Weekly Wrap: Surcharges Want to Munch On Your Wings Too

Amy He

By Amy He
Posted on Sat Feb 2, 2013, Last Updated on Mon Jul 21, 2014

Amy is a staff writer at MyBankTracker.com. She writes about banking and culture. More Columns »

It’s that time of year again: football season comes to an end this Sunday, and as is tradition, so will those meticulously-crafted diet resolutions you made on January 1st.

Before you break out the 47-layer dip and the burrito boxes, figure out if you’re a consumer that’s affected by any of the products we covered in the last few days.

A record-breaking antitrust settlement made rounds in the media this week. Visa/MasterCard settled with merchants, and are now allowing merchants to charge customers who use either Visa or MasterCard to an additional fee.

Everyone is panicking about how retailers are evil for possibly consider this surcharge, but is it all just credit card company propaganda? Most major retailers won’t be charging the fee anyway, but for those smaller chains who will, avoid them if you can.

The team at MyBankTracker had a conversation this week about what to do if a friend owes us money. What would you do?

Despite the fact that unemployment applications were at an all-time low since 2008, CD rates progressed sluggishly in the first month of the new year.

A couple of banks also decreased their rates across a number of products. AIG Bank slashes rates on its entire line of CDs. Discover Bank’s interest rates dropped for three of their CD products. Ally Bank’s not doing much better on their online savings accounts or money market accounts. Sallie Mae’s High Yield Savings and money market accounts aren’t doing so hot either, the rates on both those accounts have dropped as well.

It’s not all completely awful. Barclays Bank raises the rates on their 36-, 48-, and 60-month CDs.

In other banking news, ING Direct has officially become Capital One 360 as of today. Bid adieu to that iconic orange ball, as it has finally reached retirement age. Nothing has radically changed about ING Direct other than its name, as everything has transitioned seamlessly to Capital One 360.

We’re one month into 2013, how are those resolutions coming along? Simon writes this week about how the most important part of most financial resolutions begin with opening a financial account. Easy enough, right? You’d be surprised…

That’s it for this week. Now you can go ahead and start prepping for that 47-layer dip. Oh, and try not to punch the other guy if your team loses.

 

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