Consumer Alert

When is the right time to start building your credit? As soon as you're ready, responsible, and able to do it. Once you determine the time is right, you'll need to open credit and start using it wisely. If you abuse the credit or fail to make a timely payment, you'll attempt to build credit will crumble much faster than the time to start the build. For five important ways to build a credit score from scratch, Click here for more.

Postage Prices Going Up

The United States Postal Service announced on Tuesday that the price of a first class stamp will increase by one cent starting January 22, 2012. Postcard postage will increase by three cents and international postage will increase between five and seven cents. The postal service remains in financial crisis. Will the modest price increase be enough to prevent layoffs, the reduction of office times, or the elimination of delivery days? Click here for more.

Consumers Union Fights Bank Fees

Consumer Reports advocacy arm, Consumers Union, is on your side when it comes to the recent increase in consumer bank fees. Consumers Union has contacted Bank of America, Chase, Wells Fargo and Sun Trust urging them to withdraw plans to attach fees to debit card purchases. The Federal Reserve estimates that it costs a bank $0.08 to process a debit card transaction. Banks can still collect up to $0.24 per transaction from merchants. So, why are consumers bearing the burden? Click here for more.

Your Money

How can you eliminate debt faster by restructuring the way you pay your monthly debts? Click here for more.

For the Lawyers

Law Firm cannot sue bank over counterfeit check. New York’s highest court held that a law firm couldn’t sue its bank for negligently misrepresenting that a counterfeit check received from a client had cleared. The firm agreed to represent a Hong Kong company to collect debts from its North American customers. The client instructed the firm to take its $10,000 retainer from a $198,000 Citibank check purportedly from one of the client’s customers. After taking its retainer, the firm was to wire the remaining balance to the client. After being told the check had “cleared,” the firm wired the balance of the check to the client. The court concluded that the firm could not show reasonable reliance, explaining that the bank’s employee’s alleged statement that the check had cleared was “an ambiguous remark that may have been intended to mean only that the amount of the check was available (as indeed it was) in [the firm’s] account. Reliance on this statement as assurance that final settlement had occurred was, under the circumstances here, unreasonable as a matter of law.” Click here for more.

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