Category: Saving & Banking
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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…
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The FTC mailed 9,419 refund checks that stop being cashable 90 days after they are issued
The FTC sent 9,419 checks totaling more than $672,000 to consumers deceived by Trend Deploy. The checks must be cashed within 90 days of issuance.
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Regulators took over a Kansas City credit union, where retirement accounts carry their own $250,000 of coverage
NCUA placed WeDevelopment Federal Credit Union into conservatorship on July 10, 2026. IRA and KEOGH accounts are separately insured up to $250,000 on top of individual coverage.
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Your bank must free up $275 of a check deposit the next business day
On July 1, 2025, the dollar figures inside the federal check-hold rules went up. What did not move was the machinery around them. Regulation CC still runs on an availability schedule that has been in place since 1990, and it still works the same way it always has: a small slice of a check deposit…
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There is no federal $5 cap on overdraft fees — Congress killed that rule before it ever took effect
Ask around and a fair number of people will tell you that a bank cannot charge more than five dollars when an account goes negative. It is a specific, confident, widely repeated belief, and it is wrong in two directions at once. No such limit is in force today. And even the rule that people…
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Your savings account probably pays 0.38%, the FDIC’s latest national average shows
Thirty-eight hundredths of one percent. On a $10,000 balance left alone for a full year, that comes to $38 in interest, or a little over three dollars a month. That is not a figure from a rate-comparison site or a single unlucky bank. It is the national average paid on savings accounts by every insured…
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Report a lost debit card within two business days and you owe at most $50, but unreported charges after 60 days carry unlimited liability
The clock that decides what a stolen debit card ends up costing does not start when the card goes missing. It starts at the moment the cardholder realizes it is gone. Federal law allows two business days from that realization, and the distance between beating that deadline and missing it is the distance between a…
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The Fed’s hold Wednesday keeps savings yields and card APRs flat, and three officials dissented for a hike
A quarter of the officials voting at the Federal Open Market Committee’s July meeting declined to sign the statement their colleagues released Wednesday afternoon, and all three of them wanted rates moved in the same direction. Not down. Up. The Committee’s decision to leave its benchmark alone carried by a 9 to 3 vote, and…
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Four U.S. banks have failed in 2026, two of them in one July week
The notice a bank failure generates in the Federal Register is addressed to creditors and lawyers, not to the people who kept a checking account there. That division is the design. At every American bank placed in federal receivership this year, the cost of the failure was routed to the federal Deposit Insurance Fund rather…