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Prepaid debit card provider RushCard is announcing a new type of savings account called RushGoals to help customers save toward goals such as, “vacations, education, gifts, weddings,” according to Rushcards.com, promising rewards for successful savers. From the site:
Each month that you have $500 or more in your FDIC protected goal accounts, we will reward you
Today the Federal Reserve unveiled part of its proposed rules for regulating “too big to fail” banks and other financial institutions. The 173 pages of rules, called for in the Dodd-Frank financial reform law, are designed to minimize the amount of damage one TBTF institution can do to the economy in the event it goes
It’s clear the banking industry is in a time of transition. A profoundly changed regulatory and economic environment has made it difficult for many banks, especially larger ones, to make money doing business they way they did before the financial crisis.
Many national banks have tried to get their checking account offerings back to profitability by
There’s a lot to like about $1 coins. They are more durable than paper money, and they’re easier and cheaper to handle. The only problem is, Americans hate using them.
Because of that, the Federal Reserve has literally entire warehouses full of unused $1 coins returned to them by banks because people don’t want them. From
I wrote a little bit about the “gotcha” fee business model of consumer banking this week and the beginnings of a successful movement to bring a standard, simplified fee disclosure form to the banking industry.
But while better disclosure is great, it’s really just an improvement at the margins. A lot of account holders will never
A few weeks ago I wrote about a Pew Health Group project to establish a sort of bill of rights for debit card users. I’m happy to report that at least part of that effort — simplifying bank disclosures — is beginning to catch on.
Several financial institutions, including Chase, North Carolina State Employee’s Credit Union
According to one banking industry analyst, on average, banks are losing money on free checking accounts, and are predictably unsuccessful at making it up in volume. From Victoria Finkle at American Banker:
The average checking account cost banks $349 in 2011, says Mike Moebs of Moebs Services Inc., a research firm. But the average revenue per
Call it Fed fatigue.
After three years of aggressive monetary easing and unprecedented action to prop up the financial system, the U.S. economy is beginning to show some scattered signs of improvement, and the Federal Reserve decided to take it easy, at least for this meeting.
“Monetary policy has its limits, and the Fed may be close
Today the Federal Open Market Committee, or FOMC, came together for a quiet meeting, leaving the key federal funds rate unchanged at near-zero percent, as expected through mid-2013.
The federal funds rate is the rate at which banks lend to each other.
The FOMC’s statement reflected cautious optimism about the U.S. economy in the wake of some
Where there’s money, there’s Goldman Sachs, so it’s telling the investing giant is getting into the marked for structured CDs. Matt Robinson of Bloomberg reports that Goldman is creating a line of four different structured CDs to meet growing customer demand for a deposit product that can provide some hope of returns beyond today’s rock-bottom
