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Category: Info for consumers |
Published

Consumer advisory: You’ve got options when it comes to overdraft

We’re announcing an enforcement action against Alabama-based Regions Bank for charging overdraft fees to consumers who had not opted-in for overdraft coverage. We’re requiring Regions Bank to fully refund all affected consumers – hundreds of thousands of consumers have already been refunded $49 million in fees. Learn more about your choices when it comes to overdraft protection programs, as these programs can be costly.

Category: Info for consumers |
Published

You could still end up paying interest on a zero percent interest credit card offer

What could be better than zero percent interest for one year? Nothing, nada, free…right? Not exactly. Credit card companies market these promotions as a way for you to save money. But, what some credit card companies may not have been telling you is that new purchases could cost you more than you expect. Learn more about credit card promotion offers and see why they could cost you more than you think.

Category: Info for consumers |
Published

What’s on your international money transfers paperwork?

If you send money to other countries, you can now get more information about exchange rates and costs before you pay for the transfers. That’s because of a new federal rule that went into effect at the end of October. Here’s a closer look at the information you’ll receive before and after you send money, […]

Category: Policy and compliance | Category: Info for consumers |
Published

Send money abroad with more confidence

Today, you have new rights if you send money to family or others outside the United States. These protections come from a new rule that applies to electronic money transfers sent by consumers in the United States to people or businesses in other countries. In general, the rule covers transfers sent by companies – such […]

Category: Info for consumers |
Published

Dads have money lessons to share too

We all share the same basic values we want our kids to succeed and we want to ensure that our aging parents are safe. But, we may not always be sure how to do that. This Father’s Day, give your dad (or mom) a call. If you don’t feel right bringing up the topic of money, ask for advice about your own money question to break the ice. The more you talk about money with your parents – or your children, the easier it will become and the more prepared they can be.

Category: Info for consumers |
Published

Thank mom for all her money lessons

As we take the day to celebrate all that our moms do for us, let’s not forget the little things our moms taught us — the life lessons that are now habits that run on autopilot, or the routines we watched and later modeled ourselves, and now pass on to our children. If you haven’t passed on any lessons yet, we have some ideas for you.

Category: Info for consumers |
Published

Parents: Talk to kids about money

I’m a dad, so I know how it is. You keep meaning to talk to your kids, but you don’t know what to say. It’s complicated and you’re not sure how to put it in words they’d understand. There’s also the emotion, anxiety, frustration and, yes, guilt. I’m talking about money. And, so should you. […]

Category: Info for consumers |
Published

April is Financial Literacy Month. So what?

Before writing this post, I did a brief survey of my colleagues to ask for their thoughts about what financial literacy means and why it is important. Here are some of the responses I got: “A fair financial marketplace requires that consumers be informed about the products and services they are buying.” “What are you […]

Category: Info for consumers |
Published

Giving or receiving gift cards? Know the terms and avoid surprises

My family and I just moved into a new house. With all the packing and unpacking, my kids and I found three gift cards we had forgotten about. Mine was from my birthday, almost a year ago. Theirs were from last Christmas. So while most consumers are shopping for this year’s holiday season, we’re putting […]

Category: Info for consumers |
Published

Why you should be suspicious of government logos

No, really. Just because something has a government logo on it doesn’t mean that it’s legitimate. Just today, we announced that we’re cracking down on two mortgage loan modification operations that allegedly ripped-off struggling homeowners across the country using websites, emails, and other advertising materials with government logos, letterhead, or other marks to trick consumers […]

Category: Info for consumers |
Published

Prepare your finances for emergencies

Hurricane Sandy reminded us that disasters – storms, fires, floods, earthquakes – can happen to anyone, and when they do you have little time to react. If you had to leave your home in an emergency, you would only have minutes to choose what stays and what goes, and your financial records may be one […]

Category: Info for consumers |
Published

You have a right to see specialty consumer reports too

You have the right to know what nationwide specialty consumer reporting companies are saying about you. And you’re entitled to one free report each year, just like with the traditional nationwide consumer reporting companies – Experian, Equifax, and TransUnion. What’s more, nationwide specialty consumer reporting companies have to make it easy for you to get […]

Category: Info for consumers |
Published

Protecting and rebuilding your finances after a disaster

After the shock of a disaster, it’s time to rebuild. Starting over requires a lot of complex choices, uncertainty and expense. Being prepared and knowing how to protect yourself can help you avoid scams, save money and get back on your feet faster. Relief organizations like the Red Cross can help you with your immediate […]

Category: Policy and compliance | Category: Info for consumers |
Published

Help the CFPB solve the most common consumer mistakes

We all make mistakes. That’s part of what makes us human. When we can, we learn from our mistakes. That’s why we at the Consumer Financial Protection Bureau want to understand more about the most common errors consumers make about money. We want to find better ways to help others avoid these mistakes in the […]

Category: Info for consumers |
Published

Taking your kids to work is a great time to talk about money

My kids were so excited when I asked them if they wanted to come to work with me today. At ages 6 and 9, this will be their first Take Our Daughters and Sons to Work Day. The CFPB is focused on consumer financial products and services, so we are using today to teach our children about personal finances – our theme is Spend Save Share.

This is also a good opportunity for all parents to teach their children a little something about money. It’s a chance to talk about how parents work for money, and how our salaries give us a limited amount of money to spend every month. Parents can also talk about how they have to use some of that money to pay for the family’s needs, like food, clothing and shelter, and how we might have to save for other things we want.

Category: At the CFPB |
Published

CFPB promotes Financial Literacy Month

April is Financial Literacy Month, and we are teaming up with other government agencies, nonprofit organizations, and businesses to promote financial education.

We recently launched Ask CFPB, a search tool to help you find plain-language answers to your questions about credit cards, mortgages, credit scores, and more.

We’ll also be on the road a lot this month. Check out our blog to learn more.

Category: Info for consumers |
Published

Plan your spending to avoid holiday debt

For shoppers, seeing “November” on the calendar means Black Friday – the unofficial start of the holiday shopping season – is just around the corner. Taking a few minutes now to plan your holiday spending could help you avoid taking on debt that stretches well beyond the New Year. Start by creating a holiday spending […]