The US Treasury announced that it is allowing recipients of social security and other federal benefit payments to receive prepaid debit cards. This allows many people who were previously unbanked to have increased access to their funds, without having to cash a check first. (more…)
Credit and Debt Blog
A Service of Debtors Unite, Inc.
|
|
|
Archive for the ‘Financial News’ Category
IRS Proposes Restrictions to Refund Anticipation Loans
The Internal Revenue Service announced on Thursday that it is examining whether to restrict tax preparers from offering refund anticipation loans. No decision has been made, but already investors are selling off stocks of H&R Block Inc. and Jackson Hewitt Tax Service Inc. (more…)
Citibank Cuts Daily ATM Withdrawal Limits
Many New York City residents found that their daily ATM limits have been cut in half. Citibank banking customers located in parts of NYC have had their daily withdrawal limits reduced in an effort to prevent fraud.
Although Citibank declined to comment on the specific reason, it is believed that some of their banking customers’ personal information may have been compromised. This could include card numbers and PIN codes. (more…)
Bank of America Delays Balance Transfer Fee Increase
Bank of America quietly delayed their changes to the way they calculate balance transfer fees. Changes were to go into effect in March, 2008. They are now delayed until at least June 16, 2008.
The fee will remain at 3% of the balance transfer with a minimum fee of $10. However, the cap of $75 will be removed altogether. (more…)
Credit Card Defaults Finally Increasing
Credit card default rates have stayed low, even as foreclosure rates have more than doubled in many areas. Now, credit cards are also showing signs of trouble. (more…)
Greenspan Cites Rising Risk of Recession
In an interview with National Public Radio, former Fed Chief Alan Greenspan stated that “the odds are clearly rising” that the U.S. economy will enter a recession soon. Other economists share his views. There are many signs to back up his stance. (more…)
Bernanke Cuts Rates Again
An expected rate cut of one-quarter percent was ordered by Federal Reserve Board Chairman Ben Bernanke. This drops the federal funds rate to 4.25 percent. It also represents a further attempt to stave off recession. (more…)
