Online Sales Tax Bill: 5 Things to Know for the Week

Simon Zhen

By , Staff Writer
Posted on Mon May 6, 2013, Last Updated on Wed Jul 16, 2014

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Online Sales Tax Bill: 5 Things to Know for the Week

Michael Lehenbauer / Flickr source

For millions of Americans, online shopping offers more than just lower prices and convenience. It may also mean no sales tax. We’re supposed to pay that tax when we file our tax returns but many of us “forget” to do it. To help address our forgetfulness, lawmakers are considering a bill that will require online merchants to charge sales tax.

  • PNC’s new overdraft policy is now in effect. Customers now have to pay a flat $36 for every overdraft incident that occurs. Previously, customers paid $26 for the first overdraft in 12 months, and $36 for each following overdraft during that 12-month period.
  • The Community Financial Services Association of America has sent a letter to Richard Cordray, director of the Consumer Financial Protection Bureau, regarding the consumer agency’s recently released white paper on payday loans. The CFSA said the CFPB’s findings were incomplete and misleading, and that regulations to payday loans will steer consumers toward more costly alternatives.
  • Pageonce, a major competitor of money management tools like Mint and Personal Capital, has rebranded as Check. There appears to be no major difference in the tool’s functionality. Pageonce’s mobile applications have also been redesigned to display the new brand.
  • On Monday, the Senate is expected to vote on a bill that will require millions of consumers to pay sales tax on online purchases. The proposed legislation allows the 45 states( that currently impose sales tax) to collect force online retailers to collect sales tax on their residents.
  • Bank of America introduced a native mobile application, called Spend Control, that lets customers set up budgets for their eligible Bank of America debit and credit cards. The app also alerts cardmembers when they’re about to reach their budget limits.
 

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