reasonable substitute for your bank. It may feel rebellious -- your own little Occupy Wall Street act of defiance -- and even a bit savvy, given those checking-account fees, ATM fees, and monthly debit-account fees. That little depository institution atop your kitchen counter has big drawbacks, however, including a lack of federal deposit insurance, zero interest, and ease of access that could prove dangerous to your financial health.
There is a way to fire up both your rebellious spirit and your savings. On Nov. 5 -- the day Occupy Wall Street has already targeted for supporters to leave banks en masse -- consider one of the nation's 7,000-plus credit unions. Thanks to their structure as not-for-profits, they are typically fee-friendlier than banks, and becoming a member is usually much easier than you may think."
"Consumer loan rates may also be more attractive. At a credit union, a five-year loan for a new car has an average interest rate of 3.6 percent, compared to 5 percent at a bank, according to Informa. Mortgages rates are a toss-up, but credit unions are the way to go if you ever find yourself needing to run a credit-card balance. A Pew Research survey reports that the median initial interest rate for bank credit cards is 12.99 percent, compared to 9.99 percent for credit union credit cards. If you end up getting hit with a penalty on your card, the median interest rate gets bumped up as high as 29.99 percent, compared to 17.99 percent at a credit union."Full Article
This fact sheet focuses on the lessons learned from consumers who purchase and use prepaid debit cards.More info
"It was early 2007, and Michael Roster and Dwane Krumme each viewed the credit card industry with growing dismay."More info
"'Hidden or unexpected' fees are the No. 1 reason given by the working poor for closing bank accounts, a recent study found. The study by the Safe Banking Opportunities Project, a project of the Pew Health Group, surveyed 2,000 predominantly low-income, Hispanic households in the Los Angeles area in a two-phase study. Study participants were screened and recruited through a door-to-door, interviewer-administered survey."More info
"Hidden bank fees are pushing the working poor out of mainstream banking and into riskier, more expensive alternatives to managing their personal finances. A new study released by the Pew Charitable Trusts provides a stark snapshot of how banks’ embrace of sneaky fees hurt the most vulnerable consumers."More info
Los Cargos Ocultos O Inesperados Son Mencionados Como La Razón Principal Por La Cual Los Trabajadores Pobres Cierran Cuentas de Banco
Los "cargos ocultos o inesperados" fueron mencionados como la razón principal por la cual los trabajadores pobres del Gran Los Ángeles, aquellos que tienen empleo pero que incluso así permanecen en pobreza relativa, cerraron cuentas de banco el pasado año, por encima de razones como la pérdida del empleo o la falta de dinero, según una encuesta en hogares predominantemente hispanos y de bajos ingresos dada a conocer por el Safe Banking Opportunities Project (Proyecto Oportunidades para Banca Segura) del Pew Health Group.More info
“Hidden or unexpected fees” were cited as the number one reason Greater Los Angeles’ working poor – those who are employed yet remain in relative poverty– closed bank accounts in the past year, surpassing job loss or lack of money, according to a survey of predominately Hispanic, low-income households released by the Pew Health Group’s Safe Banking Opportunities Project.
"Hidden or unexpected fees” were cited as the number one reason Greater Los Angeles’ working poor, those who are employed yet remain in relative poverty, closed bank accounts in the past year, surpassing job loss or lack of money, according to a survey of predominately Hispanic, low-income households.More info
''More small companies—already struggling with weak sales and tight lending—are being forced to rely on business credit cards to provide working capital.''More info
''If you've ever thought someone was playing fast and lose with the rules on your credit cards, credit score or mortgage, but you had no idea where to go with your complaint, you now have a place to turn.''More info
"Four Senators today called for more disclosure on business credit card offers so cardholders will understand that business cards are not protected by the same laws as regular consumer cards that bar practices like retroactive interest rate hikes."More info
''Households receiving offers for 'business' credit cards would be wise to throw them away, a nonprofit research group is warning consumers.''More info
"It’s been two years since the landmark Credit Card Accountability Responsibility and Disclosure Act of 2009 was signed into law, and by all accounts, it’s led to some pretty significant changes in the giant industry grinding away behind those little pieces of plastic."More info
"Credit-card issuers are marketing so-called professional cards—formerly reserved for small-business owners or executives—to individuals, a new report says."More info
"The sudden interest-rate hikes, high fees and steep penalties that last year's credit card regulations were designed to eliminate are still lurking in one segment of the credit card market: cards designated for businesses."More info