Data has been breached at a payments processing firm and the personal information of up to 10 million users can potentially be compromised, says security blog Krebs on Security. Apparently, the scale of the breach is "massive" and major credit card companies like Visa and MasterCard have been alerting their customers about this development and to reassure them that the actual Visa and Read more

Consumers, your voices were heard! Bank of America announced today that it is dropping its plan to charge debit users $5 a month for usage. This comes after a surge of public disapproval about the fees. Thousands of customers flocked online to sign petitions — one by change.org received over 300,000 signatures. Politicians like President Obama and Vice President Joe Biden have also spoken Read more

Many are unhappy with the debit card fees introduced by banks that want to reap more profit from their customers. I'm sure by now you've heard about the $5 monthly fee Bank of America is planning on charging for debit card usage. Other banks plan to follow suit and consumers have been lashing back, threatening to cancel their accounts. According to a SavvySugar poll, 91 percent of readers are Read more

Bank of America customers will now have to pay an additional $5 a month just for using their debit card, reports Bloomberg. This amounts up to an extra $60 a year in debit card usage fees. Apparently, the banking giant needs to cut its debit card losses from the Durbin amendment to the Dodd-Frank financial act. The amendment basically ruled that debit interchange fees be reduced, and BofA plans Read more

We're thrilled to present this smart LearnVest story here on Savvy! We’re a fan of debit cards. They’re convenient, help us track our spending, offer rewards, and best of all, keep us out of debt because they limit our spending to what’s in the bank. Which is exactly why we’re a little concerned that their free and rewarding usage is under attack. A Little Thing Called The Durbin Read more

No, I'm not talking about buying diet products and expensive gym memberships, I'm referring to this latest study by the Journal of Consumer Research that says people who use cash instead of cards end up buying less junk food. Apparently, buying things with cash is more painful than purchasing with a debit or credit card, which is why people tend to be less impulsive and are more restrictive with Read more