Is your current bank account statement accurate?

A funny thing happened to me. Well it wasn't that funny. I was reviewing my bank statement and saw a current charge from an eatery I hadn't visited in seven months. I know because my wife has a mind like a steel trap. I went to the bank to discuss the charge. While researching the charge we discovered that the eatery had not charged us while we were there seven months ago. The banker informed us that businesses can reconcile their credit receipts at later times. Seven months is a long time for a business to have the ability to charge your account if you are not under contract. Now I don't agree with this and will pursue it further, but it tells me that we should always check our statements monthly if not more.



Source: Fresh Start Consumer Care, LLC www.freshstartconsumercare.com

Banks Circling the Wagons on the Heels Credit Card Reform

If you have followed the latest banking news, you may have noticed that Chase bank is exploring placing a $50 or $100 cap on your debit card. This restriction may also apply even if you use your card as credit. This means that shopping may become a bit difficult for people relying on debit cards. Imagine going grocery shopping and your card is declined because you surpassed the spending limit for that transaction. As stated in a previous blog, banks are finding ways to recoup their lost revenue due to the Credit Card Reform Act of 2009. Banks can currently charge businesses 44 cents per debit/credit card transaction. This fee will be reduced to 12 cents in July. This is a huge loss for banks that inevitably will be passed on to the consumer by possibly reducing your spending limit.  You may want to contact your bank and ask what changes may be coming to you. The next time you go shopping you may want to have your checkbook handy or as the old saying goes, "Cash is King."

Source: Fresh Start Consumer Care, LLC www.freshstartconsumercare.com

Home Loan Modification On The Chopping Block

While the Home Affordable Modification Program has not saved as many Americans from home foreclosure as the projected, there have been some victories. The program was enacted shortly after President Obama took office. It was to be a tool to help many Americans remain in their homes; however banks still had the option of rejecting new loan terms.  While I can see both sides, Republican and Democrat, I believe we still need to keep this program in place. The program in its current state is not producing the desired results; however there may be other means to enhance the program. Helping some homeowners recover is better than helping none at all. The new legislation to terminate the program will probably pass in the House controlled by Republicans; however it is expected that the White House will block it.

Source: Fresh Start Consumer Care, LLC www.freshstartconsumercare.com