Another big bank is being exposed for corporate fraud. Bank of America will pay more than $100 million to customers for double-dipping on fees imposed on customers with insufficient account funds, withholding reward bonuses promised to credit card customers, and misusing personal information to open accounts without customers’ knowledge, the Consumer Financial Protection Bureau announced […]
Another large financial institution has been caught gouging customers. Raymond James Financial Services agreed to settle allegations Tuesday with six state securities regulators for charging unreasonable commissions on trades that harmed investors. The broker-dealer will pay at least $8.2 million in refunds to clients, and $4.2 million in penalties and costs. A task force of […]
Photo: Dwight Burdette Farmers Insurance began limiting the sale of new homeowners insurance policies in California on July 3, the company, a subsidiary of the Zurich Insurance Group, announced Friday. Farmers is the No. 2 homeowners insurer in California. Farmers’ action follows American International Group’s curbing homeowners insurance sales for owners at high risk of […]
Most people rely heavily on online shopping. However, with lots of screens before you get to check-out, you could sign up for a service without knowing it. Then, it can be difficult to cancel. For years, Amazon.com enrolled consumers into its Prime program without their consent while making it hard for them to cancel, the […]
Photo: Filip Maljković American International Group is planning to curb homeowners insurance sales for owners at high risk of floods, storms, or wildfires in 200 zip codes across the United States, according to a report in the Wall St Journal. AIG is the third major insurer in recently to announce cuts to homeowners insurance. “AIG’s […]
Either I missed the Public Citizen report on the toll private equity is taking on U.S. health care or I didn’t understand the significance of it. The report, released in March 2023, says private equity takeovers have come with shocking lapses in safety, with prices rising faster than at non-private equity acquired entities, while patients […]
Financial institutions are increasingly using chatbots, which put out human-like responses using computer programming, to communicate with customers to save money. Chatbots sometimes have human names and use popup features to encourage interaction. Some chatbots use more complex technologies such as “artificial intelligence” to respond to customers. The Consumer Financial Protection Bureau has received hundreds […]
More than three quarters of adults have used a payment app, called a P2P or peer-to-peer or person-to-person app. Widely used nonbank payment apps include PayPal, Venmo, and Cash App. The apps can be used on a computer or mobile device to send money to someone else without writing a check or handing over cash. […]
It’s not surprising what last year’s top consumer complaint was. I’ve seen it many times as No. 1 on annual consumer complaint lists. It’s auto sales and repair. “Consumers rely on cars to get to work, school, doctors’ appointments and more,” said Erin Witte, director of consumer protection for the Consumer Federation of America. Complaints […]
An “investment opportunity” extremely popular on the social media platform WeChat stole millions from the Chinese community in the United States. Social media posts urged people to “invest” in various household goods and electronics, promising returns of 20-40 percent in one to three months. But it was really a scam, according to the Federal Trade […]
