Do I have to put up something as collateral for a payday loan?
You don’t have to give collateral like at a pawn shop, but you generally do have to provide a post-dated check or electronic access to your bank, credit union, or prepaid card account. Payday loans are considered a form of ...
What's the difference between a credit counselor and a debt settlement or debt relief company?
Credit counseling organizations are usually non-profit organizations that advise you on managing your money and debts and usually offer free educational materials and workshops. Debt settlement companies offer to arrange settlements of your debts with ...
Can a debt collector increase the interest rate on a debt I owe?
A debt collector may not collect any interest or fee not authorized by the agreement or by law. The interest rate or fees charged on your debt may be increased if your original loan or credit agreement permits it and ...
I opened a "free" checking account. I received a notice from the bank/credit union stating that it had decided to start charging monthly fees. Can the bank/credit union do this?
Yes. A bank or credit union can start charging you fees on your account as long as the bank or credit union notifies you in writing at least 30 days before it starts charging fees and explains the change to ...
I opened a "free" checking account but there are fees charged on my account. Can my bank/credit union do that?
If an account is described as “free” or “no cost,” it cannot have any monthly service fees, fees for exceeding a specified number of transactions, or any fees to deposit, withdraw, or transfer money. A “free” or “no cost” account ...
The bank/credit union closed my checking account even though I did not want them to. Can the bank/credit union do that?
Yes, a bank or credit union can close your account without your permission. None A bank or credit union is most likely to do this if you have written bad checks or don’t have enough in your account to cover ...
Can I close my account whenever I want?
Most of the time, yes, but your bank or credit union may require you to settle your balance before allowing you to close an account that is overdrawn. None If you want to close your account, you should call your ...
I received a check and tried to cash it at the bank/credit union that holds the account on which the check is written. The bank/credit union charged me a fee for cashing a check. Can a bank/credit union do that?
Generally, a bank or credit union can charge you a fee for cashing a check when you don’t have an account with that bank or credit union. None However, some states have laws that require employers to pay you in ...
Should I get a checking account that pays interest?
Some banks and credit unions offer checking accounts that pay interest, usually at very low rates. These accounts may have higher fees than checking accounts that don’t pay interest. None These accounts may also require a larger minimum balance to ...
How do I pay back my Personal Line of Credit?
Like a credit card, you will pay a monthly bill that shows your advances, payments, interest, and fees. None There is always a minimum payment, which may be as much as the entire balance on the account. You may also ...
How is my student loan payment applied to my account?
Generally, payments go first to fees that are owed (late fees, phone payment fees, etc.), then to interest (including past due interest), then to the principal balance of your loan. None Warning: Sometimes when you pay more than your monthly ...
What happens if I have not used my prepaid card for a long period of time?
You may be charged an inactivity fee if you do not use your card for a certain period of time. Prepaid card providers generally charge either a monthly fee or an inactivity fee, but not both. Remember, if your provider ...
What is a text alert service for my prepaid card?
Some prepaid cards offer a text alert service to update you about account activity or changes to your account via text message. Through the service, you may be able to receive notice of low balances, activity on your card, or ...
Can I use my prepaid card outside of the U.S.?
Check your cardholder agreement to see if you can use your prepaid card outside of the United States and if there are any restrictions on how you can use it. None You might be able to use your prepaid card ...
Will I be charged a fee if I don't use my prepaid card?
If your card has a regular monthly fee, you will be charged that amount whether or not you use the card. Some cards have conditions for waiving the monthly fee and others charge “inactivity” fees if you don’t use your ...
How do I avoid a monthly fee on my prepaid card?
Your prepaid card provider is required to tell you whether the monthly fee can be waived. Check to see whether your card waives the fee in some circumstances, like direct deposit for your regular income. You can also shop for ...
What should I consider when I buy a prepaid card at a retailer?
You should always compare fees when purchasing a prepaid card. Once you buy a card, be sure to register the card to ensure you get the strongest consumer protections should your card or card number be stolen or misused by ...
If my prepaid card expires, do I lose my money?
In some cases, when your prepaid card expires, you might have to pay a fee so that you do not lose your money. Check your cardholder agreement to see if there are actions you need to take to prevent this ...
Are there any fees to use a payroll card?
Most payroll cards charge fees to use certain card features. Read the fee disclosures that come with your card to understand the fees before you agree to receive your wages through a payroll card. You can also choose to get ...
I wanted to take out a Home Equity Line of Credit but my lender told me the terms have changed. What can I do?
When you apply for a HELOC, the lender must give you important information about the terms and costs of your HELOC. This information includes the length of the draw and repayment periods, fees and costs you may be charged by ...
What fees can my lender charge if I take out a HELOC?
Before you take out a Home Equity Line of Credit be sure to read the documents carefully to see what fees your lender can charge you. Under some plans, lenders can charge you: For not using your HELOC (an inactivity ...
How much will a reverse mortgage loan cost?
The cost of a reverse mortgage loan will depend on the type of loan and the lender you choose. Typically, a reverse mortgage loan is more expensive than other home loans. With a reverse mortgage loan you will owe the ...
I mailed my mortgage payment before it was due but my servicer received it after the due date and charged me a late fee. Can my servicer do this?
Yes, your servicer can charge you a late fee if it receives your payment after the due date, even if you mailed your payment on time. Most servicers do not go by the postmark on your payment envelope but by ...
Why did my monthly mortgage payment go up or change?
Several things can cause your mortgage payment to change. Check your mortgage statement or contact your servicer and ask them to explain. None There are several reasons why your monthly mortgage payment may have changed. Some examples include: You ...
What costs will I have to pay as part of taking out a mortgage loan?
There are several different kinds of costs you pay when taking out a mortgage. Some of these costs are directly related to the mortgage – collectively, they make up the price of borrowing money. These costs are the ones you ...