Banking Blog

Thursday, December 29, 2011 4:06 pm
By Claes Bell, CFA · Bankrate.com

This week, MetLife agreed to sell its online banking operations to General Electric. From Ben Berkowitz and Tanya Agrawal at Reuters: General Electric Co agreed to buy life insurer MetLife Inc’s online bank on Tuesday, in a deal that will let GE’s capital arm expand its funding base and lessen reliance on wholesale markets. The

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Wednesday, December 28, 2011 4:41 pm
By Claes Bell, CFA · Bankrate.com

A few weeks ago I blogged about a story by American Banker’s Victoria Finkle on how much free checking costs to provide, and how those numbers reflect on the sustainability of free checking at some large banks. The upshot was that while each checking account customer costs banks an average of $349, but the average

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Wednesday, December 28, 2011 10:00 am
By David McMillin · Bankrate.com

If you use your mobile device for banking, here’s a new term you should know: SMiShing. While I was unfamiliar with this word until today, it’s something you want to avoid. The term is used to describe identity theft attempts via SMS text messages. Some account holders at Fifth Third Bank have been recent targets

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Tuesday, December 27, 2011 10:41 am
By Marcie Geffner · Bankrate.com

Forget about a white Christmas. What consumers really want this year is a black Christmas, according to the nonprofit National Foundation for Credit Counseling, or the NFCC. The idea of a black Christmas is a spin on the term “Black Friday,” which refers to the day after Thanksgiving when retailers traditionally expect their sales figures

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Friday, December 23, 2011 1:30 pm
By Claes Bell, CFA · Bankrate.com

Banks will have an extra month to try and influence how regulators will implement the Volcker rule. From Cheyenne Hopkins at Bloomberg: U.S. regulators will extend the comment period for the so-called Volcker rule, giving lawmakers and banks more time to seek changes in the proposed ban on proprietary trading, said a government official familiar

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Friday, December 23, 2011 9:49 am
By David McMillin · Bankrate.com

Some consumers are turning their frustrations with bank fees into legal battles. According to a recent story from the nonprofit credit union national association, or CUNA, one consumer named Don Anderson has filed 13 lawsuits against credit unions and banks for failing to post notices regarding ATM surcharges. Here’s a portion of the story discussing

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Thursday, December 22, 2011 2:25 pm
By Claes Bell, CFA · Bankrate.com

It may look like an ATM, but a new machine catching on in Paris dispenses freshly baked baguettes instead of money. From Kim Willsher at The Guardian: But now one entrepreneurial baker has come up with an idea that sounds as sacrilegious as putting Dom Pérignon in wine boxes: selling baguettes in a vending machine.

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Thursday, December 22, 2011 10:00 am
By Marcie Geffner · Bankrate.com

A new research paper, “Where’s the Debit Discount?” has concluded debit card swipe fee caps mandated by the Durbin Amendment haven’t resulted in price savings for consumers. The 17-page paper was published by the Electronic Payments Coalition, or EPC, a group of banking industry associations, banks, credit cards and debit payment-processing companies. The paper states

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Wednesday, December 21, 2011 5:06 pm
By Claes Bell, CFA · Bankrate.com

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

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Wednesday, December 21, 2011 10:00 am
By Marcie Geffner · Bankrate.com

“Where’s my debit discount?” That question is the premise behind a new website, WheresMyDebitDiscount.com, sponsored by the Electronic Payments Coalition, or EPC. The EPC is a group of about 60 banks, banking industry associations, credit unions and payment card networks that handle electronic payments between merchants and consumers. The website claims that retailers promised to

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