A recent survey among banking customers shows that Bank of America has placed last in customer satisfaction. According to the L.A.Times, the popular bank while one of the nations largest, scored a 66 on a scale of 100 for customer satisfaction. This is the lowest rating the bank has received since the year 2000. This is also the fourth consecutive year that Bank of America has come in last place.
JPMorgan Chase came out on top edging out Wells Fargo for the number one position.
Despite rises in customer satisfaction in the banking industry as a whole, many consumers are switching from larger banks to local branches and credit unions. Because of this, credit unions have taken a slight hit in customer satisfaction overall, but they still continue to outperform other types of banking with a satisfaction rating of 82.
Do you prefer credit unions over traditional banking?
Wednesday, December 12, 2012
Bank of America Voted Last in Customer Satisfaction Survey
Labels:
Bank of America,
bank ratings,
banking news,
consumer news,
customer satisfaction,
customer service,
personal finance,
poor customer service,
Wells Fargo
Wednesday, November 14, 2012
Walmart Introduces Monthly Food Subscription Service
Walmart has just launched a new monthly food subscription service. According to CGT, the service, cleverly named Goodies Co., will provide subscribers with a gift box of tasty snacks each month for a cost of $7.00, including tax and shipping. Each box will have a unique theme, and provide several sample food products. For example, last month, beta subscribers received "Trick or Treat" themed goodies, and for the month of November, boxes will include gourmet options such as white cheddar popcorn, dark chocolate bars, and wine biscuits. If a subscriber finds a food that they particularly enjoy, they can purchase it directly from the Goodies Co.website. Goodies Co. is just one of several recent attempts by Walmart to attract customers through e-commerce and social innovations.
With the holiday season around the corner, will you be subscribing to any food delivery services?
Labels:
consumer news,
food subscription service,
gift box,
Goodies Co.,
Walmart
Monday, October 22, 2012
Freddie Mac Warns of Foreclosure Rental Scam
According to the Los Angeles Times, a new scam is gaining popularity in the rental market. It involves bogus landlords fraudulently renting foreclosed homes to unsuspecting victims. Often, the properties are listed for rent online by individuals who don't have legal ownership of the homes. Freddie Mac, the second largest source of mortgage money in the country, is warning desperate renters to watch out for this scam. Usually, the homes are listed for very low prices and require a large cash deposit prior to rental. Often, applicants don't hear anything back after disclosing
private information such as social security numbers and financial data
on the rental application. In other cases, the tenant moves in only to later find out that the house has been listed for sale by actual owner and they must move out. To prevent potential of identity theft, it is suggested that renters never fill out an online rental application until the property has been verified as a bona-fide renal.
What do you think can be done to help prevent such scams?
What do you think can be done to help prevent such scams?
Labels:
consumer news,
foreclosure,
foreclosure rental scam,
foreclosure scam,
Freddie Mac,
landlord scam,
renter
Wednesday, October 10, 2012
Government Sues Wells Fargo for Mortgage Fraud
The U.S. government has filed suit against Wells Fargo for recklessly underwriting home loans over the last several years. According to CNNMoney, a lawsuit was filed on Tuesday accusing Wells Fargo of recklessly underwriting hundreds of loans which resulted in the Federal Housing Administration paying out millions of dollars in insurance claims on the defaulted loans. Additionally, the bank was accused of hiring temporary staff to churn out loans while rewarding employees based on the number of loans processed. The FHA along with the U.S. Attorney's Office and the U.S. Department of Housing and Urban Development have filed similar fraud lawsuits against four other banks, three of which have been settled.
Labels:
consumer news,
foreclosure,
government sues Wells Fargo,
home loans,
home mortgages,
loans,
mortgage fraud,
Wells Fargo
Monday, October 1, 2012
Amazon Begins Offering Loans to Online Merchants
According to msn money, Amazon is now offering loans to its online merchants. Although not officially announced, the program will offer business loans for users who sell products on Amazon.com. This move comes as many people interested in starting a business are unable to acquire traditional loans from banks. The loans are aimed at helping online merchants grow by providing financial means to buy more product. Amazon is said to be lending up to $800,000 to some sellers at interest rates ranging from 1% to 13% in addition to pre-qualifying certain sellers based on their performance in the company's marketplace. Seller can sign up for the loans directly through their Amazon merchant account, and if approved, interest payments would be automatically deducted from their account.
Would you consider taking out an online loan to help grow your business?
Would you consider taking out an online loan to help grow your business?
Labels:
Amazon,
Amazon lending,
Amazon loans,
consumer news,
loans for amazon sellers,
loans for online business,
loans for online merchants,
personal finance
Monday, September 10, 2012
Toys R Us to Offer Tablet for Kids
Courtesy: Toys R Us
According to CNN Money, Toys R Us is gearing up for the holiday season by introducing it's own tablet computer for kids. The device comes equipped with 50 apps and popular games such as Angry Birds and Fruit Ninja. It will retail for $149.99 and will be released on October 21. Although the retailer already carries similar products from Leapfrog and VTech, the Tabeo's release will be the chain's first store branded tablet of its kind.
Labels:
computer for kids,
consumer news,
consumer technology,
holiday shopping,
Tabeo,
tablet for kids,
Toys R Us
Tuesday, August 21, 2012
Sharpie Parties Target Foreclosed Homes
According to PE.com there is a new phenomenon taking place in neighborhoods hit by foreclosure: "Sharpie parties". The new trend involves teens vandalizing vacant homes using "Sharpie" markers. Parties are arranged via social media and often promote further destruction of the property including smashing windows, doors, and walls. So far, incidences have been reported in Texas, Florida, Utah and California.
How do you think such actions should be punished?
How do you think such actions should be punished?
Labels:
consumer news,
foreclosure,
Sharpie Parties
Thursday, July 5, 2012
IRS Proposes New Rules for Medical Debt Collection by Tax Exempt Hospitals
Upon the passing of the Affordable Care Act, the IRS was assigned the task of developing rules to govern the collection of medical debt from patients of non-profit and tax exempt hospitals. According to Fox Business, approximately six in 10 hospitals in the U.S. operate as non-profit charitable facilities providing health care services to the poor. The rules proposed in late June would require hospitals to extend consumer protections and refrain from using aggressive debt collection practices against low income patients. Additional provisions include prohibiting tax exempt medical facilities from reporting negative information to consumer credit bureaus, foreclosing on real property, filing civil suit, and garnishing wages. The new rules would not apply to for-profit or government hospitals.
What effect do you think these guidelines will have on the collection of medical debts from low income patients?
Wednesday, June 20, 2012
Consumer Protection Bureau Releases Credit Card Complaint Database
The U.S. Consumer Financial Protection Bureau has released a complaint database that grants consumers access to complaint information for various credit card companies. This is one of many initiatives that the Bureau has undertaken in an effort to streamline consumer lending practices and make them more transparent. According to Reuters, the database has drawn fire from financial groups claiming that the Federal agency is unauthorized to release such information publicly and that the reported data is unverified. Despite this, the Bureau maintains its right to publicize complaint information. Of the companies included in the database, Capital One received the most complaints with Citigroup Inc. and JP Morgan Chase & Co. following closely behind.
Have a credit related complaint? The database is available at consumerfinance.gov.
Have a credit related complaint? The database is available at consumerfinance.gov.
Labels:
Consumer Financial Protection Bureau,
consumer news,
consumer protection,
credit card,
credit card complaint,
credit card complaint database
Friday, June 15, 2012
The Cost of Living After College Graduation
Do you think a college degree is a sound investment? Check out this info graphic from Credit Sesame showing how new college graduates are faring in this economy. Interestingly, the average graduate is $50,000 in debt and less than half have full time jobs in their field of study.
Labels:
college,
college graduate cost of living,
college graduates,
consumer debt,
student debt statistics,
student loan debt,
student loan statistics,
student loans
Thursday, May 10, 2012
U.S. Consumer Bureau Proposes New Rules On Mortgage Points
The Consumer Financial Protection Bureau has proposed new rules on mortgage points and fees imposed by lenders. According to Bloomberg, the rules are set to take effect this summer and are intended to simplify the way lenders market mortgages. The new requirements obligate lenders to provide a rate reduction for each point, or percentage of a loan that the borrower pays up front. Lenders offering such incentives would be required to also offer a no point loan option to borrowers as an alternative. The new rules would eliminate point based origination fees, while still allowing origination fees charged at a flat rate. According to Richard Corday, the bureaus director, the changes are being made in an effort to "...bring greater transparency to the market so
consumers can clearly see their options and choose the loan that
is right for them.”
Do you think these rules will help borrowers choose better loans?
Do you think these rules will help borrowers choose better loans?
Wednesday, April 18, 2012
IKEA Now Sells Consumer Electronics
The Swedish furniture store IKEA has announced it's entrance into the consumer electronics market. According to RedOrbit.com, the retailer has teamed up with China-based company TCL media to create a furniture line specifically tailored to accommodate the brand's home electronics offerings that will include HDTV's, Blu-ray players, and wireless sound systems. Like IKEA's other products, the new pieces will be designed for easy home assembly and sold in packing boxes. The new designs will be available in Sweden, France, Poland, and Germany as early as this summer, and are scheduled to hit the U.S. sometime next year.
Would you buy home electronics from IKEA?
Labels:
consumer electronics,
consumer news,
IKEA electronics,
IKEA furniture,
IKEA home electronics,
technology
Wednesday, April 11, 2012
New Government Rules to Help Stop Foreclosures
Do you think these measures will be effective in reducing the number of foreclosures?
Labels:
borrowers,
Consumer Financial Protection Bureau,
government foreclosure rules,
stop foreclosures
Tuesday, April 3, 2012
3 Personal Finance Apps to Help You Track Your Money
Freelance switch recently released a list of personal finance applications to help freelancers and small business owners keep track of their finances. Here are just a few of those mentioned:
1. XpenseTracker helps consumers track personal and business expenses like mileage, business lunches, and other expeditures. It is available for the iphone or ipad and expenses are easily exported into Exel files that can be opened on a personal computer.
2. Pageonce allows users to pay and keep track of their bills in one place. It also sends out alerts and reminders when spending gets uncharacteristically high or when bills are due.
3. Grocery Gadget is an app. that helps users create grocery lists and save money by using e coupons from various retailers. Also, users can scan the bar-codes of their favorite items and the app. will create a list for future use and automatically calculate totals.
What personal finance applications do you use?
*Jonesjustice blog is not affiliated with these products and received no compensation for their mention.
1. XpenseTracker helps consumers track personal and business expenses like mileage, business lunches, and other expeditures. It is available for the iphone or ipad and expenses are easily exported into Exel files that can be opened on a personal computer.
2. Pageonce allows users to pay and keep track of their bills in one place. It also sends out alerts and reminders when spending gets uncharacteristically high or when bills are due.
3. Grocery Gadget is an app. that helps users create grocery lists and save money by using e coupons from various retailers. Also, users can scan the bar-codes of their favorite items and the app. will create a list for future use and automatically calculate totals.
What personal finance applications do you use?
*Jonesjustice blog is not affiliated with these products and received no compensation for their mention.
Tuesday, March 13, 2012
Walmart Gift Card Scam
What scams have you noticed circulating recently? What do you think can be done to protect consumers from email and text scams?
Labels:
consumer news,
consumer protection,
email scam,
scam,
Walmart scam
Wednesday, February 22, 2012
Government Investigates Bank Overdraft Fees
According to WNYC news, the Consumer Financial Protection Bureau is looking to overhaul the way banks charge consumers overdraft fees. The agency will conduct research to find out how fees are calculated and the standards used for implementing them. This data will then be used to revamp the rules on such penalties. It is proposed that banks made over $15 million dollars last year in overdraft charges alone. According to CFPB director Richard Cordray, the majority of charges come from a very small minority of banking customers, in particular young checking account owners, and low income earners who are less likely to be able to afford paying back such charges.
Last year, a Federal Reserve rule was enacted to require customers to sign up for programs that charge overdraft fees. As a result, the number of overdraft fees have declined. Despite this, banks are finding new ways to recoup and make money from charging consumers various other fees for transactions.
Do you think banks have gone overboard with charging fees to customers?
Last year, a Federal Reserve rule was enacted to require customers to sign up for programs that charge overdraft fees. As a result, the number of overdraft fees have declined. Despite this, banks are finding new ways to recoup and make money from charging consumers various other fees for transactions.
Do you think banks have gone overboard with charging fees to customers?
Labels:
bank fees,
bank overdraft fees,
Consumer Financial Protection Bureau,
consumer news,
consumers,
personal finance
Wednesday, February 15, 2012
FCC's New Rules on RoboCalls
According to CNN.com, the FCC is set to approve new regulations limiting the use of robocalls, pre-recorded messages sent to consumers by an automated dialer rather than a human being. The new rule requires written permission before any company can contact a consumer via text or cell phone using this method. Previously, telemarketers would be able to do so simply if an established business relationship was in existence, for example, a bank could robocall its customers to sell them other products like insurance or a credit card.
In addition to the written permission requirement, companies must also include an opt-out option for every pre-recorded message sent. The new rules do not apply to phone calls made by human telemarketers, but consumers are advised to place their number on the National Do Not Call Registry if they wish to avoid these types of unsolicited sales calls.
Have you received robocalls on your cell phone? What do you think about the new regulations?
In addition to the written permission requirement, companies must also include an opt-out option for every pre-recorded message sent. The new rules do not apply to phone calls made by human telemarketers, but consumers are advised to place their number on the National Do Not Call Registry if they wish to avoid these types of unsolicited sales calls.
Have you received robocalls on your cell phone? What do you think about the new regulations?
Labels:
consumer news,
FCC rules on telemarketing,
National Do Not Call Registry,
robocalls,
telemarketing
Wednesday, February 8, 2012
Do Not Call Registry Scam
Scammers have found a new way to get consumers to give up personal information. According to kiiitv.com, schemers are calling people and actually pretending to represent The National Do Not Call Registry. Apparently, they offer consumers an opportunity to sign up for the Do Not Call list in exchange for their personal data. Obviously, these calls are not coming from the Federal Trade Commission and should not be responded to, warns Alan Bligh of the BBB.
The real National Do Not Call Registry allows consumers to list their phone number to limit the number of telemarketing calls the receive. Once a number is registered, it does not expire. For more information or to get on the federal Do Not Call Registry, visit www.donotcall.gov
The real National Do Not Call Registry allows consumers to list their phone number to limit the number of telemarketing calls the receive. Once a number is registered, it does not expire. For more information or to get on the federal Do Not Call Registry, visit www.donotcall.gov
Monday, January 30, 2012
Save Money On Your Next Meal
If you are looking to save money on your next date or family night out, check out EatDrinkDeals.com. The website provides information on the latest deals from restaurants like Applebees, Chipotle, Olive Garden, and KFC. The site also provides online coupons and happy hour specials. Komo News recently published a list of websites that help consumers save on dining out. Aside from EatDrinkDeals.com, the list also included Restaurant.com and Bitehunter.com.
What is your favorite method for finding deals on meals from local restaurants?
*Jonesjustice Blog is not associated with EatDrinkDeals.com. No compensation was received for this recommendation.
What is your favorite method for finding deals on meals from local restaurants?
*Jonesjustice Blog is not associated with EatDrinkDeals.com. No compensation was received for this recommendation.
Labels:
consumer news,
online coupons,
restaurant deals,
saving money
Tuesday, January 24, 2012
FICO Scores Now Available in Spanish
For the first time ever, consumers will be able to access their credit reports and receive FICO scores in Spanish. Market Watch reports that FICO has just launched myFICO.com en Espanol. The site provides over 600 pages of consumer financial education materials and is the first website to provide complete access to credit scores in Spanish. FICO also helps millions of English speaking individuals manage their personal credit through
www.myFICO.com.
To get your credit report en Espanol, visit http://espanol.myfico.com
To get your credit report en Espanol, visit http://espanol.myfico.com
Tuesday, January 17, 2012
Free Financial Education Program for College Students
According to PR Web, The National Financial Educators
Counsel (NDEC) is providing a free financial literacy program to colleges in
an effort to teach students the importance of financial responsibility. Exposure to financial concepts at an early age can help young adults learn personal finance skills needed later in life. With student loan defaults on the rise, it is NDEC's goal to provide as much valuable information to undergraduates as possible. The initiative provides universities with a number of resources including workshops, awareness campaigns, video learning centers, and even interactive games.
What was the most important lesson you learned about money in college?
Labels:
financial education,
financial education for college students,
National Financial Educators Counsel,
personal finance,
student load debt
Monday, January 9, 2012
Walmart Offers Free Tax Prep
It's tax season again! Starting today, January 9th, Walmart is offering free simple tax preparation for its customers through a partnership with top tax companies, H&R Block and Jackson Hewitt. This is the second year that H&R Block is offering complimentary preparation of 1040EZ forms at kiosks in various Walmart locations. According to SFGate, the service will be available in stores through February 29th. Customers will have the usual options to receive their refunds via check, direct deposit, or as a prepaid card for those without bank accounts.
Will you be using a professional tax service or filing your own taxes this year?
Will you be using a professional tax service or filing your own taxes this year?
Labels:
consumer news,
free tax preparation,
personal finance,
taxes,
Walmart
Thursday, January 5, 2012
The Consumer Financial Protection Bureau's Role in Protecting You
The White House Blog recently released information about the Consumer Financial Protection Bureau (CFPB) and its role in protecting consumers from unfair and illegal lending practices. Previously, this responsibility was divided among many different departments with no single Federal agency in charge of overseeing the whole market. The CFPB is now the single entity in charge of monitoring and regulating financial products including making credit card, mortgage, and loan agreements more user friendly.
The primary roles that CFPB plays are to educate consumers and ensure they understand the fine print on credit and loan agreements, enforce consumer protection laws and regulate lending institutions, and research consumer complaints and financial markets for new risks. For more information visit The White House Blog.
What other measures do you think the Government should be take to protect consumers from unfair lending practices? How much responsibility do you think falls on consumers to protect themselves?
The primary roles that CFPB plays are to educate consumers and ensure they understand the fine print on credit and loan agreements, enforce consumer protection laws and regulate lending institutions, and research consumer complaints and financial markets for new risks. For more information visit The White House Blog.
What other measures do you think the Government should be take to protect consumers from unfair lending practices? How much responsibility do you think falls on consumers to protect themselves?
Labels:
Consumer Financial Protection Bureau,
consumer news,
consumer protection,
lending regulations
Tuesday, January 3, 2012
Companies Offer New Credit Cards In Exchange For Promise To Pay Old Debts
Would you be willing to sign up for a new credit card if it meant renewing your obligation to pay an old debt?
Labels:
consumer,
consumer news,
credit card,
debt,
debt collection,
personal finance
Monday, January 2, 2012
States Raise Minimum Wage for 2012
According to Bankrate.com,
8 states have raised their minimum wage. These states include Florida, Arizona,
Colorado, Montana, Ohio, Oregon, Washington, and Vermont. The Economic Policy
Institute estimates that these raises will increase GDP by $366 million. The
federal minimum wage is $7.25 per hour or just over $15,000 annually. The
elevated wages will amount to approximately $15 extra income per week.
During this economic climate, do you think these increases are sufficient?
During this economic climate, do you think these increases are sufficient?
Labels:
consumer news,
increase minimum wage,
minimum wage,
money
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