Banking Blog

Saturday, December 17, 2011 12:30 pm
By David McMillin · Bankrate.com

Attention members of the banking industry: Consider yourselves warned. While there have been plenty of studies that reveal mobile banking security issues, one source every bank listens to is weighing in on the conversation. The Federal Deposit Insurance Corp.’s latest round of Supervisory Insights includes a section dedicated to the risks and rewards of mobile

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Friday, December 16, 2011 4:50 pm
By Claes Bell, CFA · Bankrate.com

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

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Thursday, December 15, 2011 5:33 pm
By David McMillin · Bankrate.com

An Illinois teenager and his mother learned their lessons with bank fees the hard way. In a recent story in the Chicago Tribune, Jon Yates reported that 18-year-old Daniel Ganziano managed to rack up nearly $230 worth of fees in a matter of days at TCF Bank. The catch: he wasn’t even spending money. Here’s

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Thursday, December 15, 2011 4:15 pm
By Claes Bell, CFA · Bankrate.com

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

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Thursday, December 15, 2011 12:00 pm
By Marcie Geffner · Bankrate.com

Online and mobile banking might be all the rage, but young people still conduct banking transactions at bank branches as well. That’s according to a recent report, “Maximizing Financial Relationships with Gen Y,” by Synergistics Research, a financial services marketing research company in Atlanta. The report found that branches and ATMs still account for a

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Wednesday, December 14, 2011 11:00 am
By Claes Bell, CFA · Bankrate.com

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

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Tuesday, December 13, 2011 9:35 am
By Marcie Geffner · Bankrate.com

A temporary holiday-season job can be a big boost to many people’s personal finances. Indeed, some estimates suggest approximately 500,000 workers might pick up some extra income before the end of this year, thanks to holiday-related employment. But for all its benefits, temporary income stretches only so far. That’s why the nonprofit National Foundation for

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Saturday, December 10, 2011 11:00 am
By David McMillin · Bankrate.com

Judging by one of American Banker’s latest awards, it seems one of America’s big-box stores is beginning to compete with the country’s big banks. Jane Thompson, former president of Wal-Mart’s financial services division, retired from the retailer this year, but she is still seeing the results of her work. American Banker named Thompson Innovator of

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Friday, December 9, 2011 10:00 am
By David McMillin · Bankrate.com

It turns out that big banks aren’t losing quite as many account holders as expected. In its quarterly update, the National Credit Union Administration announced the nation’s nonprofit financial institutions added around 450,000 new members throughout the third quarter of 2011. Those numbers are impressive, but they are vastly different than numbers originally reported by

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Friday, December 9, 2011 8:00 am
By Claes Bell, CFA · Bankrate.com

Banks are fond of saying they have to raise fees to make checking profitable. But could cutting costs be a better option? If you’ve been watching President Barack Obama’s speeches lately, you’ll know he has often used the example of ATMs replacing human bank tellers to illustrate how increasing automation has permanently reduced employment in

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