fees – Impact Lab

Only 1 in 10 consumers in debt-settlement programs actually end up debt free

October 22, 2012

Only about one in 10 consumers participating in debt-settlement programs actually ends up debt-free in the promised period of time.

Debt settlement companies claim that they can significantly reduce someones debt for just pennies on the dollar. And desperate debtors are looking for a quick fix to a problem that they have spent years creating. They want the phone calls and letters to stop. They want to get rid of the stress they are experiencing.

Continue reading… “Only 1 in 10 consumers in debt-settlement programs actually end up debt free”

Analysis, Business, Latest Trend

Growing number of poor people land in jail as for-profit companies add huge fees for probation

July 5, 2012

Private probation companies add huge fees for probation.

Gina Ray, 31 and unemployed was fined $179 for speeding three years ago. She failed to show up at court (she says the ticket bore the wrong date), so her license was revoked.

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Analysis, Breakthrough Thinking, Current Events, Economy, Latest News

Dwolla drops fees for transactions under $10 in prelude to larger announcement

December 1, 2011

Dwolla is forever changing the way credit cards are transacted.

Online and mobile payment service Dwolla has announced that all transactions under $10 will have no fee from now on. This is of course great news for small businesses and merchants whose average transaction is below that. Anything above still carries the flat $0.25 fee…

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Business, Latest Trend, Money Talk

Credit unions benefit from backlash against big banks

November 12, 2011

Credit unions added more new members during that month than in all of 2010.

Credit unions are benefiting from the backlash against big banks over new fees. And in Texas, credit unions gained $326 million in new deposits from 47,000 new members during the month leading up to the so-called Bank Transfer Day. The Saturday event was orchestrated by an online campaign urging consumers to move their money from banks to the generally smaller credit unions.

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Business, Latest Trend, Money Talk

Small banks, credit unions capitalize on big banks’ fees

October 7, 2011

Bank of America will begin charging customers a $5 monthly fee in 2012 to use their debit cards for purchases.

There is widespread hostility toward new fees charged by some of the nation’s largest banks and Community banks and credit unions are moving quickly to take advantage of that.

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Analysis, Business, government, Latest Trend, Money Talk

Prepare to say goodbye to the free checking account

September 26, 2011

The free checking account will soon be gone.

According to a survey released by Bankrate.com only 45% of non-interest bank checking accounts are free, down from 65% in 2010 and 76% two years ago. Fees, meanwhile, are rising: The average monthly fee for a non-interest account is $4.37, up 75% from a year ago.

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Analysis, Business, Economy, Money Talk

The Great Bank & Credit Card Backlash

June 4, 2011

The smell of corruption is offending more than few nostrils

Futurist Thomas Frey: Recent attempts by Congress and the Federal Reserve Board to curb the excessive fees being charged by credit cards, banks, and finance companies have resulted in a punitive industry response with interest rates and fees climbing in almost every category. This action has resulted in nothing short of a full-scale revolt by a victimized-feeling public.

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Analysis, Education, Latest Trend

Higher Education Reforms in England Will Triple Fees in 2012

April 10, 2011

Two thirds of universities will charge the highest possible tuition fee.

The Coalition’s policy on tuition fees risked descending into chaos after it emerged that two thirds of universities would charge the maximum £9,000 a year for degree courses. Ministers were accused of “losing control” of their flagship higher education reforms as growing numbers of vice-chancellors unveiled plans to almost triple fees in 2012.

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Analysis, Business, Science & Technology News

Adoption of Mobile Wallets Being Slowed by Behind-the-Scenes Battle Among Corporate Giants

March 24, 2011

Consumers would wave their phones instead of swiping credit cards at the checkout counter.

The cellphone has been more than a cellphone for years, but soon it could take on an entirely new role — standing in for all of the credit and debit cards crammed into wallets. Instead of swiping a plastic card at the checkout counter, consumers would merely wave their phones.

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Alternative Transportation, Latest Trend, Money Talk, Science & Technology News

More Airline Passenger Carry-Ons Costing Taxpayers Millions

March 4, 2011

Luggage fees have prompted more passengers to carry-on their bags.

When airline passengers choose to carry their luggage onto a plane instead of checking it with an airline it may save them a few bucks in bag fees, but it’s costing taxpayers about a quarter-billion dollars a year.

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Analysis, Big Problems, Business, Economy, Latest Trend, Money Talk

Consumers Beware – Reloadable Prepaid Debit Cards Loaded with Fees

January 18, 2011

Reloadable prepaid debit cards represent one of the fastest-growing segments of the financial services industry.

Last year, Michael Abukhader’s 12-year-old son, Jacob, received a $30 NASCAR prepaid Visa card from an aunt who thought it would provide a convenient way to give him cash for birthdays and other events. But once Abukhader, who lives in Queen Creek, Ariz., reviewed the terms of the card, he closed the account.

Continue reading… “Consumers Beware – Reloadable Prepaid Debit Cards Loaded with Fees”