Tips, News and Advice from Credit Card Assist

One of history’s most sophisticated bank heists happened just a few months ago, but for this one, no getaway car was required. We’re deep into the digital age now, so it’s no longer a surprise when criminals raid bank accounts using nothing but computer keyboards and hacking software. What’s different about this one is the scale. On the day of the robbery, nerd-thugs around the world walked up to ATMS, pulled out special debit cards and withdrew a whopping $45 million. It was a massive 21st-century crime and a significant lesson for financial institutions about the importance of tight security.

The operation unfolded on two different days, December 12, 2012 and February 19, 2013. These two coordinated attacks used operatives spread out over 27 countries on five continents to steal money from over 5,000 ATMs. How were these roughly 81,000 transactions possible? How did they do it? [click to continue…]

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Judging by the details of a lawsuit filed in California earlier this May, state attorney general Kamala D. Harris believes that the suits at JPMorgan Chase are just a bunch of dirty crooks. The state alleges that Chase, one of the nation’s largest banks, has been using illegal tactics to collect unpaid balances from its credit card-holding customers. It’s not the first time Chase has come under fire for unlawful practices – they’ve been hit with a slew of lawsuits in recent years, along with Visa, MasterCard and a number of other big-name lenders. But we wouldn’t want to give the impression that this is just more of the same. Each and every time a bank gets sued, it’s a special moment. These lawsuits are like snowflakes. Each one is unique and beautiful in its own way.

According to the state of California, the problems began when Chase decided to set up a “debt collection mill” in order to sue their cardholders rapidly. [click to continue…]

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Famous American Banks Heists: The United California Bank Robbery

May 30, 2013

Committing the heist of the century requires expert planning, and in 1972, master thief Amil Dinsio conceived a plan that would allow him to do just that. He and his team would be unbelievably rich just as soon as they successfully robbed the United California Bank. The plan was mapped out and timed to perfection, […]

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Are You Ready for the End of Face-to-Face Banking?

May 28, 2013

If recent technological advances are any indication of what’s in store for the future, then chatting in-person with a teller at your local bank or credit union may soon become a thing of the past. Institutions as big as Bank of America and as small as Twin Star Credit Union of Western Washington appear to […]

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Does Your Frozen Pizza Fund the NRA? There’s an App for That

May 23, 2013

Do you know where your money goes when you buy a roll of paper towels or a box of artificial sweetener? Well you should, because you might be directly supporting a corporation whose agenda doesn’t align with your values. Los Angeles-based freelance programmer Ivan Pardo doesn’t like the lack of transparency associated with corporate family […]

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The Provocative New Bill That Would Slash Student Debt

May 21, 2013

Elizabeth Warren has announced her first bill as freshman senator from Massachusetts: giving students the same discounted interest rate on their loans that big banks get. The Bank on Student Loan Fairness Act is controversial, reducing the federal Stafford loan rate from 3.4% to the discount window price of 0.75%, but as she told Huffington […]

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Are You Throwing Away Money on Medical Bill Errors?

May 16, 2013

Ever receive a bill for a visit to the doctor’s office that just made your jaw drop? We all know that medical care can be outrageously expensive, but paying $400 for what amounts to three aspirin and a hearty clap on the back has a way of making you feel it in your bones. Still, […]

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Are Penalty-Free Credit Cards Really All That?

May 14, 2013

If you’ve noticed commercials on TV or the radio lately that advertise no-penalty credit cards, it’s no surprise – they’re a hot commodity now. Citigroup, Discover, and Wells Fargo are just a few companies that offer no-penalty cards. Issuers promise to eliminate one or all penalty fees, including late fees, increased interest and over-limit fees. […]

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Magical New Bank of America ATM Dispenses Rainbows and Sunshine

May 9, 2013

The little money machine on the street corner is about to get a serious makeover. Since 1959, the public has counted on the ATM for simple banking transactions that don’t require a visit to the actual bank. We’ve been depositing money in envelopes and taking cash (usually in increments of $20) from the machines’ slots […]

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With the Card Act Revision, the CFPB Gives Credit to Mr. Mom

May 7, 2013

For stay-at-home spouses, getting credit has long been a pain in the ass. When the CARD Act passed in 2009, it required credit card companies to assess the independent income and resources of each applicant to determine if they’d be able to make payments. The result of that evaluation decided whether or not the person […]

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