Banking Blog

Friday, March 2, 2012 11:01 am
By David McMillin · Bankrate.com

According to a new report from J.D. Power and Associates, the number of customers who left their banks climbed for the third consecutive year. After numerous reports of Bank Transfer Day figures, the results of the 2012 U.S. Bank Customer Switching and Acquisition Study are not incredibly surprising. Still, the steadily increasing numbers should encourage

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Thursday, March 1, 2012 4:52 pm
By Claes Bell · Bankrate.com

It looks like Bank of America is courting controversy with a fee increase yet again. The second largest U.S. bank by assets is experimenting with a revamped line of checking accounts. Under the plan, the basic “Essentials Account,” which will replace the company’s MyAccess account, will no longer offer a fee waiver for setting up

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Thursday, March 1, 2012 9:00 am
By Marcie Geffner · Bankrate.com

$250 billion. That’s how much money consumers added to their bank accounts in the last three months of 2011, according to Market Rates Insight, or MRI, a San Anselmo, Calif.-based company that provides competitive pricing data to financial institutions. Total deposits, including those made to overseas branches of U.S. banks, increased $183 billion in the fourth

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Wednesday, February 29, 2012 12:43 pm
By Claes Bell · Bankrate.com

Those of you who read this blog with any regularity know I talk about prepaid cards a lot. As a financial product on the rise, and the one well-positioned to take advantage of the decline of cash and checks, they’re a product I think deserves more attention than they’re getting. Apparently, some New Yorkers agree.

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Tuesday, February 28, 2012 1:11 pm
By Claes Bell · Bankrate.com

Ever since the Dodd-Frank financial reform law passed in 2010, there’s been intense debate among politicians, economists, policy experts and banking industry professionals about the merits of the law. Opponents have called it a massive and burdensome assault on the banking industry and free markets generally; champions have said it’s a necessary corrective to deregulation

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Monday, February 27, 2012 3:29 pm
By Marcie Geffner · Bankrate.com

Consumers who are fed up with aggressive debt collection activities and error-ridden credit reports might be cheered to learn the federal government is set to supervise a number of so-called nonbank financial companies that offer such services. Specifically, the Consumer Financial Protection Bureau, or CFPB, has announced a proposed rule that would bring the biggest

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Tags: CFPB, Debt, nonbank
Saturday, February 25, 2012 6:00 am
By David McMillin · Bankrate.com

Despite the decrease in bank failures last year, a recent voter survey conducted by the Credit Union National Association shows that more consumers believe credit unions are safer than banks. When asked what type of institution was the most financially safe and sound, here’s how voters responded: Credit unions — 40 percent. Banks — 34

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Friday, February 24, 2012 5:43 pm
By David McMillin · Bankrate.com

As account holders deposit dollars into the nation’s banks, a little social media website appears to be using a different currency. Okay, so it’s not exactly little — it’s Facebook. You know, the site with hundreds of millions of users, massive buzz about its upcoming IPO and now, an official request with the SEC to

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Thursday, February 23, 2012 4:39 pm
By Marcie Geffner · Bankrate.com

A new survey has found that more people are having difficulty saving to meet important financial goals such as responding to an emergency and being able to afford a comfortable retirement. The survey of 1,007 people was commissioned by the Consumer Federation of America, or CFA, American Savings Education Council and Employee Benefit Research Institute.

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Wednesday, February 22, 2012 3:26 pm
By Claes Bell · Bankrate.com

If you’ve ever had an overdraft fee turn a $2 debit purchase into a $37 debit purchase, you may be glad to know the first action item on the Consumer Financial Protection Bureau’s list when it comes to banking is “courtesy” overdraft programs. At a roundtable with banks and consumer advocacy groups hosted by the

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