Banking Blog

Tuesday, March 6, 2012 2:10 pm
By Marcie Geffner · Bankrate.com

Consumers today pay significantly higher bank fees than they did 10 years ago. That statement might seem obvious to many consumers. But now it’s a matter of statistical record as well, according to a new report, “The Cost of Regulation: The Necessity of Bank Fees,” from Javelin Strategy and Research, a financial institution consulting firm

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Saturday, March 3, 2012 9:00 am
By David McMillin · Bankrate.com

While it may seem easy to identify the biggest banks in the country, determining what constitutes a community bank can be a more challenging task. At the Federal Deposit Insurance Corp.’s Future of Community Banking Conference in February, the question took center stage. The FDIC is aiming to classify community banks on more than just their

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Friday, March 2, 2012 12:54 pm
By Claes Bell · Bankrate.com

Since last year, the Consumer Financial Protection Bureau has been taking complaints about mortgages and credit cards. Unfortunately, if you had an issue with your checking account or savings account, you were pretty much out of luck. That’s officially changing this week. Richard Cordray, director of the CFPB, writes this week in The Huffington Post

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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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