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Fine Print Alert

Fine Print Alert: CFPB Dishes Out More Fines

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

Fine Print Alert: CFPB Dishes Out More Fines

In our weekly Fine Print Alert we call out news from the financial community and shine a spotlight on any sneaky changes in the fine print. We also share our favorite reads from the week.

FINE PRINT ALERT

 The CFPB is Ordering Two More Banks to Pay Up… 

Last week the CFPB hit Chase and this week Discover and Citibank are both handing over money.

Discover has been ordered to pay 18.5 million dollars for allegedly engaging in illegal practices for the repayment and collection of student loans. Discover is the third largest student-loan lender by origination volume. The CFPB maintains that Discover used illegal debt-collection tactics, overstated the minimum amount borrowers needed to pay each month and did not give borrowers information about how the borrowers could receive federal income tax benefits. Discover will be returning $16 million to more than 100,000 borrowers as well as giving account credit to about 5,200 who overpaid their minimums. Nearly 130,000 borrowers will receive up to $300 or account credit of $75 for each tax year to amend for their 2011 or 2012 tax returns.

Citibank was fined $35 million by the CFPB and is being ordered to reimburse $700 million to the consumers who were victims of deceptive marketing, unfair billing practices and deceptive collection practices. This included over-stating the benefits of add-on insurance products, misrepresenting the cost of a fee to pay by phone and being enrolled in programs without being qualified.

FAVORITE READS FROM AROUND THE WEB

When smart personal finance habits just become stupid When you start getting your finances in order, it’s exciting. You see the basic concepts and rules of personal finance in action, and, after a while, they start to pay off. This makes it easy to become a personal finance devotee. But even the best financial advice can become counterproductive.Sometimes we try to use these rules when they don’t make much sense. Here are a few instances when otherwise smart personal finance concepts become kind of silly. Kristin Wong shares 4 ways that typically smart personal finance moves can result in some stupid behaviors on LifeHacker’s Two Cents blog.

A choice you make for your money today could cost you as much as $100,000 by the time you retire Erickson and Madland pinpoint two overarching problems with the fee structure of the investment options offered to most Americans through their retirement accounts: First of all, the fees are difficult to understand, and second, they “are often simply too high.” They point out that the better Americans understand the fees, the more likely they are to choose low-cost investments for their savings. Libby Kane shares details of the study from the Center for American Progress on Business Insider.

 

Erin Lowry
Erin Lowry |

Erin Lowry is a writer at MagnifyMoney. You can email Erin at erin@magnifymoney.com

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Citibank Fined $35 Million And Forced To Reimburse $700 Million To Customers

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

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Today the Consumer Financial Protection Bureau (“CFPB”) announced a $35 million fine for Citibank. In addition, it has ordered the bank to reimburse $700 million to consumers who were victims of deceptive marketing, unfair billing practices and deceptive collection practices. In a consent order, the CFPB used aggressive language to describe the actions of Citibank. For years, Citibank sold insurance products, credit monitoring and fraud protection protects to their credit card and store card customers. Those products included AccountCare, Balance Protector, Credit Protector, Payment Safeguard, IdentityMonitor, DirectAlert, PrivacyGuard and Citi Credit Monitoring Services. The CFPB took issue with how these products were sold to consumers. Citibank was also charged with over-billing consumers and extracting excessive fees from consumers in collections. The client reimbursements are supposed to happen automatically. If you think you should have been reimbursed, you can complain directly to the CFPB via their website.

Deceptive Marketing

Add-on insurance products historically have been sold aggressively by call centers and, for store cards, at the checkout counter. The CFPB found example of misrepresentation by the sales agents. For example, customers were told that the first 30 days were free. However, they were still charged for the first 30 days. In another example, customers were told that they would not be charged if they paid their balance in full. However, the customers would have had to make payments before the statement is produced. If there was a statement balance, consumers would be charged.

For the fraud products, Citibank over-stated the benefits. Customers were told that the product would detect fraudulent purchases. However, the product only had access to bureau data. And bureau data only has balance data, not transactional data. Citibank was not monitoring transactions for fraud, although they made that claim in their advertising.

During the sales process, consumers often did not realize that they were enrolling in the program. And there were examples of consumers being enrolled even though they were not eligible for benefits. For example, some credit protection policies may not cover self-employed individuals. However, even though Citibank knew that cardholders were self-employed and ineligible for benefits, they were still sold the product.

Collection Practices

For certain store card relationships, Citibank would offer “pay by phone.” There was a $14.95 fee to pay by phone. During the phone calls, the representatives did not make clear that the fee was to expedite the payment, and ensure it posted on the same day. Instead, the agents implied that the fee was charged for all phone payments. Many consumers paid the expedited payment fee when they didn’t need to make that payment.

Citi To Change Its Practices

Citibank will be reimbursing customers up to $700 million. $479 million will be given to customers who were the targets of deceptive marketing. $196 million will be paid to customers who were enrolled in credit monitoring services. And $23.8 million will be given to customers who paid excessive “pay by phone” fees. Citi is required to “conveniently repay consumers.” In other words, Citi cannot set up a process where consumers need to reach out. Instead, the burden is on Citi to reimburse its customers automatically. Some reimbursements have already happened, and more are on the way.

In addition, sales practices, fees and billing practices will be changing at Citi to ensure these breaches will not happen again.

Should We Ever Buy These Products?

Add-on products have generally been a bad deal for consumers. Call center agents typically receive large bonuses to sell the products. The value for consumers is usually low. And the objective for the bank is to sign up consumers into a recurring billing product. The chance of a consumer canceling or claiming is very low.

As a general rule, consumers should avoid buying insurance from providers of loans. If you need life insurance, you should shop around for term life insurance that covers all of your needs, not just your loan or credit card balance.

Credit monitoring is now basically a free service. Websites like CreditKarma, CreditSesame and Quizzle all offer free access to your credit reports. CreditKarma can help you set up basic fraud monitoring. There is no real reason to pay for this advice any longer. And if you want the best form of fraud protection, you should put a fraud block on your account. That is the best way to ensure your account is not compromised. And if you want true transaction monitoring, you should sign up for alerts with each of your credit cards individually.

But there is an even simpler rule. If you are ever being sold insurance at the end of any purchase, you should probably avoid buying it. Insurance is great. But you should shop for it and find the best deal. And it should protect all of your needs. If you call customer service to make a payment, and then hear “for less than the cost of a Pepsi a day, you can protect your family,” you should probably just hang up.

Although these fines are steep, they are still much less punitive than equivalent fines of British banks in the UK. Not only did customers receive a refund, but the refund was compounded at an 8% interest rate annually. Although the $735 million will be painful to Citibank, management should feel lucky that British regulators didn’t set the fine.

 

Nick Clements
Nick Clements |

Nick Clements is a writer at MagnifyMoney. You can email Nick at nick@magnifymoney.com

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Fine Print Alert

Fine Print Alert: What Happens If the Fed Raises Interest Rates

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

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In our weekly Fine Print Alert we call out news from the financial community and shine a spotlight on any sneaky changes in the fine print. We also share our favorite reads from the week.

FINE PRINT ALERT

Could interest rates be changing soon…?

Those who regularly follow financial news might have seen recent articles wondering if the Federal Reserve will be changing benchmark interest rates by the end of the year. There is no need to panic, but those with a variable interest rate should understand the implications of a rate hike. This would be the first rate increase in nearly a decade. The initial increases would likely be small, but the Fed could raise rates several times over the course of a few years. Those with a variable interest rate linked to the “prime rate” (ie: credit cards or adjustable rate mortgages) should prepare to see an increase in interest rates.

MAGNIFYMONEY IN THE NEWS

FAVORITE READS FROM AROUND THE WEB

  • Why millennials may be risking their retirements with this investment I can’t help but wonder, however, whether those young investors would have been less enthusiastic if they were aware of some of the less appealing aspects of fixed indexed annuities, such as the fact that many levy steep surrender charges, which I’ve seen go as high as 18%, if you withdraw your money soon after investing. Walter Updegrave shares why fixed indexed annuities may not be the best choice for young investors on Money.
  •  Is 50 Cent really broke? Why a millionaire would file for bankruptcy. So, is 50 Cent suddenly broke? Not necessarily. It is rare for individuals to file for Chapter 11 bankruptcy, a measure usually reserved for corporations that need to be restructured. But people looking to reorganize their debts might also use Chapter 11, bankruptcy experts say. For Jackson, the filing might give him more time to pay his debts and give him a chance to come up with a payment plan, an option he might not have without Chapter 11. Jonelle Marte from Business Insider shares the details of why Curtis James Jackson III would file for bankruptcy without actually being broke.
Erin Lowry
Erin Lowry |

Erin Lowry is a writer at MagnifyMoney. You can email Erin at erin@magnifymoney.com

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Fine Print Alert

Fine Print Alert: LendingClub Makes an Interesting Partnership

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

Fine Print Alert: Lending Club Makes an Interesting Partnership

 FINE PRINT ALERT

LendingClub teams up with smaller banks…

More than 200 community banks have signed a deal with LendingClub for helping pitching consumer loans. Even though LendingClub should be considered a rival, these banks are looking for help getting back into the unsecured consumer loans business after losing customers to bigger banks. LendingClub will send direct mail with a co-branded partnership to community bank customers and then share in some of the revenue from any converted loans. The community banks hope customers will remain loyal to the branches for other products like mortgages and small business loans.

Read more about the deal on the Wall Street Journal. 

 Fifth Third Bancorp to close approximately 100 branches…

Fifth Third Bancorp will be closing about 100 branches and 30 other properties. Not surprisingly, this move comes as the popularity of online bank continues to rise. Reducing branches is expected to save about $60 million a year.

FAVORITE READS FROM AROUND THE WEB

  • Can I Really Negotiate My Doctor’s Bills? Every procedure has a unique billing code (a unique five-number code you’d find on your doctor’s or hospital bill next to the service). Once you’ve got the right code, that makes it easier to call around to compare rates. Mandi Woodruff offers other ways to negotiate a doctor’s bill on Yahoo! Finance.
  • The Short Stories We Tell Ourselves About Everyday Spending I love a good story. In fact, I used to tell myself at least one new story every time I opened my credit card statement. “Oh,” I’d say to myself, “I was so busy last month, it makes perfect sense that I ate out a dozen times. I’ll just eat out less next month.” Carl Richards explains how we all make up stories when the credit card statement gets opened in this week’s New York Times Your Money column.
  • Three Retirement Loopholes Seen Likely to Close There are plenty of tips and tricks to maximizing your retirement benefits, and more than a few are considered “loopholes” that taxpayers have been able to use to circumvent the letter of the law in order to pay less to the government. But as often happens when too many people make use of such shortcuts, the government may move to close three retirement loopholes that have become increasingly popular as financial advisers have learned how to exploit kinks in the law. Liz Weston details 3 retirement loopholes we may be saying good-bye to soon on Reuters.

 

Erin Lowry
Erin Lowry |

Erin Lowry is a writer at MagnifyMoney. You can email Erin at erin@magnifymoney.com

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Fine Print Alert

Fine Print Alert: How to Crush Credit Card Debt

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

Fine Print Alert: How to Crush Credit Card Debt

BIG NEWS FROM MAGNIFYMONEY

Co-founder Nick Clements is now a published author and part of the Forbes Signature Series. If you feel trapped in credit card debt, and want help building a plan to become debt-free, this book is for you. “Secrets from An Ex-Banker: How To Crush Credit Card Debt” is now on sale at Amazon and iBooks.

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OUR FAVORITE READS FROM AROUND THE WEB

  • The Pros and Cons of Sharing Your Money Goals After Matthew Robinson heard about Linkagoal, a social networking site for people who want to share their goals, he decided to join. He posted that he wanted to start a clothing brand, and soon afterward, heard from a friend on the site who said he could help him with that. He began sharing more goals, from taking his dad to a San Francisco Giants game to getting an A on a final exam, and felt motivated by the encouragement from others on the platform.  Learn more about sharing your money goals from Kimberly Palmer on US News.
  • Odd Couples: Why Partners Do Not Talk About Salaries When Kristi Sullivan quizzed her husband about how much money she made last year, the Denver financial planner was shocked to discover he was off by a wide margin. Although they have been married for 18 years, with two kids, her hubby missed the mark by $8,000. Chris Taylor of Reuters shares findings about just how many couples don’t know about their partners’ salaries.
  • Why Affluent Parents Clam Up About Their IncomesThe survey offers six possible reasons (and “other”) why people may not want to discuss their income with their children. Far and away the most popular response was “It’s none of their business,” with 32 percent. An identical number responded the same way to the question about why they may not be disclosing their net worth. This most popular of responses may also be the worst possible one. Ron Lieber of the New York Times shares why parents of all socioeconomic levels should be talking to their children about the family finances.

Erin Lowry
Erin Lowry |

Erin Lowry is a writer at MagnifyMoney. You can email Erin at erin@magnifymoney.com

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Fine Print Alert

Fine Print Alert: Abusive Overdraft Fees

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

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FINE PRINT ALERT

Banks generate $30 billion in abusive overdraft fees… 

This isn’t the first time we’ve harped on overdraft fees and it certainly won’t be the last. Despite the increased regulation and attempts from the CFPB to crack down on overdraft fees, banks managed to rake in $7.65 billion in the first three months of 2015. Overdraft fees have been reduced by 4% compared to 2014, but are still expected to bring in $30.6 billion in 2015.

Read more about when overdraft fees are considered predatory. 

MAGNIFYMONEY IN THE NEWS

OUR FAVORITE READS FROM AROUND THE WEB

[Student Loans Edition]

  • Paying off student debt or saving for retirement — which comes first? – Your student loan bills may be overwhelming, but don’t give up on saving for retirement quite yet. First, do what you can to reduce your loan payments. Lots of people don’t realize that they can qualify for an income-based repayment plan. Mandi Woodruff shares the steps to paying down debt and saving for the future in Yahoo Finance’s Money Minute.

  • Lost your job? Don’t panic about your student loans – When Jesse Lambert lost his job last December, he was about a level seven for panic. After paying rent in Arlington, Virginia, the 33-year-old’s student loans for his undergraduate degree and masters in international commerce were the next biggest expense at around $450 per month. Beth Pinsker of Reuters shares the steps to take in order to keep your student loans out of default, even if you’ve lost a job.
  • Taking on student debt, and refusing to pay – Still, the ramifications of defaulting and remaining in debt deliberately are usually real and lasting. After all, the federal government spends over $1 billion annually on collection agencies to get its money back on behalf of the taxpayers who pay for the loan programs. The New York Times’ Ron Lieber overviews the consequences of defaulting on student loans.

 

Erin Lowry
Erin Lowry |

Erin Lowry is a writer at MagnifyMoney. You can email Erin at erin@magnifymoney.com

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Fine Print Alert

Fine Print Alert: Corinthian Colleges Students to Be Bailed Out

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

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In our weekly Fine Print Alert we call out news from the financial community and shine a spotlight on any sneaky changes in the fine print. We also share our favorite reads from the week.

FINE PRINT ALERT

Government to offer debt-relief to Corinthian College students and graduates…

The for-profit school Corinthian College, which ran Everest Institute, Wyotech and Heald College, filed bankruptcy leaving tens-of-thousands of students and graduates in debt and without the degree they paid to complete. After significant lobbying for the government to provide debt assistance, their voices have been heard. The Washington Post reported:

On Monday, the Education Department said it will allow more students to apply to have their loans forgiven if they attended Corinthian in the last year. Instead of only letting students who attended a Corinthian school within 120 days of it closing request loan forgiveness, the department has extended the window to June 20, 2014–when the government cut off Cortinthian’s access to federal funds. The expansion would make a total of 15,000 students with about $200 million in loans immediately eligible to have their loans forgiven.

This offer currently does not apply for students who transferred credits to other institutions and continued on with their educations.

MAGNIFYMONEY IN THE NEWS

OUR FAVORITE READS FROM AROUND THE WEB

Consumers will be losers as more businesses hang up on voice mail Chase says it won’t rush to shut down voice mail for many of its workers who deal directly with consumers, so it may be months before bank customers experience a recording that says your only way of making contact is online. But that day almost certainly will come. The LA Times’ David Lazarus explains why eliminating voice mail will be a big problem for consumers.

9 part-time jobs with better perks than yours For most workers, the perks at hourly, part-time jobs are the pits — no paid vacation, health insurance, tuition reimbursement or sick pay. But some companies are bucking that trend by offering perks to hourly and part-time employees that office workers might envy. Catey Hill of Market Watch shares the new benefits being rolled out for various part-time employees.

An unprecedented number of borrowers could soon qualify for student debt forgiveness The Obama administration’s plan to forgive the federal loans of Corinthian Colleges students could usher in an unprecedented number of debt forgiveness requests from borrowers at other for-profit schools and cost taxpayers hundreds of millions of dollars. The Washington Post’s Danielle Douglas-Gabriel shares the other side of student loan debt forgiveness.

Erin Lowry
Erin Lowry |

Erin Lowry is a writer at MagnifyMoney. You can email Erin at erin@magnifymoney.com

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Fine Print Alert

Fine Print Alert: Watch Out for Student Loan Debt Relief Scams

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

Fine Print Alert: Watch Out for Student Loan Debt Relief Scams

In our weekly Fine Print Alert we call out news from the financial community and shine a spotlight on any sneaky changes in the fine print. We also share our favorite reads from the week.

 FINE PRINT ALERT

Student loan debt relief scams on the rise… 

In last week’s Consumer Watchdog, we highlighted some of the issues around student loan debt scams. These scams often come in the form of a promise (with no real guarantee) to cut down student loan payments or get borrowers out of default, in exchange for a fee of course. So borrowers end up paying for a service that can be done entirely for free by the borrower connecting directly with his or her student loan provider or researching and applying for forgiveness and income-based repayment programs.

This week, the Washington Post reported that Illinois Attorney General Lisa Madigan is on the hunt to take down scammers and demanding the Education Department get involved as well.

To be fair, the scams are not actual illegal. Debt consulting is perfectly legitimate (when certain protocols are followed). The issue is more with the predatory, high fees are for a service that involves mailing a letter or making a phone call. Something an empowered, educated borrower could do himself.

Read more here in the Washington Post. 

FAVORITE READS FROM AROUND THE WEB

‘Canceled’: When It Makes Sense to Close a Credit Card – Establishing credit can be tough, as many recent college grads are bound to discover. That makes many consumers reluctant to give up any financial flexibility. And it’s true that closing out a credit card account that you’ve had for years can temporarily hurt your credit score. As a result, many consumers often hang on to older accounts, even if the terms on those cards carry a higher interest on balances or an annual fee. But such worries can be overblown. Alex Veiga provides advice on how and when to close a credit card for the Associated Press.

Staying Out of Your Neighbor’s BusinessBut there are a few problems with this approach. We don’t have access to our neighbors’ balance sheets, so we’re relying on the consumption we see, not true net worth. So we only think we know how they’re doing, and what we think we know can get us in trouble. Carl Richards shares some sage advice in the New York Times.

That Post-College Bartender Job Could Stunt Your Career for Decades Those choices put them at a lower rung of the career ladder at a critical moment in their careers, said the EPI’s Elise Gould, Alyssa Davis, and Will Kimball in the report. While young workers will likely move up the company hierarchy or move to more lucrative careers over time, erasing that initial wage disparity could take well more than a decade, they say. Akane Otani explains why for BloombergBusiness.

 

Erin Lowry
Erin Lowry |

Erin Lowry is a writer at MagnifyMoney. You can email Erin at erin@magnifymoney.com

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Fine Print Alert

Fine Print Alert: Hackers Hit the IRS

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

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In our weekly Fine Print Alert we call out news from the financial community and shine a spotlight on any sneaky changes in the fine print. We also share our favorite reads from the week.

FINE PRINT ALERT

Hackers hit the IRS…

Keep an eye on your credit reports folks. The IRS announced that over 100,000 people’s data was compromised in a recent breech by hackers. The thieves took taxpayers’ past returns, which means access to Social Security numbers, addresses and birth dates. That’s the information needed to steal someone’s identity and cause quite a financial headache.

The IRS will be notifying people who may have been affected via mail. The IRS will also provide free credit monitoring services to those who had their data compromised. You can also be proactive by pulling your credit reports to look for any recent activity.

MAGNIFYMONEY IN THE NEWS

Nooga.com: New graduates, read this to avoid financial mistakes of predecessors 

FAVORITE READS FROM AROUND THE WEB

How This Woman Tracked Down Her Identity Thief – When Jessamyn Lovell’s wallet went missing at an art gallery in 2009, she took all the right precautions. She canceled all of her credit cards and put a fraud alert on her credit report to prevent anyone taking out new lines of credit under her name. Despite these efforts, a year and a half later, Lovell, 38, received a phone call from a police officer who had strange news: A woman in San Francisco had been arrested for using Lovell’s driver’s license to check into a swanky hotel. Mandi Woodruff shares the story on Yahoo! Finance.

Why You’re Thinking About Your Budget All Wrong – In our conversation (which you can watch in full, above), Washington noted that living according to a budget can actually enhance our lives, because it gives us a sense of exactly what we have on hand to spend, and how we can plan for the future. Think of it as a guideline for getting what you want — and not a rigid set of rules that’s preventing you from buying coffee or spending a night on the town. Maggie McGrath covers how to budget on Forbes.

More Graduates are Repaying Their Parents for College – It’s fairly often you hear about parents making their children pay their own way through school. Some parents don’t save for college, while others want their children to simply pay their own way. However, a trend has emerged with parents offering to pay for college, but with the caveat that the student has to repay the debt. Robert Farrington explains the rationale behind this new trend on Forbes. 

 

Erin Lowry
Erin Lowry |

Erin Lowry is a writer at MagnifyMoney. You can email Erin at erin@magnifymoney.com

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Fine Print Alert

Fine Print Alert: CFPB to Fine PayPal & Spike in ATM Fraud

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

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In our weekly Fine Print Alert we call out news from the financial community and shine a spotlight on any sneaky changes in the fine print. We also share our favorite reads from the week.

FINE PRINT ALERT

CFPB Seeks to Fine PayPal $25 Million…

Some PayPal users have been unknowingly signed up for lines of credit with the company after signing up for regular PayPal accounts. Customers complained that they never meant to opt into a line of credit (formerly called “Bill me later”) and only discovered it happened via welcome emails or inquires on credit reports. The CFPB is looking to fine PayPal $15 million in refunds for consumers and a $10 million penalty.

PayPal users would shop online using PayPal for payment not realizing it was defaulting to PayPal credit instead of checking accounts or credit cards linked to the account.

Find additional details here.

Debit Card Fraud at ATMs Reach an All-Time High… 

Your debit card isn’t safe. In fact, it may be your most vulnerable financial point. The highest number of attacks on debit cards swiped at an ATM occurred from January to April 9, 2015. This is the highest level for that period in at least 20 years. Attacks on nonbank ATMs (like on the mall or convenience store) rose 317%. But even ATM machines inside banks are no longer safe with attacks rising 174%. Once your information gets swiped, thieves can gain access to your checking account and take out money before you realize what’s happened.

This is just one reason we advocate to primarily use a credit card if you’re going to swipe a card and if you need cash, only use a bank ATM.

Read: Debit Card vs Credit Card — Which Should You Use? 

MAGNIFYMONEY IN THE NEWS

FAVORITE READS FROM AROUND THE WEB

Money Minute: 3 Reasons Money Isn’t Making You Happy Research has proven that spending money on stuff won’t make you happy in the long term. We get used to having the latest iPhone or fancy diamond earrings and over time the satisfaction they bring us fades. Mandi Woodruff shares three reasons why money isn’t making you happy in this week’s installment of Money Minute on Yahoo! Finance

The Best Money Advice My Dad Ever Gave Me Especially when you’re young, you need to be willing to take risks. Whether it’s moving to a new city or investing in stocks for the first time, doing something new may be scary, but it might also offer the greatest rewards. The trick is to have a well-devised plan. And remember: If you fail, your youth affords you plenty of time to recover. Stacey Rapacon shares 7 money lessons from her father on Kiplinger.

Top Then Things We Learned from David Letterman About Money David Letterman was always his own man. In the warring-with-Leno years, if he’d once attempted to be a “me too” version of The Tonight Show it never would have worked. His career was long because he didn’t compare himself to the Joneses. He won Emmys because he didn’t compete. Average Joe of Stacking Benjamins shares 10 money lessons learned from watching David Letterman.

Erin Lowry
Erin Lowry |

Erin Lowry is a writer at MagnifyMoney. You can email Erin at erin@magnifymoney.com

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