Posts tagged ‘Practices’

Equifax Workforce Solutions to Explore Best Practices for ACA Compliance at

Equifax Workforce Solutions to Explore Best Practices for ACA Compliance at
As the country approaches the fifth anniversary of the Affordable Care Act (ACA) becoming law and regulations continue to emerge, employers face an evolving set of compliance needs. With the employer mandate now fully in effect, organizations can …
Read more on Virtual Press Office (press release)

Equifax, Inc. Witness Large Outflow of Money
Equifax, Inc. (NYSE:EFX) had an uninteresting session and gained 0.25 points till last call. The price was at $ 94.21, gaining 0.27% till the last intraday data. The total uptick value was $ 8.91 million while the total downtick value was $ 16.58 million …
Read more on Stafford Daily

Equifax Inc.: Equifax, Zoot Join Forces to Introduce Innovative, All-in-One
ORLANDO, Fla., March 23, 2015 /PRNewswire/ — Equifax Inc. (NYSE: EFX), a global information solutions company, and Zoot Enterprises, today announced their plans for the upcoming release of MobilityPlus?, a powerful end-to-end solution that leverages …
Read more on The Wall Street Transcript

Pew Report Finds Military Checking Account Practices Need Improvement

Washington, DC (PRWEB) October 28, 2014

The Pew Charitable Trusts today released its first evaluation of checking account practices at banks and credit unions on military bases, finding that some employ practices that provide transparency and protect consumers but that all of the institutions examined could do more. The report underscores the need for the Consumer Financial Protection Bureau (CFPB) to write new rules that make checking accounts safer and more transparent.

“Safe financial products are essential for all consumers, but they are especially important for Americans serving in the military,” said Susan Weinstock, who directs Pew’s consumer banking research. “Service members face unique challenges associated with repeated deployment and frequent relocations, and it is essential that financial institutions implement policies to promote transparency and protect account holders from harmful or hidden practices. We urge the CFPB to take concrete steps to improve checking account safeguards for both military and civilian customers.”

The new report, Checks and Balances, Stars and Stripes, expands to on-base banks and credit unions Pew’s analysis of the disclosure, overdraft, and dispute resolution practices at large U.S. banks, captured in the Checks and Balances report series. Pew evaluated checking accounts offered by 18 of the 31 Association of Military Banks of America (AMBA) on-installation member banks and 111 of the 134 Defense Credit Union Council (DCUC) on-installation member credit unions to determine how well the financial institutions’ practices align with Pew’s policy recommendations.

In the area of disclosure, Pew found that 42 percent of banks and 17 percent of credit unions do not provide any disclosure information online, making it difficult for deployed service members to access critical information about the terms and conditions governing their accounts. Yet of those banks that provide account information online, almost three-quarters of banks offer a summary disclosure box and half of the banks offer boxes that meet Pew’s criteria for effective disclosure.

Regarding overdraft policies, the vast majority of the banks and credit unions that Pew studied do not protect their customers by automatically declining transactions at an ATM or the point-of-sale that would overdraw an account. Further, more than half of banks and three-quarters of credit unions reorder at least some transactions in a manner that can create more overdrafts. Pew found that the median overdraft fee was $ 35 for banks and $ 29 for credit unions; however, two-thirds of the banks do not charge an overdraft fee for a de minimus withdrawal or purchase, typically $ 5.

For dispute resolution, Pew found that 65 percent of banks include mandatory arbitration clauses in their account agreement documents, limiting customers’ legal recourse by requiring arbitration in the event of a significant dispute. On the other hand only 6 percent of credit unions employ these clauses.

Pew urges the Consumer Financial Protection Bureau to require all financial institutions to:

    Summarize key information about terms and fees in a concise, uniform format.
    Provide account holders with clear, comprehensive terms and pricing information for all available overdraft options.
    Make overdraft penalty fees reasonable and proportional to the financial institution’s costs in providing the loan.
    Post deposits and withdrawals in a fully disclosed, objective, and neutral manner that does not maximize overdraft fees.
    Prohibit pre-dispute mandatory binding arbitration clauses in checking account agreements, which prevent account holders from accessing courts to challenge unfair and deceptive practices or other legal violations.

To analyze these accounts, Pew attempted to collect the account agreements from each of the listed AMBA- and DCUC-member financial institutions, and was able to do so for banks and credit unions operating on 71 percent of all domestic Department of Defense installations.


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