Bank of America vows not to change credit card rates before FebruaryOctober 6th, 2009 BofA: Credit card rates won't go up ahead of lawNEW YORK — Bank of America Corp. on Tuesday pledged not to hike credit card interest rates or fees before a new law intended to reform industry practices takes effect in February.
Fed moves ahead on Congress' plan to better protect Americans from credit card abusesSeptember 30th, 2009 Fed moves ahead on credit card protection planWASHINGTON — The Federal Reserve proposed rules Tuesday to better protect Americans from sudden hikes in interest rates on credit cards. The proposal would generally bar rate increases during the first year after an account is opened.
Airlines are charging for second bag on flights to Europe; what's their next stop?September 30th, 2009 Baggage fees join your overseas flightsMINNEAPOLIS — You can leave the U.S., but it's getting harder to leave behind baggage fees. Fees to check bags on international flights are creeping in and may be here to stay.
American Express eliminates inactivity fee from gift cardsSeptember 30th, 2009 American Express drops gift card dormancy feeNEW YORK — At a time when credit and debit card fees are under fire, American Express Co. said Wednesday it will no longer charge monthly fees on its gift cards.
US Bank becomes latest bank to relax account overdraft policies, following BofA, JPMorganSeptember 24th, 2009 US Bank also plans to ease overdraft penaltiesMINNEAPOLIS — U.S. Bank on Thursday became the latest financial institution to back off on the penalties customers face for overdrafting their accounts.
Bank of America backpedals on overdraft fees, puts cap on limits; JPMorgan also reducing feesSeptember 22nd, 2009 Bank of America, JPMorgan overhaul overdraft feesNEW YORK — As lawmakers prepare to implement sweeping credit card reforms, Bank of America Corp. and JPMorgan Chase & Co.
Bank of America backpedals on overdraft fees, puts cap on limits; JPMorgan also overhauls feesSeptember 22nd, 2009 Bank of America backpedals on overdraft feesNEW YORK — Bank of America Corp. said Tuesday it's capping the fees it charges customers for overdrawing their accounts, backpedaling on the hikes the company imposed just this year.
Senate banking chairman calls for legislation curbing overdraft feesSeptember 18th, 2009 Sen. Dodd calls to curb overdraft feesWASHINGTON — Sen. Christopher Dodd, chairman of the Banking Committee, said Thursday he wants to curb overdraft fees charged by banks, a move that would cut into a lucrative revenue stream for the financial industry.
Correction: Q&A on credit card reformsAugust 21st, 2009 Correction: Q&A on credit card reformsNEW YORK — In an Aug. 19 story about credit card reforms, The Associated Press erroneously reported that cardholders will face fewer surprises about credit limit changes under the new rules.
Meltdown 101: What kind of credit card reforms are starting to kick in this week?August 19th, 2009 Meltdown 101: Credit card reforms begin to kick inNEW YORK — New rules meant to give credit card users more information and stop policies that many consider abusive are starting to take effect. While the bulk of the Credit CARD Act — as in "credit card accountability, responsibility, and disclosure" — won't kick in until February, two provisions aimed at helping consumers understand their banks' practices become mandatory starting Thursday.
Analyst expects late-stage credit card delinquencies to ease in July report due out MondayAugust 14th, 2009 Analyst: Late-stage card delinquencies easingBOSTON — A Stifel Nicolaus & Co. analyst said in a research note Friday that he expects a monthly report due out Monday will show continued easing in late-stage credit card delinquencies.
7-Eleven rallies customers against credit, debit card fees banks charge small businessesJuly 9th, 2009 7-Eleven rallies customers against card feesNEW YORK — Riding a wave of public outrage over credit card practices, 7-Eleven Inc. wants to show merchants are victims of the industry too.
Moody's Investors Service cuts Discover Financial senior unsecured rating to 'junk' levelJune 1st, 2009 Moody's cuts Discover Financial debt ratingNEW YORK — Moody's Investors Service on Monday cut its senior unsecured debt rating for Discover Financial Services into non-investment grade territory, citing risks the credit card company faces from the prolonged credit crunch and recession. The New York-based ratings agency also assigned a negative outlook to Discover Financial, signaling further downgrades are possible if business conditions worsen.
Geithner pushes for credit card reform as House prepares to vote on legislationApril 29th, 2009 Geithner pushes for credit card reformWASHINGTON — The Obama administration is pressing for passage of legislation to rein in credit card practices and eliminate sudden rate increases and late fees that have entangled millions of American consumers. Treasury Secretary Timothy Geithner and Rep.
American Express profits plunge 72 percentJanuary 26th, 2009 NEW YORK - Credit card company American Express said Monday its profits plunged 72 percent as customers fell behind on loan payments and were also spending less amid the widening recession. Profits fell to $238 million from $858 million a year earlier.
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