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Savers upset about the sale of ING Direct to Capital One may have reason to hope. The Federal Reserve Board was supposed to hold a vote on whether to approve the sale today, but the vote was delayed, suggesting there might be some dissent among the Fed governors on how to proceed.
For its part, Capital
JPMorgan Chase became the latest bank to settle a nationwide suit concerning the infamous “courtesy” overdraft fees. From Jonathan Stempel of Reuters:
JPMorgan Chase & Co has agreed to pay $110 million to settle consumer litigation accusing it of charging excessive overdraft fees.
The largest U.S. bank by assets joined Bank of America Corp and several smaller
The drop in the national unemployment rate from 8.5 percent in December to 8.3 percent in January made big news nationwide, and seemed to a lot of folks to signify a solidified economic recovery. But if CD investors are hoping the stronger-than-expected employment report will cause the Fed to accelerate its timetable for a rate
I’ve been writing a lot about prepaid debit cards recently, much of it critical, echoing some of the same issues many in the financial press have with prepaid cards, including relatively high fees, limited features and a lack of meaningful savings accounts.
But I do believe prepaid cards represent both an increasingly popular alternative to traditional
It looks like a high school in Naples, Fla., is taking a really cool approach to teaching job skills and personal finance savvy to students: opening an in-school credit union branch.
From the Naples Daily News:
Math teacher Nancy DeFurio asked Suncoast to start a Naples student branch after seeing something similar in New York. She wanted
We may be finally coming to the end of the instability that wracked the American banking system. As my colleague David McMillan blogged earlier this month, the FDIC’s numbers for bank failures were way down in 2011. On top of that, last month, the FDIC’s board cut the 2012 operating budget for the organization by
It’s hard to overstate how grim things are in the CD market right now. CD balances hit a nearly three-decade low this week, falling to $750 billion, according to the Federal Reserve. That may seem like a lot, but the last time the total amount of money Americans held in “small-denomination time deposits,” Fed-speak for
How bad was the debit card “fee-asco” for banks? It depends on who you ask.
In November, the Credit Union National Association released a statement that they their member credit unions had picked up 650,000 new members between Sept. 29 and Nov. 2. A few weeks later, though, they had to revise their figures down to
The Federal Reserve’s Open Market Committee voted to keep the key federal funds rate near zero, where it has been since December 2008. The biggest news is that the current low rate will likely persist through late 2014 rather than the previous projection of mid-2013, according to the FOMC statement:
The Committee decided today to keep
The outcome of the banks vs. merchants public relations battle over the Durbin Amendment is now clear. To paraphrase one Jeffrey Lebowski, “Condolences! The banks lost!”
According to a new Javelin study, Americans actually believe Durbin benefited the banks:
Even though new debit card regulations have significantly decreased the revenue offset for maintaining checking account services, consumers
