Being denied credit is never fun, and for one 99-year-old woman, it was especially disheartening. She was turned down for a store credit card because of her age — but as it turns out, it was all a big misunderstanding.
Once upon a time, people used credit cards as back-up funds, tapping into them only when an unforeseen emergency arose. But now, thanks to the current state of the economy, a staggering number of consumers are using their cards for routine bills like mortgages and groceries.
While Bank of America and other major banks have now scrapped a widely-derided plan to charge customers a monthly fee for using their debit cards, a new survey shows at least 650,000 people closed their accounts with those banks in the past month and fled to more consumer-friendly credit unions.
As it turns out, a breach in security opened up 'The People's Federal Credit Union' to vulnerability resulting in customers losing thousands of dollars. Charges popping up in California tipped people off and the APD Organized Crime Unit is working to correct the problem.