Source: U.S. Treasury
Showing posts with label Chapter 05 Cash Management. Show all posts
Showing posts with label Chapter 05 Cash Management. Show all posts
Thursday, January 6, 2011
Thursday, November 18, 2010
New Jersey Can’t Take Unused Gift Cards
Source: Law.Com
U.S. Judge Enjoins N.J. Law Allowing State To Swipe Unused Gift Cards
By Charles Toutant
New Jersey Law Journal
November 15, 2010A federal judge has turned back New Jersey's attempt to help plug its budget gap by grabbing $79.5 million in unused gift card funds, finding merit in challengers' arguments that the law is on shaky constitutional ground.
Read more: registration required
Tuesday, November 9, 2010
2010 Gift Card Comparison Table
Source: CreditCards.com
There are many reasons for not giving a gift card. However, if you plan to give them as presents, this handy table from CreditCard.com can help you engage in comparison shopping.
2010 gift card comparison table
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Federal Reserve announces final rule regarding effective dates for gift card rules
Source: Federal Reserve Board
The Federal Reserve Board on Tuesday announced a final rule implementing recent legislation modifying the effective date of certain disclosure requirements applicable to gift cards under the Credit Card Accountability Responsibility and Disclosure Act of 2009.
The rule finalizes an interim final rule published in the Federal Register on August 17, 2010. For gift certificates, store gift cards, and general-use prepaid cards produced prior to April 1, 2010, the legislation and interim final rule delay the August 22, 2010 effective date of these disclosures until January 31, 2011, provided that several specified conditions are met.
Tuesday, October 26, 2010
FRB Issues Final Rules on Gift Cards
Source: Federal Reserve Board
The Federal Reserve Board on Tuesday announced a final rule implementing recent legislation modifying the effective date of certain disclosure requirements applicable to gift cards under the Credit Card Accountability Responsibility and Disclosure Act of 2009.
Tuesday, September 28, 2010
Interactive Map with Bank Failures
Source: WSJ
The Wall Street Journal has posted an interactive map that tracks bank failures by state and over time.
Wednesday, August 25, 2010
$250,000 Federal Deposit Insurance Amount Now Permanent
Source: FDIC
New consumer protection bureau also part of major reform law
The far-reaching financial reform law approved by Congress and signed by President Obama in July includes a variety of new protections for bank customers, including a permanent increase in the basic federal deposit insurance limit from at least $100,000 to at least $250,000 per depositor. Under prior law, the basic federal deposit insurance limit was set to revert back to $100,000 on January 1, 2014.
Review the New Rules on Bank Accounts
Source: FDIC
Bank Accounts Are Changing: What You Need to Know Costs may go up for checking and savings, but here are ways to pay less by going back to the basics
New rules limit the fees banks and other financial institutions can charge on some services, so it's possible that the costs of other services could go up. In the Spring 2010 issue of FDIC Consumer News, we discussed how to avoid potential interest rate and fee increases for credit cards. And here, with expectations that banks will be adding new fees or requirements on bank accounts — such as by discontinuing or limiting free checking services — we focus on ways that careful consumers can avoid unnecessary costs on their deposit accounts.
Wednesday, June 9, 2010
The Failed Bank List
Source: FDIC
The FDIC is often appointed as receiver for failed banks. This page contains useful information for the customers and vendors of these banks. This includes information on the acquiring bank (if applicable), how your accounts and loans are affected, and how vendors can file claims against the receivership
Tuesday, May 25, 2010
Thursday, April 22, 2010
New Rules for Gift Cards
Source: Board of Governors of the Federal Reserve
New Federal Reserve rules provide important protections when you purchase or use gift cards. Here are some key changes that apply to gift cards sold on or after August 22, 2010:
Tuesday, March 23, 2010
FRB Issues New Gift Card Rules
Source: FRB Release Date: November 16, 2009
For immediate release
The Federal Reserve Board on Monday announced proposed rules that would restrict the fees and expiration dates that may apply to gift cards. The rules would protect consumers from certain unexpected costs and would require that gift card terms and conditions be clearly stated.
The proposed rules would prohibit dormancy, inactivity, and service fees on gift cards unless: (1) there has been at least one year of inactivity on the certificate or card; (2) no more than one such fee is charged per month; and (3) the consumer is given clear and conspicuous disclosures about the fees. Expiration dates for funds underlying gift cards must be at least five years after the date of issuance, or five years after the date when funds were last loaded.
The Board's proposed rules generally cover retail gift cards, which can be used to buy goods or services at a single merchant or affiliated group of merchants, and network-branded gift cards, which are redeemable at any merchant that accepts the card brand.
The proposed rules are issued under Regulation E (Electronic Fund Transfers) to implement the gift card provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009.
The Board's notice is attached. Comments on the proposal must be submitted within 30 days after publication in the Federal Register, which is expected shortly.
Federal Register notice: HTML | 200 KB PDF
Monday, March 15, 2010
Credit Card “Convenience” Checks
Source: FDIC Consumer News
Blank Checks from Your Credit Card Issuer Carry Risks and Costs
Those blank "convenience checks" from your credit card company offer a quick way to write yourself a loan, pay bills or transfer other loans to your credit card account. But be aware that the use of a convenience check is a "cash advance" that comes with high costs and other potential pitfalls.
Monday, March 8, 2010
Monday, February 8, 2010
Have a complaint about your bank?
The Federal Financial Institutions Examination Council has a Consumer Help Center that directs consumers with complaints and questions about their bank or financial institution to the appropriate federal bank regulatory agency that can help them with their concerns.
Monday, January 25, 2010
Updated UBS Dictionary of Banking
From website:
Read more.This updated edition of the «UBS Dictionary of Banking» contains definitions of over 2,400 terms, incorporating the latest information available from our Research department. This represents an increase – compared to the highly successful 2000 edition – of some 260 terms, the majority drawn from the area of wealth management. In future, the dictionary will be updated and expanded on an ongoing basis, so you will continue to benefit free of charge from UBS's vast expertise in financial theory and practice.
Thursday, January 21, 2010
Who Does Not Have a Bank Account?
This is the question the 2009 National Survey of Unbanked and Underbanked Households prepared by the FDIC attempts to answer.
Key Overall Findings
• An estimated 7.7 percent of U.S. households, approximately 9 million, are unbanked.3 At least 17
million adults reside in these unbanked households .
• The proportion of U.S. households that are unbanked varies considerably among different racial
and ethnic groups, with certain racial and ethnic minorities more likely to be unbanked than the
population as a whole. Minorities more likely to be unbanked include blacks (an estimated 21.7 percent
of black households are unbanked), Hispanics (19.3percent), and American Indian/Alaskans (15.6
percent). Racial groups less likely to be unbanked are Asians (3.5 percent) and whites (3.3 percent).5
• In addition to the unbanked households, an estimated 17.9 percent of U.S. households, roughly 21
million, are underbanked.6 The number of adults that reside in these underbanked households is about 43 million.7
• Certain racial and ethnic minorities are more likely to be underbanked than the population as a whole.
Minorities more likely to be underbanked include blacks (an estimated 31.6 percent), American Indian/
Alaskans (28.9 percent), and Hispanics (24.0 percent). Asians and whites are less likely to be
underbanked (7.2 percent and 14.9 percent, respectively).
“When people don’t have savings, they become vulnerable. Whenever there is even a small crisis, everything comes tumbling down. We need to emphasize the need to save and the need for delayed gratification. It’s important to save for tomorrow.”
—Ann Baddour, senior policy analyst at Texas Appleseed, a public interest law organization, at the FDIC’s Face Your Finances Road Show in Dallas
Friday, November 27, 2009
Federal Reserve announces final rules prohibiting institutions from charging fees for overdrafts on ATM and one-time debit card transactions
The Federal Reserve Board announced final rules that prohibit financial institutions from charging consumers fees for paying overdrafts on automated teller machine (ATM) and one-time debit card transactions, unless a consumer consents, or opts in, to the overdraft service for those types of transactions.
Before opting in, the consumer must be provided a notice that explains the financial institution's overdraft services, including the fees associated with the service, and the consumer's choices. The final rules, along with a model opt-in notice, are issued under Regulation E, which implements the Electronic Fund Transfer Act.
Thursday, November 19, 2009
FED Cracks Down on Gift Card Abuses
Release Date: November 16, 2009
For immediate release
The Federal Reserve Board on Monday announced proposed rules that would restrict the fees and expiration dates that may apply to gift cards. The rules would protect consumers from certain unexpected costs and would require that gift card terms and conditions be clearly stated.
The proposed rules would prohibit dormancy, inactivity, and service fees on gift cards unless: (1) there has been at least one year of inactivity on the certificate or card; (2) no more than one such fee is charged per month; and (3) the consumer is given clear and conspicuous disclosures about the fees. Expiration dates for funds underlying gift cards must be at least five years after the date of issuance, or five years after the date when funds were last loaded.
The Board's proposed rules generally cover retail gift cards, which can be used to buy goods or services at a single merchant or affiliated group of merchants, and network-branded gift cards, which are redeemable at any merchant that accepts the card brand.
The proposed rules are issued under Regulation E (Electronic Fund Transfers) to implement the gift card provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009.
The Board's notice is attached. Comments on the proposal must be submitted within 30 days after publication in the Federal Register, which is expected shortly.
Federal Register notice (308 KB PDF)
Wednesday, October 14, 2009
Overdraft Fees Up Sharply
The Center for Responsible Lending reports that overdraft fees have risen 35% over the last two years.
Summary Findings:
- Finding 1: Over 50 million Americans overdrew their checking account at least once over a
12-month period, with 27 million accountholders incurring five or more overdraft
or non-sufficient funds (NSF) fees.- Finding 2: Banks and credit unions collected nearly $24 billion in overdraft fees in 2008.
- Finding 3: Overdraft fee income for banks and credit unions rose 35 percent from
2006 to 2008.
Tuesday, September 1, 2009
FDIC Videos on Deposit Insurance
The FDIC has several informative videos covering FDIC deposit insurance.
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