| Overdraft Fees Catch Consumers Off Guard
Debit cards are very popular these days. But, many people are finding themselves stuck with huge overdraft fees from the cards. The banking industry calls the overdraft protection a "convenience". Using a debit card can be an easy way to pay. "I use my debit card for small purchases online and when I don't have cash," said Joseph Rizk, a college student and debit card user. But, if consumers are not careful that convenience can cost them. Rizk found that out the hard way. "I went to a fast food restaurant and made a small purchase and I overdrafted," he said. But he didn't know his bank gave him overdraft protection, so he kept using the card, thinking he had at least a little money in his account.
Madisha 'angry and sad'
Embattled Cosatu president Willie Madisha is "saddened and angry" - and demanding action after being "grossly libelled" by an employee of Cosatu's media department. SA Communist Party member Dominic Tweedie, who is editor of the online Cosatu Today and head of a self-styled Communist University, has labelled Madisha a "liar" and stated that he provided confidential documents for publication. Madisha noted on Wednesday he was reluctant to speak out, but felt it was essential he defend himself against "slanders and libels". He will not, however, take the matter to court, but will insist it be dealt with within "the relevant structures". On his Communist University website, Tweedie refers to bank statements and documents relating to an initially secret SACP bank account that Cape Town journalist and Business Report columnist Terry Bell disclosed last week.
Don't let financial myths derail you
NEW YORK - Whether you're a young adult tackling money management for the first time, or a financial late bloomer struggling to get a grip on your spending, you would do well to heed the warnings of Steven B. Smith, president of Finicity, a company offering online money-management tools to consumers and businesses. Smith debunks four financial myths that frequently derail people's efforts to manage spending, reduce debt and increase savings: • Myth 1: It's always best to open a savings account at a brick-and-mortar bank. .
Vouchers make it safer online
Online shopping holdouts can now buy virtual Visa vouchers to pay for internet purchases without the need for plastic cards or even a bank account. The move is expected to assuage fears of thousands of Australians who avoid shopping over the internet or telephone for fear of credit card fraud. Customers can buy "VCard" credit from retail stores in the same way they buy pre-paid mobile phone credit. The credit - up to $1000 per VCard - can then be used in place of a credit card anywhere in the world that accepts Visa. A once-off fee of $5.50 applies for each voucher and you can't spend more than the amount you put on. Market research firm Forrester, in a report released in April, found 7.2 million Australians were online shoppers. It forecast that figure would grow by an average of 22 per cent a year between now and 2010.
Protect yourself from phishing scams
Posted: Tuesday, November 13, 2007 at 10:55 a.m. We've told you to keep an eye on your email for a scam known as phishing -- when it appears a reputable company you're doing business with, asks you to submit personal information to confirm an account. We got one last week, claiming that an online account with a local bank had expired and that the bank needed the person's current information. We did some checking and found two things that didn't add up. First of all, the bank says its employees will never ask people for this type of information and second. The person who received this email doesn't even have an account with the bank. If you ever get these emails, experts say the best defense is to call the company yourself to see if they do business this way.
RDS SPECIAL: Jack Henry & Associates Announces Mobile Banking Solution
RDS SPECIAL: Jack Henry & Associates Announces Mobile Banking Solution
JHA’s goDough introduced as firm’s new m-banking solution.
By Maria Bruno-Britz
Bank Systems & Technology
November 15, 2007
Jack Henry's new goDough is a browser-based m-banking solution that is device and carrier independent, making it compatible with any web-enabled mobile phone, regardless of make or model, and with all mobile phone carriers, claims the company. With goDough, users can conduct traditional in-branch and online transactions such as balance inquiries, funds transfers between accounts, and transaction viewing. goDough is designed to support all account types, including checking, certificates-of-deposit, money markets, loans, and lines-of-credit.
New BofA site touts online, cell-phone banking
Bank of America Corp. has launched an online site to instruct customers about online and cell-phone banking. "Our customers lead mobile lives, and they need a bank with options, products and features that can keep up with that fast pace," says Lance Drummond, e-commerce and ATM executive. "With Bank of America, all you need is Internet access through your computer or mobile phone to be connected to your finances anytime, anywhere." The site features characters that lead visitors through interactive demonstrations of each online- and mobile-banking product. Customers can learn how to access accounts, pay bills, transfer funds, locate branches or ATMs and receive account alerts via text message on their mobile phone. The Web site, dubbed Bank the Way You Live, is at bankofamerica.com/anywhere.
ATM scam hits region
John Evans said he regularly checks his bank account online and found something quite odd Wednesday. According to his transaction list, he recently took money out of an ATM near Rockefeller Center. Just one problem: Neither Evans nor his wife has been anywhere near downtown Manhattan recently. Wachovia employees have told Evans he was probably the victim of something called ATM skimming. And he might not be alone. Skimming refers to someone stealing personal identification numbers and bank account information at ATM machines. It often involves some kind of device placed either on an ATM card slot or inside a machine that reads or hears information as a transaction happens, said Bob Bucceri, spokesman for the Electronic Funds Transfer Association. Also, a camera can be employed to watch potential victims enter their PINs.
Wachovia adds mobile-banking service
Wachovia Corp. will launch an online banking system via cell phones that allows customers to view account balances, transfer funds and pay bills. The mobile-banking application will be pre-loaded on future AT&T Inc. handsets beginning this year. All wireless transactions will be encrypted. Customers will need an AT&T wireless data plan to access the mobile-banking service. According to Celent, a research and consulting firm, about 46 million households bank online. By 2010, 17 million households will use mobile banking as an alternative online-banking source, Celent says. "The ability to perform banking functions using a wireless handset is attractive for people who need to make financial decisions on the go -- business travelers, college students and anyone who desires the flexibility that wireless delivers," says Mark Collins, vice president of consumer data for AT&T's wireless unit.
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