GAO: Bank fees skyrocket, lack transparency

A new GAO report coming out on Monday details rising bank fees and lack of transparency in fee disclosure.  The report says overdraft protection fees increased 11% between 2000-2007.    Excepts from Sunday’s Washington Post story on the report:
“Banks are failing to provide consumers with information about fees on savings and checking accounts even though federal rules require such disclosures.”
“The GAO [...]

Do Ohio credit unions offer cheaper short-term loans? Not clear.

The story below describes how credit unions in Ohio are getting into the short-term loan business.   One credit union is offering an 18% loan, BUT with a $35 sign-up fee.  The reporter didn’t bother to calculate the total cost of that type of loan compared to a payday advance.  Lisa Ferguson of Checksmart Financial, a CFSA board [...]