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According to a study by Trusteer, a security firm, 73% of internet users use the same password for online banking and other sites. This is not a good idea.
If you use the same password to access multiple accounts, so can an identity thief. I recommend generating long, complex random passwords for your bank accounts, and keep track of them using KeePass, a free password safe. Use a unique password for KeePass–for example, a long sentence in which you replace all the As with @s and all the Os with 0.
Mann Bracken, the enormous debt-collection law firm, recently closed its doors, leaving hundreds of thousands of consumers unable to resolve their debts. Since Mann Bracken sues on many of its debts, the sudden closure also left courts in confusion.
One Maryland judge decided to take drastic measures. According to The Baltimore Sun, he dismissed “tens of thousands” of lawsuits in which Mann Bracken was involved. This is a highly unusual remedy, since the creditors could ordinarily simply hire a new lawyer to represent them in those lawsuits.
If you were paying Mann Bracken when it went belly-up, contact the original creditor to confirm that it will honor any settlement you may have reached.
Credit card security codes (CVV2 codes) are not stored on your card’s magnetic strip, and merchants may not keep them. Providing it ensures that you have the actual card in your possession. Maryland consumer rights lawyer Sonya-Smith Valentine explains:
California attorney Ben Pavone refuses to pay his credit card debt until Bank of America lowers his interest rate. Pavone has also threatened to sue Bank of America if they try and ruin his credit because of his non-payment.
Pavone asked BOA for an increased credit limit a few months ago, when he needed the extra cash. BOA replied by lowering his credit limit.
When T-Mobile threw a $9.99 charge on my bill, I was ready to ditch T-Mobile and never look back. But in the comments to that post, as well as the comments to a similar post on Consumerist, I learned there was nowhere to go. All the major cell phone carriers engage in preacquired account marketing—or third-party billing, as they prefer to say.
Faced with no good options, it makes sense to look at price. What I found was that the most-expensive phone works out to cost significantly less.
Note to banks accused of misleading investors: hypocritical defenses will not fly.
Bank of America told its investors that it would not pay bonuses to Merrill Lynch executives as part of the merger. At the same time, BOA authorized Merrill Lynch to pay up to $5.8 billion in discretionary year-end bonuses; $3.6 billion in bonuses were actually paid.
One Consumerist commenter was successful in asking T-Mobile to block third-party billing. Two minutes later, so was I, and the customer service representative I spoke with did not give me any grief. Just call 611, ask for an operator, and tell them you want them to block third-party billing.
This should work with other cell phone service providers, as well.
Because of a recent settlement between the Minnesota Attorney General’s office and Sprint, customers who think they were misled by Sprint about their contract can apply to Sprint for refunds. Sprint warns, however, that merely applying for a refund does not ensure you will get one.
When I wrote about preacquired account marketing for Consumerist back in October, I never dreamed I would fall victim to the scam. I also never dreamed the company who screwed me would be T-Mobile, a company I have had a relationship with since February 11, 2004 (I checked), and from which I have always received [...]
We get all kinds of comments here. Some are helpful and relevant, others are barely-coherent, ad hominem diatribes. Lots are somewhere in between. Until now, I have approved nearly every non-spam comment. No more.
I got the word a few days ago that gigantic debt collection law firm Mann Bracken was going under. Atlanta consumer lawyer Tim Cook says Mann Bracken’s lawyers are out of work and the phones are instructing callers to contact their creditors. Could it be?
It could. Mann Bracken has been under fire in Georgia, and [...]
New regulations designed to stop credit card lending abuses cap the first-year fees a credit card issuer may charge at 25% of the credit limit. So First Premier Bank is doing just that, charging $75 for a credit card with a $300 limit. But since the new law does not limit interest rates, First Premier [...]
Despite accepting taxpayer’s bailout money, Citigroup refuses to show sympathy to consumers.
A local parking attendant bought a television on credit with Citigroup back in 2007. At the time of purchase, the receipt mentioned a deferred interest promotional offer, with no further explanation on the receipt or from the salesperson.
The consumer made monthly payments well in [...]
Take a moment to look over your Facebook profile, and consider all the information your friends have access to. Your name, address, and date of birth? How many of the answers to your “security” questions for your financial websites are contained within your profile or updates?
Only friend people you know. Nearly half of Facebook users [...]
Despite the new credit card laws go into effect in February, credit card companies are putting the financial hurt on customers.
According to a report from Safe Credit Card Project:
99.7% of bank cards allowed card issuers to boost rates on outstanding balances.
90% of bank cards increased their penalty rates.
Interest rates jumped an average of 20% from [...]
One of the first things you should do when you have a child—or even before—is to set up a 529 college savings account. Earnings from money in a 529 plan are not taxed as long as they go towards qualified education expenses. But the maintenance fees can add up over time. You can expect to [...]
To get a free credit report, visit annualcreditreport.com. Stay away from the misleading “free”creditreport.com, which is not free, but somehow still doing business despite its incredibly misleading name.
Most cell phone service providers offer a “free” phone when you sign up for a two-year contract. The phones are not free, of course, you just pay for them over time. How much? Nobody knows, but T-Mobile just gave a clue.
T-Mobile recently introduced a plan where you cannot get a “free” phone, and it costs [...]
According to a study by Trusteer, a security firm, 73% of internet users use the same password for online banking and other sites. This is not a good idea.
The Federal Trade Commission has posted a video on their 
California attorney Ben Pavone refuses to pay his credit card debt until Bank of America lowers his interest rate. Pavone has also threatened to sue Bank of America if they try and ruin his credit because of his non-payment.
When T-Mobile threw a $9.99 charge on my bill, I was ready to ditch T-Mobile and never look back. But 
Note to banks accused of misleading investors: hypocritical defenses will not fly.
Whether or not you have been 
Because of a recent settlement between the Minnesota Attorney General’s office and Sprint, customers who think they were misled by Sprint about their contract can apply to Sprint for refunds. Sprint warns, however, that merely applying for a refund does not ensure you will get one.
Revised Comment Policy
January 5, 2010We get all kinds of comments here. Some are helpful and relevant, others are barely-coherent, ad hominem diatribes. Lots are somewhere in between. Until now, I have approved nearly every non-spam comment. No more.