February 8, 2012

New US Rule Could Help Consumers Who Send Money Abroad – Fox Business

CES 2012 – Consumer Electronics Show
consumers

Image by David Berkowitz
Consumer Electronics Show 2012 – Las Vegas, Nevada
(cc) David Berkowitz – www.marketersstudio.com / www.twitter.com/dberkowitz


Kansas City Star
New US Rule Could Help Consumers Who Send Money Abroad
Fox Business
WASHINGTON – The US Consumer Financial Protection Bureau Friday adopted a rule that will require protections for consumers that transfer money internationally, its first substantive rule since starting up as a new financial markets watchdog in July.
Disclosure Increased on Overseas Wire TransfersWall Street Journal
Clarity sought on foreign money transfer feesReuters
New rules set for international money transfersThe Associated Press

all 586 news articles »

consumers – Google News

Banks Pull Credit Card Tricks To Lure Consumers Back Into Spending More Money

Now that recession-weary consumers have been shedding debt, banks are doing their best to convince you to get that spending back up. Somewhat tricky moves from various credit card companies could result in a high balance if you’re not careful.

The L.A. Times‘ David Lazarus highlights a recent example involving Chase Freedom MasterCard.

Holders of these cards were informed that they no longer have credit limits, but instead something called “credit access lines.” All accounts have been automatically switched over, and customers must opt out if they don’t want to banish credit limits.

Chase provides a confusing definition of a credit access line: “A credit limit sets a specific amount an account can borrow. With a credit access line, you have the ability to charge over your credit access line and not be charged an over-limit fee. You can revolve, or carry from month-to-month, transactions adding up to your total credit access line.”

Don’t feel bad if you don’t understand that, Lazarus didn’t get it, and neither did we. He asked a Chase spokesman if they expect the average person to get enough information about credit access lines from that explanation. The spokesman acknowledged that it could’ve been written in a “clearer manner.”

“A credit access line means that you may be able to go over your credit limit without any over-limit fee,” he said. “It gives you the ability to spend.”

With no knowledge of your credit limit, no immediate penalties and no awkward moment when a charge is denied, consumers might be tempted to spend more, at a time when most are trying to tighten their belts and manage their money more responsibly.

Chase makes it easier for consumers to overspend [L.A. Times]

The Consumerist

Proponent Of Costing Banks More Money By Mailing Back Weighted Business Reply Envelopes Defends His Cause

Earlier this week I wrote about a viral video that promised you could “Keep Wall Street Occupied” by sending back credit card business reply envelopes stuffed with anti-corporate messages and wooden shims. The video said this would increase mailing costs for the banks and force them to engage in a dialogue with their customers. Responding to my review where I called this idea “terrible,” the video’s maker sent me a note defending his campaign.

Artie writes:

Thank you for blogging about my videos for “Keep Wall Street Occupied.”

Subsequent posters on your blog covered most of the points I’d have raised in response to your article. Mediaite.com fact-checked my video with a US Postal Service spokesperson, who confirmed my two main technical assertions: mailing the envelope back costs the banks money, and heavier envelopes cost the banks more money. Tossing unwanted credit card offers in the bin costs banks nothing, and removing oneself from bank mailing lists actually saves banks money by refocusing their scattershot marketing efforts.

I read up on USPS BRE specifications before I produced the videos. No one sticking to “Phase 1″ or “Phase 2″ as explained in my first video is wasting her time. She may or may not be wasting the bank’s time. She is wasting the bank’s money. Even tiny protests are important, because they swell the ranks of those who see themselves as protesters.

Despite what some have insinuated, nowhere did I advocate mailing bricks. Or straw men.

My second video, more clarification than sequel, went up shortly before you posted your story. My third and fourth videos will go up later this week.

Thank you again for your article.

Yours,

Artie Moffa

While mailing back envelopes may marginally increase the mailing costs for the banks, I don’t think it will be enough to make a difference or provoke any soul-searching meetings. Instead, I’d rather see people who want to change how this country works spend their time getting candidates sympathetic to their interests elected. After all, it’s what the banks did.

Here’s Artie’s second video:

RELATED
Viral Video Fact-Check: Will Mailing Wood To Credit Card Solicitors Cost Banks More Money? [Mediaite]

PREVIOUSLY
Sending Back Protest Messages In Pre-Paid Credit Card Envelopes Isn’t Going To Occupy Wall Street One Bit

The Consumerist

Consumer Credit and Debt: Someone Owes You Money

Animation on the debt collection problems of owing money and being owed money.

Consumer Credit Counseling Service of Forsyth County Inc.(CCCS) was established in Winston-Salem in 1972 as a non-profit educational organization to help families build wealth, achieve financial self-sufficiency, attain financial stability, and handle financial crises. CCCS offers its services to the community through the Financial Management & Debt Counseling Program, the Center for Home Ownership, the Homebuyer Education Center, the Center for Financial Education, and Senior Financial Care Program. Low or no-cost services include financial assessment counseling; budget review; financial literacy education; Senior Financial Care®; a debt management program to pay off unsecured (credit card) debt; credit report review; homeownership education and counseling; and mortgage default/foreclosure prevention counseling. CCCS partners with families, schools, religious organizations, businesses, government agencies, and other non-profits, serving residents of Forsyth and surrounding counties from offices in Winston-Salem, Kernersville and Mocksville. CCCS was reaccredited in 2010 by the Council on Accreditation (COA). More information is available at www.cccsforsyth.org

Detroit Bureau Uses Money Meant To Feed Poor To Buy $314 Trash Cans

Three stainless-steel trash cans with motion-activated sensor lids: 4.93 each. A 500-lb capacity ottoman for the cafeteria: 9. Mahogany-finished conference room table: ,000. The line items sound extravagant enough on their own. When you learn that they were to makeover a Detroit city office that handles the federal money for feeding and clothing the poor, and the credenzas and sofas and such came out of that money, it’s time to get livid.

The Detroit Free Press blew the lid off this misspending and waste after it used a Freedom of Information Act request to get a copy of the receipt for the pricey office furniture that was delivered to Detroit’s Human Services Department. You can look at the entire receipt here (PDF).

The 0,000 used to buy the office furniture came directly a .2 million grant that was specifically supposed to cover the salaries and administrative costs of hiring employees for food and clothing banks, reports the Detroit Free Press. What makes the misappropriation all the more enraging to the citizens of Detroit is that this same Human Services Department, saying they were short on funds, didn’t open a high-demand warming center for homeless people until late this winter. Employees were amazed to see the new furniture arrive, considering their wages had been cut 10% last year.

The Free Press story kicked off an FBI investigation and resulted in the Director of the office and several other employees being suspended. The Mayor’s office, the police, and the city’s auditor general are wrapping up their investigations of the office following the report. The Mayor said the results would probably end up with most, if not all, of the suspended employees getting fired.

“Mayor Bing has made it clear that city government must work for residents,” mayoral spokesman Dan Lijana told the Detroit Free Press. “He has zero tolerance for the reality or appearance of misuse or mismanagement of funds.”

High-end items for Detroit office bought with money for poor people [Detroit Free Press]
Money to help poor people buys furniture for Detroit department [Detroit Free Press]
Bing fires 3 managers over misspending of 0K in federal funds for the poor [Detroit Free Press]

The Consumerist

Consumer Credit and Debt: You Owe Money

Animation between Robert and the Cloud regarding debt and ways to properly manage debt.

Question by estaples: Are student loans considered “consumer debt”?
I’m trying to get a good picture of my debt. Credit cards are obviously consumer debt, but are student loans considered such?

Best answer:

Answer by Jody B
YES BECASUE THEY HAVE INTEREST RATES AND HAVE A PAYMENT SCHEDULE

Give your answer to this question below!

Easy Ways to Save Money Around the House

Posted on 12/14/2010 by America Monge
Saving money around the house can be done in many ways, however, sometimes some of the smaller things that can really make a difference are overlooked. Komo News gives five tips that are guaranteed to help you save money around the house:

1.) Twin draft guards: These are double sided insulation devices that slide under the door to eliminate cold or warm air drafts from the underside of the door.

2.) Programmable thermostats:
It’s energy wasted when no one is home, so why not set  the thermostat to turn off when you leave and turn on 15 min before you get home.

3.) Turn down the water heater: If you’re going on vacation you should turn your water heater to low. It’s amazing how much energy goes into heating water and its a definite waste if no one is going to use it for a while.

4.) Low flow shower heads: Older shower head guzzle out unnecessary amounts of water, while a low flow shower head will give you the right amount of pressure without wasting all of that water.

5.) Toiletry Products: Use only the amount of toiletry products needed to do the job. Common examples of wastefulness are exaggerated amounts of toothpaste, shampoo, conditioner, and toilet paper.

Read more: http://www.komonews.com/news/consumer/111646399.html
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Gifts that save money and resources: Cheap Trick Thursday

We here at Consuming Interests like to encourage the saving spirit during the holidays. Here are some ideas for thoughtful gifts that will save your recipients money — and may help save the planet to boot:

electric shaver– Consider an electric shaver for those on your gift list who are addicted to disposables. You’ll save them money on replacements (and save room in landfills, as well). Women who regularly visit a salon for waxing might appreciate an epilator — but as Consumer Reports recommends, be sure the manufacturer offers a money-back guarantee in case the product doesn’t work out. 

– Families with children would enjoy a battery charger with rechargeable batteries, or video game fiends could appreciate a charger for wireless remotes.

– Someone who is less than vigilant about car maintenance could use supplies and incentives to keep his or her vehicle in tip-tip shape (and lower its impact on the environment) such as a tire gauge and gift certificates for oil changes. You might throw in an emergency kit, as well.

– Or, if you know someone who is dedicated to public transportation, perhaps a CharmCard would be a good option. 

– The blog GetRichSlowly had a long list of good, frugal gift ideas, including a gift subscription to a CSA (community supported agriculture). This kind of gift not only helps cut your recipient’s annual grocery bill but also keeps local farms strong.

Here are a few more ideas that save recipients money, but not necessarily resources:  

 

– Don’t forget memberships. A gift membership to a warehouse shopping club could save a new family a lot of cash. As we mentioned before, memberships to a local zoo or museum could offer families with kids a year of inexpensive entertainment on rainy days or summer afternoons. 

– If you know someone who watches more television and DVDs on a laptop than a television, perhaps they could use cables to connect the two. Here’s a tutorial on connecting your laptop or computer to a television, whether it’s an older-school CRT or a flat-screen.

– Those who have cut the cable cord might also appreciate gift certificates to Netflix or Amazon Video on Demand or iTunes to supplement the content they want to watch. 

What gifts have you given or received that have helped save tons of money? Be sure to tell us about it in the comments below. 

Here are links to other Consuming Interests ideas for frugal gifts:

Frugal gifts for frugal people

Frugal, green gifts that save money

UPDATED: Here’s a slideshow of money-saving gifts.

(photo: Nanine Hartzenbusch/Baltimore Sun)

Consuming Interests

$3.6 Million Judgment Against Companies that Allegedly Debited Money from Consumers’ Bank Accounts

At the request of the Federal Trade Commission, a federal court has entered a judgment of more than .6 million against a payment processor and its subsidiary that allegedly debited consumers’ bank accounts illegally on behalf of deceptive telemarketers. According to a 2007 complaint filed by the FTC and seven states, Your Money Access, LLC and its subsidiary, YMA Company, LLC, processed unauthorized debits on behalf of deceptive telemarketers and Internet-based schemes that were violating the FTC’s Telemarketing Sales Rule and state consumer protection laws. The companies played a critical role in these schemes by providing access to the banking system and the means to extract money from consumers’ bank accounts. The FTC alleged that in many instances the merchants either failed to deliver the promised products or services or sent consumers relatively worthless items.

A default judgment entered in October 2008 barred Your Money Access and YMA Company from payment processing for any client whose business practices are deceptive, unfair, or abusive within the meaning of the FTC Act, the Telemarketing Sales Rule, and state consumer protection laws.

The states joining the FTC’s complaint were Illinois, Iowa, Nevada, North Carolina, North Dakota, Ohio, and Vermont.
Source: FTC

FMD Consumer Blog

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