With all the outrage from consumers, Bank of America announced early last week that it would not be charging a $5 monthly debit card fee. Despite this turn of events, I am still committed to being a cash-only consumer for the entire month.
I experienced some minor setbacks in my usual routine because of the no-swipe rule. On Tuesday, I went to get coffee with my coworker but only had $1, and, although there is an ATM next to the store, my coworker said “forget it” and paid for my coffee.
A similar situation arose last night. I didn’t have cash on me when I went to order food, so my boyfriend paid for it and I agreed to pay him back. Racking up debts certainly was not something I wanted to be part of this ordeal, but at least it doesn’t come with interest like putting the charges on my credit card would have.
Stopping at the ATM held up my roommates when we were going out to watch the Pats’ game, and two of them even offered to pay me $5 to cover the would-have-been-fee if I would “just swipe already!”
I felt that same way this morning when I tapped my Charlie Card at the train station, only to have the machine flash “NOT ENOUGH VALUE.” There were already two people waiting at the ATM and I heard the train screech along while I was waiting to withdraw cash. I was 20 minutes late to work, but my boss understood, given the circumstances.
I learned two lessons from this week: living a no-swipe life means 1) more frequent trips to or more substantial withdrawals from the ATM, and 2) I must always refill my T card before the morning commute.
Forced Arbitration: What the CFPB is doing to further protect consumers posted on Oct 27
The Consumer Financial Protection Bureau, or CFPB, was created by the federal government as a result of passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act to regulate financial products and protect consumers in the market. What is “forced arbitration?” Forced arbitration …Continue Reading Forced Arbitration: What the CFPB is doing to further protect consumers
Health Insurance Open Enrollment posted on Oct 24
Looking for health insurance for you or your family and your employer doesn’t offer it? The Commonwealth’s Health Insurance Connector’s Open Enrollment begins this year on November 1, and continues through January 31st, 2017. Massachusetts and federal law prohibit consumers from purchasing an insurance plan outside of the Open Enrollment period unless there is a qualifying event, such as a birth or adoption of a child, marriage, divorce, loss of insurance through employer, etc.
Have a Safe and Spooktacular Halloween posted on Oct 24
Halloween is a night of tricks, treats, and lots of fun. Unfortunately it’s also anight when people often forget to exercise caution. The Office of Consumer Affairs and Business Regulation would like to provide everyone with a few tips to help make this Halloween a …Continue Reading Have a Safe and Spooktacular Halloween