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FTC Refunds $12M To Consumer Victims Of Bogus Online Trial Memberships

PYMNTS

The FTC alleged the Utah-based company operated deceptive trial memberships and bogus government grant and money-making schemes in 2010. The company unlawfully enrolled customers in membership programs without disclosing that it would charge their accounts on a recurring basis until they canceled, the FTC said.

FTC
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Fifth Third Bank Sued By CFPB Over Fake Accounts

PYMNTS

It is also accused of violating the Dodd-Frank Wall Street Reform , created in the aftermath of the 2008 financial crisis, and the Consumer Protection Act of 2010, according to The Hill. Fifth Third called the allegations “unnecessary and unwarranted,” according to the Wall Street Journal (WSJ).

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Jack Henry Forges Payments Collaboration with Moov

Finovate

Founded in 1976 and headquartered in Monett, Missouri, Jack Henry has been a Finovate alum since its debut at FinovateFall in 2010. As such, solutions like those from the Jack Henry/Moov collaboration could go a long way toward helping regional and community banks, and credit unions better compete with their larger rivals.

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Santander Gets Hit With Fine Due To Overdraft Practices

PYMNTS

“Santander’s telemarketer used deceptive sales pitches to mislead customers into enrolling in overdraft service. We will put a stop to any such unlawful practices that harm consumers.”. Customers were charged $35 per overdraft.

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Survey: To Uber or to Own? We Still Want to Buy Cars

FICO

The percentage of high school seniors with driver’s licenses declined from 85% to 73% between 1996 and 2010, according to the AAA Foundation for Highway Safety. Federal data suggests that the decline has continued since 2010. What’s behind the drop in young drivers ? FICO’s new research reinforces this same point.

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CFPB Sues Student Loan Servicer Navient

PYMNTS

From January 2010 through March 2015, the CFPB alleges that Navient added as much as $4 billion in interest charges to borrowers’ principal balances if they were enrolled in multiple, consecutive forbearances, a large portion of which the bureau believes could have been avoided.

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Consumer Friendly Electronic Payment Methods

Payment Savvy

Interestingly enough, research by PWC found that the number of consumers making mobile purchases increased from 7% to 17% from 2010-2017. Bank transfers are best for clients who enroll in an internet banking facility. It is not a surprise that consumers today are making more online payments than ever before. Bank Transfers.