Wells Fargo Sued Over Clients’ Zelle Losses

Zelle is a handy way to transfer money but it’s also an easy way to lose it. A class action lawsuit charges that Zelle and Wells Fargo aren’t doing enough to protect their clients against fraud. Other banks face similar suits. In the Wells Fargo lawsuit, Luke Hartsock alleges that he lost $7,500 to thieves […]

Edfinancial Fined for Misleading Student Borrowers

The latest development in the scandal-ridden student loan program involves a small Tennessee company, Edfinancial Services, ordered to pay a $1 million civil penalty for misleading student borrowers. “Edfinancial’s failure to tell the full truth to borrowers, so it could pad its bottom line highlights a systemic problem with loan servicing,” said Rohit Chopra, director […]

Credit Reports Used to ‘Extort’ Consumers into Paying Healthcare Bills

The American healthcare and credit reporting systems work in tandem to “coerce and extort patients into paying medical bills they may not even owe,” a new report from the U.S. Consumer Financial Protection Bureau (CFPB) finds. “When it comes to medical bills, Americans are often caught in a doom loop between their medical provider and […]

There’s Money Lurking in Your Closet

Can you name an asset that has steadily appreciated in value over the past decade, impervious to market fluctuations, appreciating 500% between 1980 and 2015? It’s not financial services or heavy industry or even technology. It’s the Hermes Birkin bag. Yes, a handbag. But not just any handbag. The Birkin bag, created by the late […]

Predatory Puppy Loans Make Consumer Groups Growl

Having a pet is expensive enough without paying exorbitant interest rates when you finance the purchase of your pup. (Of course, you should adopt not purchase but that’s another story). The problem with the puppy loans arises when consumers finance their new animal friend through the pet store. Many of these stores use EasyPay Finance […]

Boost Customers Face Service Disruption in January

Nine million U.S. consumers rely on the prepaid cellphone service Boost, formerly a division of Sprint. But a complex series of maneuvers by T-Mobile, AT&T and Dish Network may leave those customers without service early next year. Officials at the U.S. Justice Department have expressed “grave concern” over the possibility of a Boost shutdown in […]