Posts Tagged ‘credit unions’

Supervisor John Avalos To Hold Hearing October 24th on Local Banking Options and Alternatives to National Banks

Friday, October 21st, 2011

Bright and early Monday morning at City Hall:

“Supervisor John Avalos To Hold Hearing on Local Banking Options and Alternatives to Corporate Banks

San Francisco, CA –  Supervisor John Avalos, Chair of the City Operations and Neighborhood Services Committee will hold a hearing on local alternatives to corporate banking institutions.

WHAT: Hearing on Local Banking Options
WHEN: Monday, October 24, 10am
WHERE: City Hall, Board Chamber
WHO:  Committee Members, Treasurer Jose Cisneros, Budget and Legislative Analyst Office, Community groups

“Wall Street speculators and large banks crashed our economy and have done little to nothing to help since we bailed them out,” said Avalos.  ”As a city, we need to make sure that we are leveraging all our resources and wealth to support our revitalize our economy by supporting our homeowners, small businesses, and students.”

The hearing will include a presentation from the City’s Office of Budget and Legislative Analyst, who has prepared at report on community supportive banking alternatives at the behest of Supervisor Avalos whose District faces one of the highest rates of foreclosure in the City.

The alternatives outlined in the report range from investing in community development banks to creating a Municipal Bank to serve the City of San Francisco in much the same way the Bank of North Dakota has spurred local development in that state.”

Click to expand

It Will Cost You Five Dollars a Month to Use Your Debit Card Starting Next Year, But Here’s a Call to Stop That

Tuesday, October 18th, 2011

Consumers Union is on the case.

They’re trying the old moral suasion - perhaps some enterprising pols will join in?

All the deets:

“Consumers Union Calls on Bank of America & Other Major Banks to Drop Unfair Debit Card Fees

CU: It’s Unfair to Charge Customers When Banks Collect Enough From Retailers to Cover Debit Card Costs

SAN FRANCISCO, Oct. 18, 2011 — Consumers Union called on Bank of America and other banks to drop plans to charge consumers monthly debit card fees. Bank of America recently announced it would charge its customers $5 each month starting in 2012 to make debit card purchases. SunTrust has started rolling out its own $5 fee and Wells Fargo and Chase are testing debit card fees in select markets.

“Americans are tired of being hit with new banking fees, especially since they’ve already paid to rescue firms like Bank of America, whose behavior helped spark the economic meltdown,” said Norma Garcia, director of Consumers Union’s financial services program. “This debit card fee just adds insult to injury. It’s unfair for the banks to stick consumers with a monthly fee just to use their own money. Bank of America and other banks can still collect enough money from retailers to cover debit card costs.”

Garcia added, “If Bank of America and the other banks refuse to drop the debit card fee, consumers should consider dropping them. There are plenty of banks and credit unions that don’t charge debit card fees that will be more than happy to accept new customers.”

Consumers Union has published a set of tips for consumers who want to switch banks.

Below is Consumers Union’s letter to Bank of America urging it to drop its debit card fee. Similar letters were sent to Chase, SunTrust, and Wells Fargo.”

See the letter after the jump.

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Will the “PayDayPlus SF” Program be a Better Place to get a Loan Against Your Paycheck? Yes!

Monday, December 14th, 2009

From Mission Mission, the website so nice they named it twice, comes word of the new PayDayPlus SF program. The upshot: If you ever need money before your paycheck comes, you can get an emergency loan from a San Francisco credit union instead of a regular payday loan place:

“Sold to consumers as short-term relief during a cash crunch, pay day loans carry interest rates of over 400 percent and catch working people with a steady source of income in a long-term debt trap. On December 17th at 11:30am, San Francisco City leaders, in partnership with local credit unions, will help relieve this burden on hardworking San Franciscans by launching PayDayPlus SF, a low cost emergency loan available to City residents at 13 locations.”

Does the Money Mart at 7th and Market actually charge more than 400% interest when it gives you a payday loan? No se, but I’m betting you’ll get much better terms from PDP SF.

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A lively late-night scene in Mid Market.

Mark your calendars for Thursday, December 17th, 2009 – that’s the day we’ll get all the deets on PayDayPlus San Francisco.

How will it compare with this outfit from down south or the Check-Cashing King of the Mission? Stay tuned….

Springing the Debt Trap — for San Franciscans and Californians

Launch of PayDayPlus SF Followed by a Panel Discussion

Sold to consumers as short-term relief during a cash crunch, pay day loans carry interest rates of over 400 percent and catch working people with a steady source of income in a long-term debt trap.

On December 17th at 11:30am, San Francisco City leaders, in partnership with local credit unions, will help relieve this burden on hardworking San Franciscans by launching PayDayPlus SF, a low cost emergency loan available to City residents at 13 locations. and Mayor Gavin Newsom, stay to participate in a community conversation about PayDayPlus SF and learn how you can spread the word to San Franciscans about this new low cost loan to help weather tough economic times. You will also learn more about the problems caused by conventional pay day loans and how your organization can help push for proposed financial empowerment solutions that are moving forward in Washington, DC and Sacramento.

A community conversation following a joint press conference with City Treasurer José Cisneros

Participants
José Cisneros
City Treasurer of San Francisco

Paul Leonard
California Office Director, Center for Responsible Lending

Luis Granados
Mission Economic Development Association

Olivia Calderon
Legislative Director, California Asset Building Program, New America Foundation

Steven Stapp
President and CEO, San Francisco Federal Credit Union

Anne Stuhldreher
Fellow, California Asset Building Program, New America Foundation