Category: Saving & Banking
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When two banks failed in July, depositors automatically became customers of the buying bank
On a Friday afternoon in July, regulators closed a tiny savings and loan in Kentland, Indiana. One week later, state officials in Kansas shut down a one-office bank in Lenexa. In both towns, the people who kept checking and savings accounts at those banks lost nothing, waited out a single weekend, and started the next…
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New graduate borrowers must cover costs above the $20,500 annual federal cap elsewhere
A graduate-school acceptance letter can now leave a much larger financing gap than the aid award once covered. Beginning July 1, new graduate borrowers generally face a $20,500 annual federal loan limit and a $100,000 aggregate graduate limit, while new Graduate PLUS borrowing is no longer available outside a narrow continuing-student exception. Tuition and living…
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Enroll in federal student-loan autopay by September 30 for a one-point interest cut
Automatic payments have become unusually valuable for eligible federal student-loan borrowers. Enrollment by September 30 can reduce the interest rate by one percentage point through June 30, 2028, instead of the familiar quarter-point discount. The savings can be meaningful on a large balance, but the arrangement works only when the bank account can reliably cover…
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More than seven collection calls in seven days may violate federal law
Federal debt-collection rules create a specific warning line for phone pressure. A collector is presumed to violate the law by placing more than seven calls within seven consecutive days about one particular debt, or by calling again within seven days after a phone conversation about that debt. The presumption is not a blanket seven-call limit…
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An unpaid personal credit line can let your bank pull money from checking
A personal line of credit and checking account at the same institution can be connected in a way many borrowers overlook. If the credit line goes unpaid, the bank or credit union may use a contractual right of setoff to take money from the deposit account. The rule depends on the agreement and debt type,…
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Lose your credit-card grace period and new purchases can start charging interest immediately
A credit card’s grace period can turn routine purchases into a short, interest-free loan when the statement balance is paid in full by the due date. Once that protection is lost, a new grocery, gas or online purchase may begin accruing interest from its transaction date. Carrying even a small balance can therefore change the…
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A checking account advertised as free cannot charge monthly or minimum-balance fees
“Free checking” is not supposed to mean free only until a balance dips or the calendar turns. When a bank or credit union advertises an account as free or no cost, federal rules bar monthly service charges and fees for failing to maintain a minimum balance. Other charges can still apply, so the account’s name…
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Credit-card billing errors must be disputed in writing within 60 days
A quick phone call may alert a card issuer to a wrong charge, but it does not replace the written notice that preserves federal billing-error rights. The cardholder has no more than 60 days after the issuer sent the statement containing the error to deliver that dispute. Missing the clock can surrender powerful protections even…
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A debt collector’s pay-to-pay fee is illegal unless your contract or the law permits it
A few dollars added to every phone or online payment can make an already difficult debt more expensive. Federal consumer guidance says a third-party debt collector may collect that pay-to-pay charge only when the agreement that created the debt expressly authorizes it or a law specifically permits it. Silence in the contract and silence in…
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Vector Security breach victims can claim up to $2,000 by September 15
A breach notice from Vector Security can now support a reimbursement claim, but the headline cap is not a flat payment for every recipient. The settlement allows documented losses and limited lost time to be claimed together up to $2,000. The filing window closes September 15, and payment remains contingent on the court approving the…