essentially the rising waters that we can see there on the screen can force companies to halt pipeline flows or lead to congestion on railroads that are used to ship those refined products and forecasts say the worst of the flooding is next headed to sites downstream towards the gulf coast which, as we know is home to many of the country s biggest refineries. let s get some maybe good news because banks don t exactly have a great reputation when it comes to customer service. but bank of america is working on being a little more consumer frndly. tell us about that. how nice of them. it s a bit of a pilot program, chris, at bank of america, where you have the option to instantly reverse a declined transaction via text message. that is, of course, if you ve gone to the store and tried to buy rolex but there isn t enough money on your account they will let you know via text. this is a consumer policy and helps to prevent you pr unknowingly overdraft your account and incurring penalty f
you have to keep your customers happy. banks have suffered such bad publicity. everybody hates banks. so for a small fee for accounts that have maybe less than a hundred dollars in them, they are not charging late penalty fees. another reason, too, it s harder to get customers. talk about $150 to get a new customer in marketing. so it makes sense to keep your customers happy so you don t have to spend to get other ones. heather: the question for consumers, should they switch to the lower fee cards? it s interesting because the interesting rates tend to be a little bit higher than they were pre-recession across the board. if you are going to switch another card you have to think about your credit card score, the more credit cards you have sometimes the more difficult it
reforms signed into law and it was her idea to create the but row. the mission to educate consumers about the fine print and lingo or legal mum bo jumbo to hide things such as high interest rates and the penalty fees. a closer look at elizabeth warren and the reception likely to receive and for that and other political news, today candy crowley. so candy, is she the voice that we need? well, i think the first question is what voice is she going to have here? because what s happened. elizabeth warren is pretty controversial. there are at least among republicans who many republicans who think she is too anti-business, that she goes too far in leaning toward, you know, the protection of consumers to the extent that she s unfair to businesses. okay. so you have that. what the president is apparently going to do is to put elizabeth warren inside the treasury department where she can help put together this consumer protection bureau for banks
businesses to operate, which is not what we need at the time when the economy is weak. you ve got a clash leer, but we know which side the president son and which side his party is on and think politically useful in the election. john, for the average consumer, break it down. how will things look different on my credit card statement, if i go and get a new mortgage, for instance? well i think they re talking about dramatically simple la phied paperwork. you ve had the experience, as i have, nora, and many millions of americans have, you go to a real estate closing, for example, and you sign endless stacks of paper, and you don t know what they are. they say sign there, put an x on the paper. the idea is it s always going to be complimented, but they re going to try to simplify that. stape with your credit card statements. fine print goes away or is dramatically reduced and people kunds better exactly what penalty fees will be charged what s happening with interest rates and try to
going back to an area on the other side of the bridge and suddenly it collapsed and there were fires around them and every child in that bus get out fine and alive with good samaritans coming from everywhere. when you think it is bad news, good samaritans show up. a lot of good news in that and the people of minneapolis were amazing. make sure to take a good look at your credit card statement. interest rates are going up. and they are now going to be the highest level in nine years. maybe more. according to a financial research firm, between april and june the average credit card had an interest rate of 14.7 percent, up from 13.1 percent same time, same month last year. here s why: new federal rules limit a bank s ability to charge penalty fees. banks make a lot of money off the fees. how do they make up the lost revenue?