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Bank of America appears poised to ignite the wrath of its customer base once again by introducing a new fee structure for basic checking accounts. The company reportedly is readying changes that will require users of basic checking accounts to pay a monthly fee. If the customers agreed to bank online or, buy more products, or maintain a certain balance, the fee may be waived.
President Barack Obama named Richard Cordray as head of the Consumer Financial Protection Bureau via a recess appointment on Wednesday. It was a controversial move for the president, prompting Senate Republicans to accuse him of making a power grab and abusing executive authority. Indeed, Republican resistance to confirming the former Ohio attorney general for the post prompted the recess appointment.
Operational for just barely four months, the Consumer Finance Protection Bureau has received some 5,000 complaints about credit card companies. The bureau issued an interim report on the nature of the complaints, ranging from objectionable advertising and marketing practices, application processing delays and high interest rates, to identity theft, privacy intrusions, and the unsolicited issuance of cards.
Operational for just barely four months, the Consumer Financial Protection Bureau has received some 5,000 complaints about credit card companies. The bureau issued an interim report on the nature of the complaints, ranging from objectionable advertising and marketing practices, application processing delays and high interest rates, to identity theft, privacy intrusions, and the unsolicited issuance of cards.
Bank of America has decided to back off from a controversial fee that it announced in September: a $5 ding every month for consumers who use their debit cards to make a retail purchase. The plan had endured sustained consumer outrage since it was publicly revealed.