Banking Blog

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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Thursday, December 8, 2011 1:09 pm
By Claes Bell, CFA · Bankrate.com

Banks and nonbank financial providers can breath a little easier, at least for the time being. Today Senate Republicans blocked a vote to confirm former Ohio Attorney General Richard Cordray to lead the Consumer Financial Protection Bureau, citing Democrat’s unwillingness to restructure the agency. Republican leaders are looking to limit the power of the CFPB,

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

Would you pay for a simpler banking experience? A recent survey by branding firm Siegel+Gale finds that some U.S. consumers are willing to do just that: U.S. consumers would pay the retail banking industry an additional $1.4 billion each year for more simplified interactions and experiences. That willingness may stem in part from how complicated

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Wednesday, December 7, 2011 12:30 pm
By Marcie Geffner · Bankrate.com

The Consumer Financial Protection Bureau, or CFPB, plans to streamline a number of regulations it “inherited” as part of its inception from seven other agencies. And it’s asking the public for advice on how to tackle the job. Raj Date, special adviser to the Treasury on the CFPB, said in a statement the goal is

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Wednesday, December 7, 2011 10:52 am
By Claes Bell, CFA · Bankrate.com

It looks like banks are still struggling to figure out how to make checking accounts profitable in the wake of the Durbin amendment and other new regulations. Via Andrew Dunn at the Charlotte Observer, Wells Fargo chief executive John Stumpf was asked how his bank is adapting to the new regulatory landscape at an annual

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