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Follow Friday: Weekly Web Roundup (6/10/11)

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Banks are taking large and small-scale hits after losing a hard-fought battle over debit fees and having the foreclosure tables turned by a plucky homeowner. This week’s bloggers bring you these stories as well as tips on how to save on student loans and payday loan alternatives. As always, if you enjoy any of our favorite bloggers, we encourage you to follow them on Twitter for regular updates. And don’t forget to follow Credit.com at @CreditExperts.

Banks Defeated in Senate Vote on Debit Card Fees
In the grand battle between retailers and banks over debit card swipe fees, banks finally took their lumps. The Consumer Financial Protection Bureau proposed that the “windfall profits” the banks were receiving from these fees were undeserved. This will be considered a triumph for small and large retailers alike. No word yet what ripple effects this could have on consumers. @nytimes

Homeowner Forecloses on Bank of America
In a wild turn of circumstance, a wrongfully foreclosed homeowner who was owed repayment of legal fees from Bank of America ended up foreclosing on a local BofA branch. Complete with a lawyer, armed deputy and moving trucks, the threat of seizing BofA’s assets finally got the bank to repay the fees. @taranicholle @time

Wells Fargo Rolls out Fixed-Rate Student Loan
Federal financial aid for tuition is still the best option with the lowest interest rates and best repayment options, but private loans are becoming more appealing. With private student loans on a major downturn for the past few years there are now fixed rate options for the first time to entice prospective borrowers. @ABC

Payday Loans are a High-Cost Crutch
Payday loans often get a bad rap for their high interest rates. And some consumers do get caught in a toxic borrowing cycle, but the reality is some people need cash fast and a payday loan is one way to get it. Claudia Buck offers several alternatives that may have less risk involved for the borrowers. @sacbee_news

Three Big Banks Fail in Foreclosure Relief Program
The fledgling housing market isn’t getting the help it needs from some of the biggest banks. Although many are getting mortgage modifications, many more are still struggling. A “substaial improvement” is being called upon for the banks that could be helping those who are at risk in their mortgages. @latimes

Image: Yago Veith, via Flickr.com

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