Airlines where refunds don't fly

Thanks to The Middle Seat columnist for The Wall Street Journal, Scott McCartney, we know the which airlines to avoid in the future when we start flying again. And for those who are sitting with a voucher that will expire, it's time to pressure the airlines to refund your fare.
When a passenger cancels a non-refundable ticket, the airline offers a voucher (with an expiration date) for future travel.  When the airline cancels a domestic flight, passengers are entitled to a refund... as in cash. But with the current financial catastrophe some airlines are denying or delaying refunds. You have to subscribe to the WSJ to read the full article; I'll mention the current practices of major US airlines.
Full refund available:
Alaska
American
Delta
Hawaiian
JetBlue
Southwest

With Spirit and Sun Country, you have to call and request/demand a refund.

On the bad guys list (Strings attached and you may have to be persuasive and persistent): United. It will offer no refund if it rebooks you on a flight within 6 hours of the original schedule).

Policies of lots more airlines are described in the April 30, 2020 article.

Another example of the value of government regulation: The Card Act of 2009

Beside the obvious everyday advantages of vehicle safety regulations like requiring seat belts and air bags in vehicles, many federal laws protect consumer privacy and financial transactions.

"May 22 is the 10th anniversary of the Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009. The game-changing CARD Act, which was passed by Congress during the Obama Administration and has since been enforced by the Consumer Financial Protection Bureau, has saved consumers billions of dollars in credit card fees and predatory “penalty rates,” despite industry predictions that it would kill the credit card market. Sadly, nearly half (47%) of consumers surveyed by CompareCards, a Lending Tree company, said they’d never heard of the CARD Act. Now’s your chance to learn more about what the CARD Act has done (and continues to do) to protect consumers like you." source: Consumer Action Insider.

Here's a reminder about how banks and credit card companies used to take advantage of consumers and how the world changed for the better 10 years ago.

What the Credit CARD Act of 2009 Means for You

You might not know it, but the Credit CARD Act of 2009 changed your life in a powerful way.

By Beverly Harzog , Credit Card Expert |Feb. 20, 2019,
https://creditcards.usnews.com/articles/what-the-credit-card-act-of-2009-means-for-you?eType=EmailBlastContent&eId=c4ee986f-51de-4c8a-a008-0d1eaef48ad2

Consumer Financial Protection Bureau being ravaged by Trump's team

"A report from the minority staff of the Senate banking committee accuses Consumer Financial Protection Bureau acting Director Mick Mulvaney of undermining the bureau's mission and says director nominee Kathy Kraninger may continue to weaken the CFPB. President Donald Trump should consider someone with consumer protection experience to lead the agency, the report says." (Retirement Security SmartBrief, 11/29/18). Read the article by Kate Berry in American Banker:
https://www.americanbanker.com/news/senate-bankings-top-dem-issues-scathing-assessment-of-cfpbs-mulvaney

Trump eviserates the Consumer Financial Protection Bureau

Does anyone remember the 2008 financial crisis? Do you recall the major causes of the global financial meltdown? Egregious behavior by the banks and mortgage lenders! So Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010. In addition to regulating banks and Wall Street, Dodd-Frank established the Consumer Financial Protection Bureau (CFPB). From its inception to April 2017 the CFPB "returned almost $12 billion to 29 million consumers and imposed about $600 million in civil penalties."
Now the Trump White House is trying to destroy the CFPB (mainly because the bill was signed by President Obama) but also because, rather than cleaning up the swamp in D.C. Trump hires former wall Street big guns to run the country.
Trump appointed Mick Mulvaney, White House budget director for a second full-time job as acting director of the Consumer Financial Protection Bureau. Mulvaney sure has the consumer interest at heart. He epitomizes the swamp; he stated that when he was a member of Congress, he would only talk with lobbyists who were donating money to him. Forget lobbyists for consumer and environmental organizations: no money; no access!
Mulvaney is making massive changes to the CFPB according to The Wall Street Journal and other reliable sources. He is following Trump's direction to gut the consumer bureau... and deepen the swamp.

Don't pay for extended warranties

"Cost of a three-year extended warranty for a dishwasher: $157.97.

Average cost of a dishwasher repair: $159.

The fact that service contracts often cost about the same as a repair is just one reason extended warranties — also known as service contracts and protection plans — are hardly ever a good deal." 

"Not actually extended: Despite the name, the Federal Trade Commission says many “extended” warranties go into effect at the same time as the manufacturer’s warranty. Plus they contain language requiring you to tap the manufacturer’s warranty first." Why pay for duplicate coverage?

"Lots of exclusions: Complaints to the Better Business Bureau show that many consumers are frustrated to find that their extended warranty won’t cover their problem because of  'exclusions' in the fine print of the contract. For example, some service contracts won’t cover routine maintenance, accidental damage or preexisting conditions. Others exclude specific parts."

"Deductibles and fees":  many warranties charge deductibles or service fees on every claim.

"Must mail the product": "some extended warranties require you to ship your broken product somewhere for repairs." That’s an extra cost plus time without the product.

"No servicer selection": some contracts require that you use a specific repair facilitythat may not be convenient or reliable.

"Shop must get permission": repair shops may have to obtain preapproval from the warranty company before making repairs, further delaying the process.

"Third-party companies: Many extended warranties are sold by retailers and backed by third-party companies, rather than by the manufacturer of the product. Some consumers have complained that the salesperson never “activated” their service contract, so the warranty company refused to honor it. Other times, these third-party warranty companies have gone out of business, leaving consumers with nothing for their money."

Don't be pressured or scared by the sales clerk to buy unnecessary "protection." 

Do your research before you buy to choose reliable products from ethical companies. 

For more info and advice on extended warranties read Elisath Leamy's April 4 article in The Washington Post at: https://www.washingtonpost.com/lifestyle/home/why-extended-warranties-are-hardly-ever-a-good-deal/2018/04/03/928f190a-2d44-11e8-b0b0-f706877db618_story.html?utm_term=.84be6a2864ed

Republicans aim to weaken Consumer Watchdog just as Experian data breech affects 143 million Americans!

CFPB in congressional crosshairs, experts say

The Consumer Financial Protection Bureau, created as part of the post-crisis Dodd-Frank Act, will be unable to retain its full power to rein in Wall Street, even if its Democratic director, Richard Cordray, remains in his post, experts say. The Republican-dominated Congress has repeatedly taken aim at the agency's mandate and budget.

Gee! Doesn't this make lots of sense just a Experian revealed that it failed to protect 143 million Americans from having their personal data stolen that will be used for ID theft.  The data breech occurred this summer and it took two months before the problem leaked out to consumers and the news media!

Let's hope that more than a few Republican Congress members are victims of this data breech.

Read details at Reuters: http://www.reuters.com/article/us-usa-finance-consumer/with-or-without-democratic-director-u-s-consumer-watchdog-to-be-weakened-idUSKCN1BO2V8

Time to leave Wells Fargo after one more scandal

It is LONG past time for consumers to leave Wells Fargo Bank after one more revelation of customer mistreatment to enhance the bottom line. This time the bank has admitted charging  570,000 of its customers for auto insurance that duplicated coverage they were already paying for, causing financial strain that resulted in many to lose their vehicles. The bank is offering an apology and refunds of overcharges but this is little comfort to people who lost their vehicles and had their credit rating damaged by Wells        Fargo executives lining their own pockets.
This latest scandal of consumer abuse comes on top of last year's sales scandal where bank employees were coerced into opening 2.1 million accounts using ficticious info or unauthorized customer info, according to Emily Glazer in The Wall Street Journal (7/29-30/17). Also reported by The New York Times. The insurance Wells Fargo forced on its customers was more expensive than the coverage the vehicle owners already had paid for on their own policies.
Wells Fargo customers need to wake up and leave their bank for another bank or a credit union!

Got credit card complaints? Call your card issuer!

"The Consumer Financial Protection Bureau received more than 26,000 complaints regarding credit cards last year, with billing the most common reason. But intense competition in the industry means credit card companies can be responsive if cardholders call." Read :

Here’s proof that disputing your credit-card bill could be worth it

http://www.marketwatch.com/story/heres-proof-that-disputing-your-credit-card-bill-could-be-worth-it-2017-04-13
The CFPB is the consumer's best friend in the financial services marketplace yet it is under attack by the Trump administration.  How soon politicians have forgotten the horrors and agony of the 2008 global financial meltdown caused by banks and mortgage lenders. Check out the CFPB's website and learn how the agency, created in the aftermath of the financial disaster, can help you and your family: https://www.consumerfinance.gov/. The CFPB is a "U.S. government agency that makes sure banks, lenders, and other financial companies treat you fairly"

Reverse Mortgage Lenders Fined for Deceptive Advertising

"American Advisors Group, Reverse Mortgage Solutions and Aegean Financial are the latest names to face the wrath of the Consumer Financial Protection Bureau due to deceptive advertisements in reverse mortgage lending. Collectively, the bureau ordered the three reverse mortgage lenders to pay a civil penalty of $790,000."
A reverse mortgage allows homeowners 62 and older to tap the equity in their home and put off repayment until they sell the house and move or die, essentially living off the equity to fund retirement. Federal laws "prohibit misleading claims in mortgage advertising and institutions from engaging in deceptive acts or practices." These three lenders violated federal laws and will pay a very small penalty. With the future of consumer protection legislation in jeopardy under the coming anti-regulation administration, who knows what the future holds for consumer protection.
Details at: http://www.housingwire.com/articles/38699-cfpb-fines-three-reverse-mortgage-lenders-over-deceptive-advertising

Dump Wells Fargo!

If you bank with Wells Fargo it's time to dump that scandal-plagued institution and find another bank, or better yet, a credit union. Why would any consumer continue doing business with a bank that defrauds its customers? The scandal has been front page news in The Wall Street Journal for the past week. Bank policies resulted in high pressure on low-paid employees to con customers into buying additional bank products they didn't really want and even making up fictitious customer accounts to make it appear as if the bank were growing.  It's really sad the CEO John Stumpf is collecting an outrageous salary while the bank has now fired the low-paid employees that were subject to pressure to produce or lose their jobs!
I know from experience that it is a time-consuming process to change financial institutions, especially when you have automatic deposits and payments but it is absurd to give this bank your business now that it's egregious policies (toward both customers and low-level employees) is public.
"Cross-selling," encouraging customers to buy other bank products, is common in the industry but WF took the practice to fraudulent extremes and now is punishing their employees who had no choice. The head of the unit that perpetrated this practice got a $125 million payout and is being allowed to retire with full benefits! The fired employees are out of a job for doing what their bosses insisted they do!
Almost everyone qualifies to join a credit union, financial institutions that are member-owned rather than stock holder-owned. Virtually every research study that has compared banks and credit unions on interest rates paid on savings and rates charged for loans has concluded that consumers are better off with a credit union than a bank.
Sometimes consumers feel helpless to bring about change. But this one is simple. DUMP WELLS FARGO! There are lots of much better options! If you stay with this bank you are voting for more of the same egregious behavior!
Read the Washington Post editorial (9/22/16): "Accountability at Wells Fargo" at the Salt Lake Tribune's website: http://www.sltrib.com/opinion/4384134-155/washington-post-editorial-accountability-at-wells
and Washington Post columnist Dana Milbank's opinion: "Wells Fargo: Too big to fail, too arrogant to admit it" https://www.washingtonpost.com/opinions/wells-fargo-too-big-to-fail-too-arrogant-to-admit-it/2016/09/20/5c7ee1fe-7f6e-11e6-9070-5c4905bf40dc_story.html

Sick of Robo Calls?

Well, so am I! Even if you are registered with the Federal Trade Commission's National Do Not Call Registry https://donotcall.gov/, you may still be getting calls. You can file a complaint at: https://complaints.donotcall.gov/complaint/complaintcheck.aspx

1. You may file a complaint if you received an unwanted call after your number was on the National Registry for 31 days.
   
2. You may also file a complaint if you received a call that used a recorded message instead of a live person (whether or not your number was on the Registry).
   
   Reminder: Even if your number is registered, some organizations may still call you, such as charities, political organizations, and telephone surveyors. For a full description of who may still call you, please consult our Consumer FAQs.
   
   Debt collectors may also continue to call you whether your number is on the Registry or not.

Consumer Reports "Problem Solver"

Have a frustrating consumer experience and need some extra fire power behind your complaint? Or have a complaint that you feel goes beyond your individual case? Get help and perhaps change a bad policy by contacting Consumer Reports' "Problem Solver" by sending your story to: problemsolver@cr.consumer.org

8 ways the Consumer Financial Protection Bureau is helping consumers

“The watchdog agency envisioned by Massachusetts Sen. Elizabeth Warren was created in 2010 as part of an effort to revamp financial laws in the U.S. The CFPB was charged with protecting consumers from potentially predatory financial products and with helping better inform borrowers about the loans they're taking out,” according to Amber Phillips.

1.      Making sure you can't get a mortgage you can't afford

2.      Simplifying mortgage-speak

3.      Going back to school (student loans)

4.      Fining mortgage lenders for rewarding bad-for-borrower behavior

5.      Helping individuals stand up to corporate giants 

6.      Making it easier for stay-at-home workers to get credit cards

7.      Keeping payday lenders in check

8.      Keeping auto lenders from taking minority borrowers for a ride

Read the details at: http://www.sltrib.com/sltrib/money/57219592-79/amet-comnietur-consed-deck.html.csp

Elder Rights Resource Booklet

The Utah Elder Rights Resource Booklet

http://www.hsdaas.utah.gov/pdf/utah-elder-rights-booklet.pdf

This 28 page resource was written by Jilenne Gunther and published by the Utah Division of Aging and Adult Services. Table of Contents:

1. Protecting Yourself against Scams and Sales
2. Knowing Your Consumer Rights
3. Preventing and Protecting Yourself from Abuse
4. Caring for Grandchildren
5. Learning about Benefits
6. Obtaining Medical Insurance
7. Finding Housing Options
8. Organizing Your Assets: Estate Planning
9. Keeping the Power: End-of-Life Planning
10. Making Arrangements: Death of a Loved One
11. Getting Legal Help: Where to Go from Here

The author is willing to speak to groups on any topic in this book. 

Contact:

Jilenne Gunther

Legal Enforcement Counsel

Utah Division of Aging and Adult Services

jgunther@utah.gov

801-538-3910

Stop mail delivery of advertising flyers

While some people may look forward to them, others would like to stop the endless flow of advertising in their mailboxes (yes, the newsprint can be recycled but it is better to stop the flow if you don't use them).

Write to the address printed on the outside of the packet of flyers requesting that they stop sending to your address. In Logan the advertisements come from: Red Plum, One Targeting Centre, Windsor, CT 06095 (this may differ depending on where you live).

New Overdraft Rules for Debit & ATM Cards

Debit and ATM card holders have additional overdraft options under the new Federal Reserve rules. In the next few months, financial institutions must offer you the ability to make decisions about overdraft services for transactions made with your debit or ATM cards.

Generally, there are 2 types of overdraft services:

1. Standard overdraft services
2. Overdraft protection plans

The new rules allow you these new options:

1. You choose to "opt in" which grants your financial institution permission to apply standard overdraft services to debit and ATM card transactions before you can be charged overdraft fees.
2. If you have an existing account and you don't "opt in", then beginning August 15th, any previous overdraft fees won't apply. Transactions will simply be declined instead of charging overdraft fees.
3. If you open a new account after July 1st, you will not be charged overdraft fees by your financial institution unless you "opt in".
4. The new overdraft rules give you more flexibility. You can add and remove overdraft services at any time.
5. The new rules do not cover checks or automatic bill payments. Your bank will automatically enroll you in their standard overdraft services for transactions like these.

Visit the Federal Reserve website to learn more details about the new overdraft rules.