Government launches crackdown on unfair credit cards
by Federal Reserve
The Federal Reserve Board proposed rules to prohibit unfair practices regarding credit cards and overdraft services that would, among other provisions, protect consumers from unexpected increases in the rate charged on pre-existing credit card balances. The rules also would forbid banks from imposing interest charges using the two-cycle billing method, would require that consumers receive a reasonable amount of time to make their credit card payments, and would prohibit the use of payment allocation methods that unfairly maximize interest charges.
5 Tips for Protecting Your Checking Account
by Federal Reserve
Don’t give your account number and bank routing information to anyone you don’t know. Give out your account information for transactions only if you are familiar with the company you are dealing with. And if you have not done business with a company before, give out account information only if you have initiated the transaction.
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