Banking Blog

Friday, March 9, 2012 11:00 am
By Claes Bell, CFA · Bankrate.com

Thanks to the rise of debit cards and electronic payments, a lot of economists and tech writers have begun to advocate for a world without cash. But if one writer’s experience is any indication, it’s going to be awhile before that happens. Seth Stevenson, a writer for Slate, is trying an experiment: seeing if it’s

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

While many of us assume the main motivation behind every move in the banking industry is cost …

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Thursday, March 8, 2012 2:43 pm
By Claes Bell, CFA · Bankrate.com

Wells Fargo plans to drop free checking in 6 more states, expanding the reach of a fee scheme the bank had been testing in western states that placed a $7 (or $5 with a month fee on the bank’s basic checking account; see update below). From Blake Ellis at CNNMoney: The $7 monthly service fee

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Wednesday, March 7, 2012 5:21 pm
By Claes Bell, CFA · Bankrate.com

It’s almost enough to make you feel sorry for the banks. Consumer advocates and government officials often extol the value of transparency and easy-to-understand disclosures when it comes to financial services. Here’s CFPB Director Richard Cordray in a January interview with Candice Choi of The Associated Press: On transparency and disclosure; a key insight here

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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, CFA · 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, CFA · 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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