Banking Blog

Friday, September 30, 2011 12:30 pm
By Marcie Geffner · Bankrate.com

Bank robbers, beware. The American Bankers Association, or ABA, a trade group in Washington, D.C., has introduced an online service to help banks track robberies, burglaries and ATM crimes in real time, regardless of the location. The service, called ABA Bank Capture, as in: “Banks, help us capture more crooks,” will also help banks research

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Thursday, September 29, 2011 3:26 pm
By Claes Bell · Bankrate.com

It looks like charging debit card fees is going to start becoming the norm, at least for large national banks. The Wall Street Journal is reporting today Bank of America will start hitting customers with a $5 a month fee for using a debit card at the beginning of next year: The fee will apply

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Thursday, September 29, 2011 3:21 pm
By Marcie Geffner · Bankrate.com

Four years and $6 million. That was the prison sentence and restitution demand recently imposed on a man who pleaded guilty to federal bank fraud charges. Kwong Hung Lam, a.k.a. “Eric Lam,” was the president and sole owner of New Century Enterprise, an importer and distributor of casual clothing headquartered in Farmingdale, N.Y., according to

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Wednesday, September 28, 2011 10:48 pm
By Marcie Geffner · Bankrate.com

A nationwide payday lender that tried to collect loan payments by tapping consumers’ paychecks without a court order has agreed to stop this practice — at least for now. That’s according to the Federal Trade Commission, or FTC, which filed a complaint against the lender in U.S. district court. The complaint alleges that Payday Financial

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Wednesday, September 28, 2011 3:25 pm
By Brian Page · Bankrate.com

Overdraft protection is connection to a credit or other bank account that the bank accesses when a withdrawal is made from a checking account with insufficient funds. Although the cost for this service varies from bank to bank, there is typically a fee per transaction. Overdraft protection does provide value. It prevents you from bouncing a check and incurring the

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Wednesday, September 28, 2011 1:55 pm
By Claes Bell · Bankrate.com

Mobile banking and mobile payments are looked at by a lot of people in the banking industry as the next big thing. Indeed, a new report by Javelin released this week shows that in the past 12 months, the percentage of mobile phone users who’ve banked on their mobile devices has grown from 19 percent

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Tuesday, September 27, 2011 12:24 pm
By Claes Bell · Bankrate.com

Those dreaming of the day when they could finally ditch cash in favor of debit cards are about to be dealt a setback. Andrew R. Johnson of The Wall Street Journal writes this week that MasterCard and Visa are likely to raise the swipe fees merchants pay banks to process small purchases: Thomas McCrohan, an

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Monday, September 26, 2011 4:13 pm
By Marcie Geffner · Bankrate.com

Three months and counting. That’s how long consumers have to complete their holiday shopping before Dec. 25, 2011. Three months might sound like plenty of time, but nearly one-third of consumers start the holiday season with no savings for the extra travel, gifts, decorations, meals and so on that they purchase during the last few

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Sunday, September 25, 2011 10:22 am
By Patrick Van Horn · Bankrate.com

Financial markets are intensely focused on the events unfolding in Greece. Markets seem concerned that once again Greece will not be able to satisfy the austerity requirements their last loan required for further loans. If they are not able to satisfy those concerns, it is possible that the European countries who are considering extending the

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Sunday, September 25, 2011 9:21 am
By David McMillin · Bankrate.com

Add another name to the list of big banks adding fees to their checking account structures in an attempt to make up for falling profits. In an announcement late last week, Citigroup unveiled plans to begin charging account holders a $10 monthly fee unless they can meet certain terms. The change goes into effect in

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