Statute of Limitations on North Carolina Credit Card Debt

someone holding out 4 credit cards fanned out

The advent of credit cards in the 1950s brought with them unmatched buying power for Americans. But they also brought more risks for consumers and for some, financial ruin. Today, more than 191 million Americans have credit cards, and the average card holder has 2.7 different cards. Credit card usage took a dive last year, […]

Bank of America agrees to settle class action over excessive fees

Hands of cafe visitor holding credit card and putting it to the card payment machine

Bank of America Corp has agreed to a $75 million preliminary settlement for charging multiple overdraft fees on transactions for checking and savings accounts. What is an overdraft fee? When a customer attempts a purchase with insufficient funds, many banks charge users an overdraft fee for the failed transaction. The practice is highly profitable for […]

How to Spot a Consumer Scam

Phone call from unknown number late at night. Scam, fraud or phishing with smartphone concept. Prank caller, scammer or stranger. Man answering to incoming call. Hoax person with fake identity.

A consumer scam is an unlawful and deceptive ploy designed to extract more money from victims than they owe. During the course of the COVID-19 pandemic, creditors, debt collectors and scammers have been stepping their efforts at an unprecedented rate. In 2020, consumers reported losing $3.4 billion to fraud. Luckily, there are ways to stay […]

Nationstar Hits Thousands with Unauthorized Withdrawals

close up top view group of calculator , home model ,yellow pencil, banking account book and calendar on white color background with space for money management ,home loan and personal financial concept

Mortgage servicing giant Nationstar (which also operates under the name Mr. Cooper) made multiple unauthorized withdrawals from customer accounts on the night of April 24th, 2021. The North Carolina Attorney General’s Office said that the glitch impacted more than 14,000 North Carolina residents. For some customers, temporary courtesy credits were visible later that same day. […]

Inaccurate & Incorrect Background Checks

Incorrect background checks can cost someone an opportunity for a new job or even cost them their current job. Consequently, the United States government enacted the Fair Credit Reporting Act (FCRA) to protect consumers and promote the accuracy of private consumer reports. In the past few years, our firm resolved a case involving an individual […]

Laws Protecting Consumers from Scams

The laws protecting consumers have never been more important than in this past year. Many people are facing financial turmoil and are behind on numerous payments. That means the door for debt collectors to prey on consumers. Creditors and debt collectors are stepping up their efforts to collect on what they say is owed. Unfortunately, […]

How Can Banks Misinform Customers?

The Federal Deposit Insurance Corporation (FDIC) protects consumers from the will of financial institutions every day. However, banks can still manage to misinform their customers. Below are some common examples of ways your bank may try to circumvent your rights:  Hidden Fees – undisclosed or concealed fees for maintaining accounts, balance transfers, cash advances, and […]

Banks Providing Misleading Information

Consumers and businesses rely on banks more than ever, with many people having not just one, but several bank accounts. When we trust a financial institution with our money, we trust that they will act in our best interests and within the confines of the law.  When banks break our trust, state and federal laws […]

Consumer Protection Statistics for 2020

The covid-19 pandemic increased consumer complaints substantially. There was nearly a 54% increase in consumer complaints from 2019 to 2020. Detailed Consumer Statistics Beginning in April 2020, consumers began to submit more than 3,000 complaints mentioning coronavirus nearly every month. Overall, around 32,000 complaints mentioning coronavirus were summitted. Below is a more detailed look at […]

Servicemembers Civil Relief Act (SCRA) in North Carolina

The Servicemembers Civil Relief Act (SCRA) is a US federal law that protects soldiers, sailors, airmen, marines, coast guardsmen and other commissioned officers as they enter active duty. Enacted in 2003, the legislation covers rental agreements, mortgage rates, evictions and more. In 2019, North Carolina enacted their own version of the Servicemembers Civil Relief Act […]