Charlotte, NC, United States (AHN) – Credit unions are benefiting from a hike on debit card fees imposed by Bank of America (BofA )on Sept. 29. They are taking advantage of the growing anti-bank sentiment across the country as evidenced by the Occupy Wall Street movements.

Another proof is the big jump in applications experienced by some credit unions for membership. In September, the National Association of Federal Credit Unions logged a 350 percent increase in Web traffic to its online credit union locator.

Besides capitalizing on the anti-bank sentiments, credit unions are highlighting their advantages such as no checking and debit card fee, no minimum balance requirements and quarterly paid dividends.

The advantage credit unions and community banks with less than $10 billion in assets have compared to banks are that these establishments are exempt from a new government rule that cut interchange of swipe fees which led banks to impose new fees.

Besides BofA, Suntrust also tacked in fees on debit cards, while Citibank phased out its free checking accounts.

To give the shift from banks to credit unions a bigger push, a Facebook group marked Nov. 5 as Bank Transfer Day when depositors are encouraged to close their bank accounts and transfer their savings to credit unions to avoid escalating bank fees.

This early, BofA is rethinking its plan to charge $5 a month for the use of their debit cards, according to reports. Although bank officials said there is no firm conclusion yet, a new plan being hatched would exempt customers who hold BofA credit cards, directly deposit their pay into the bank or hold a minimum balance from the $5 fee.

Previously, BofA said the fee would only be waived if the debit card holder has a minimum balance of $20,000.

The cardholder backlash is also causing other banks to reconsider plans to impose a fee. Wells Fargo canceled on Friday a test that would charge debit cardholders from Georgia, Nevada, New Mexico, Washington and Oregon $3 a month. JPMorgan also decided against imposing a $3 stand-alone debit card use fee per month.

U.S. banks are estimated to lose $6 billion from the mandated reduction in swipe fees.

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Washington, DC, United States (AHN) – A rising number of college graduates are filing for bankruptcy protection, says a study by the Institute for Financial Literacy scheduled for release on Tuesday.

In 2006, degree holders accounted for 11.2 percent of bankruptcy protection filers, the study found. By 2010, their proportion rose to 13.6 percent.

Similar trends were observed for holders of two-year associate degrees and graduate degrees. On the other end, high school diploma holders or college dropouts logged a decline in bankruptcy protection applications.

Leslie Linfield, executive director of the Institute, said the new trends challenged beliefs that an advanced education is almost a guarantee for economic success. Linfield said the recession indicated otherwise.

Bankruptcies in the U.S. dramatically rose after the 2008 financial crisis due to less consumer credit available after lenders tightened underwriting benchmarks and lowered loan limits.

Data from the Department of Education released on Monday showed that before students leave university some of them are defaulting on their student loans. For the fiscal year that ended on Sept 30, 2010, student loan defaults went up to 8.8 percent from 7 percent the previous year.

Financial difficulties faced by new graduates and students that led to the loan defaults were particularly felt among those enrolled at for-profit colleges and universities where the default rate in the first two years of payment zoomed to 15 percent from 11.6 percent.

For students enrolled in public educational institutions, the default rate climbed to 7.2 percent from 6 percent. At not-for-profit private institutions, the rate was 4.6 percent, up from 4 percent.

Deputy Education Secretary James Kvaal said there is a strong link between student default rates and joblessness rates..

The data supports an Institute for higher Education Policy study that found that for every borrower who defaults, there are two more who are behind in payments. Only 37 percent of borrowers who began to repay their student loans in 2005 managed to pay their loan fully and on time.

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LITTLE ROCK – While U.S. Sens. John Boozman and Mark Pryor were home from Washington last week, an ad was running on Arkansas radio stations urging them to vote against delaying a federal law that would limit fees that banks charge to process transactions involving debit and credit cards.

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DETROIT, May 14 (UPI) — U.S. drivers are reporting that higher prices at the gas pump also means quicker shut offs when credit cards hit their limits.

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BY ALICIA CRUZ NEWJERSEYNEWSROOM.COM

A Union City man arrested Wednesday on charges that he used stolen credit cards to purchase pesticides and pesticide applicators made his first appearance in Newark federal court, U.S. Attorney Paul J. Fishman announced.

Prosecutors say beginning in December 2009, Luis Colon, 28, obtained the numbers of stolen credit cards from Michigan residents by posing as a representative of Consumer Energy, a utility company in Michigan. He presented the victim’s with a bogus budget plan, took their credit card numbers and began using the numbers to purchase pesticides and pesticide applicators from wholesalers.

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Christopher Menkin submits:

U.S. Bancorp (NYSE: USB ), Minneapolis, Minnesota reported first quarter net income of $1,046 million. The bank also noted in a company press release charge offs declined 14.1% compared to the fourth quarter of 2010 and the total risk based capital ratio was 13.8%.

According to FDIC filings, year-end 2010, Tier 1 risk-based capital ratio 9.06% with non-current loans and leases at $9.1 billion. Net charges off in the year-end were $4.18 billion, higher than the previous year of $3.86 billion, mostly from real estate loans, $1.7 billion, followed by $1.6 billion in loans to individuals, $1.2 billion in credit cards and $102 million in lease financing receivables, down from the previous year of $223.4 billion. First Quarter FDIC filings were not recorded at press time as well as SEC 1st Quarter.

The press release shows the following chart, indicating a slight improvement in “Lease financial”, but down from first quarter 2010, Complete Story »

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The Oxen Group submits:

This morning started out on a positive note for us with LDK Solar ( LDK ) as we were able to quickly turn a market open buy into a 2.2% gain. We are now moving into a mid-term trade for today as the market has strengthened, and it does not look like it is a pop and drop.

Let’s get into today’s Premium Mid-Term Trade …

Mid-Term Trade of the Day: Discover Financial Services Inc. ( DFS )

Analysis: The market has a lot of uncertainty right now, but one thing that we do know is that credit card companies are seeing continually better credit environments in the U.S. and throughout most economies in their global networks. One company with an upcoming earnings announcement that has room to grow is Discover Financial, the company behind Discover credit cards and Discover loans. The company is slated to report an excellent quarter for its FY11Q2 with Complete Story »

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Earthquakes strike suddenly, violently and without warning. Identifying potential hazards ahead of time and advance planning can reduce the dangers of serious injury or loss of life from an earthquake. Repairing deep plaster cracks in ceilings and foundations, anchoring overhead lighting fixtures to the ceiling, and following local seismic building standards, will help reduce the impact of earthquakes.

What to Do Before an Earthquake

Protect yourself. Practice with an earthquake drill in your home or office. Participate in “The Great Central U.S. Shake Out” to be held April 28, 2011. This will be largest earthquake drill in central U.S. History. Go to www.ShakeOut.org/centralus to register and receive information on how to plan a drill and how to create a dialogue with others about earthquake preparedness.

Ways to Plan Ahead

Check for Hazards in the Home * Fasten shelves securely to walls. * Place large or heavy objects on lower shelves. * Store breakable items such as bottled foods, glass, and china in low, closed cabinets with latches. * Hang heavy items such as pictures and mirrors away from beds, couches, and anywhere people sit. * Brace overhead light fixtures. * Repair defective electrical wiring and leaky gas connections. These are potential fire risks. * Secure a water heater by strapping it to the wall studs and bolting it to the floor. * Repair any deep cracks in ceilings or foundations. Get expert advice if there are signs of structural defects. * Store weed killers, pesticides, and flammable products securely in closed cabinets with latches and on bottom shelves.

Identify Safe Places Indoors and Outdoors * Under sturdy furniture such as a heavy desk or table. * Against an inside wall. * Away from where glass could shatter around windows, mirrors, pictures, or where heavy bookcases or other heavy furniture could fall over. * In the open, away from buildings, trees, and telephone and electrical lines, overpasses, or elevated expressways.

Have Disaster Supplies on Hand

* Flashlight and extra batteries. * Portable battery-operated radio and extra batteries. * First aid kit and manual. * Emergency food and water. * Non-electric can opener. * Essential medicines. * Cash and credit cards. * Sturdy shoes.

Develop an Emergency Communication Plan

In case family members are separated from one another during an earthquake – a real possibility during the day when adults are at work and children are at school – develop a plan for reuniting after the disaster. Ask an out-of-state relative or friend to serve as the “family contact.” After a disaster, it’s often easier to call long distance. Make sure everyone in the family knows the name, address, and telephone number of the contact person. Educate Yourself and Family Members

Contact the Fulton County Office of Emergency management for more information on earthquakes by calling 270-236-3480. Teach children how and when to call 911, police, or fire department and which radio station to tune to for emergency information. Teach all family members how and when to turn off gas, electricity, and water.

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The Dec. 14 subpoena obtained by the U.S. Department of Justice said the records sought from the microblogging website were “relevant to an ongoing criminal investigation.”

A U.S. court has ordered Twitter to hand over details of the accounts of WikiLeaks and several supporters as part of a criminal investigation into the release of hundreds of thousands of confidential documents.

The Dec. 14 subpoena obtained by the U.S. Department of Justice and published by online magazine Salon.com on Friday said the records sought from the microblogging website were “relevant to an ongoing criminal investigation.”

It ordered Twitter to provide account information on WikiLeaks founder Julian Assange and Bradley Manning, the U.S. Army intelligence analyst suspected of leaking Pentagon documents made public last year by WikiLeaks.

The information sought by the government includes all connection records and session times, IP addresses used to access Twitter, email and residential addresses plus billing records and details of bank accounts and credit cards.

The subpoena included the accounts of WikiLeaks supporters Jacob Appelbaum, Rop Gonggrijp and Birgitta Jonsdottir, a former WikiLeaks volunteer and member of Iceland’s parliament.

“WikiLeaks strongly condemns this harassment of individuals by the U.S. government,” Assange’s lawyer, Mark Stephens, said in a statement issued in London.

The U.S. government is examining whether criminal charges can be brought against Assange for helping to make public hundreds of thousands of confidential U.S. diplomatic cables that embarrassed Washington and several of its allies.

Stephens said three of the four individuals targeted by the Department of Justice had never worked for WikiLeaks and were private citizens who supported WikiLeaks voluntarily as activists or politicians.

Two of them were instrumental in helping WikiLeaks make public the Pentagon video that showed a U.S. helicopter crew firing on Iraqi civilians, Stephens said. WikiLeaks is instructing its U.S. lawyers to oppose the subpoena, he added.

Jonsdottir said she was seeking legal advice and had spoken to Iceland’s minister of justice, who is looking into the case.

“I have nothing to hide and have done nothing wrong — I have no intention to hand my information over willingly to DoJ (Department of Justice),” Jonsdottir wrote on Twitter.

The subpoena gave Twitter Inc three days to provide the records and ordered the San Francisco-based company not to inform the users under investigation.

A federal judge unsealed the order on Jan. 5 after Twitter requested the right to inform the people involved.

Stephens said this legal action by Twitter had made public the existence of a criminal investigation of WikiLeaks.

The lawyer called on Facebook and Google to unseal any similar subpoenas requesting information about WikiLeaks.

Washington has accused WikiLeaks of acting without regard for the safety of those named in the cables, which contained candid remarks and assessments of foreign leaders and governments.

The State Department said on Friday it has warned several hundred people worldwide it believes may be imperiled by the release and has helped a handful of them relocate to safer places.

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There’s a growing interest in how to achieve credit card debt relief using Debt Settlement as an alternative to Credit Counseling and Debt Consolidation Loans to help with debt reduction, to consolidate debt, and avoid Bankruptcy. As a Certified Debt Specialist I’ve talked with thousands of people over the years who are burdened by massive credit card debt, medical bills, or other unsecured debts. Lately, one of the most frequently asked questions has been: “What Is Debt Settlement and How Does It Work?” Debt Settlement (also referred to as debt negotiation) means that your debt is negotiated down to a reduced amount, and your account is settled in full. Historically, settlement amounts within 40 to 60 percent of your outstanding balance are realistic. For example, if your debt is settled for 40%, that means your $20,000 in total unsecured debt is settled for $8,000. Every day I speak with good people all across the U.S. who are financially overwhelmed. Many are unable to make the minimum payments on credit cards or other unsecured debt. Maybe they can’t borrow against their home since property values have plummeted. Maybe they can’t make the payment suggested by a Credit Counseling agency. They may simply want to avoid bankruptcy.

Debt Settlement is one of the most effective debt relief options available to consumers. It’s a great choice if you have more debt than you can pay off, and you’re experiencing a financial hardship that has you falling behind (or just about to fall behind) on your monthly payments. Why would your credit card company, commonly referred to as a creditor, choose to settle debts rather than continuing to charge you interest and late fees month after month? Well, it’s really a matter of dollars and good sense. Creditors know that if you get into a bad financial situation and can’t make your monthly payments, you may decide to declare bankruptcy. In this case they may get nothing! Therefore, given your hardship, rather than risk getting nothing, the creditor is usually very willing to settle for a lower amount. Once you enroll in a Debt Settlement program, the first priority is to effectively minimize creditor’s phone calls. Your total unsecured debt amount is reduced up to 60% while providing just one low monthly program payment. Your monthly payment amount is often as low as half your current combined monthly payments to the same creditors. Many people are struggling to pay off credit card debt, medical bills, or other unsecured debt, and they’re wondering if the Debt Settlement advertisements on TV, radio, or the Internet are for real. There are so many questions and an abundance of mis-information about debt relief.

This led me to create a video series to address the most frequently asked questions I hear from my clients, such as: Can I really get out of debt for a fraction of the cost and pennies on the dollar? Can Debt Settlement help me get out of debt quickly, legally and safely? What are the effects on my credit score, or my income taxes? How do secured/unsecured debts differ, and which can be settled? Do I qualify for enrollment in a Debt Settlement program? These are just a few of the most frequently asked questions. And yes, Debt Settlement really can allow you to pay back less than you owe. I have many clients who have successfully had their unsecured debts negotiated and settled in full, and in the process saved $5,000 to $25,000 to $45,000 or more. Remember, the goal of the credit card companies is to keep you in debt, whereas the goal of a reputable Debt Settlement company is to help you quickly & legally resolve your financial hardship and get you out of debt! If you’re struggling with a huge amount of unsecured debt, it’s important to become informed about your available options. With this knowledge you’ll be in a better position to choose the debt relief option that’s right for you.