Banking Blog

Thursday, November 3, 2011 3:56 pm
By Claes Bell · Bankrate.com

Just a few days after several big banks bowed to customer outrage and eliminated new debit card fees, banks are facing criticism on another front. Some policy think tanks and government officials are starting a new push to get all banks to come clean on fees. Sens. Dick Durbin, D-Ill., and Jack Reed, D-R.I., held

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Wednesday, November 2, 2011 4:38 pm
By Claes Bell · Bankrate.com

Word this week that Filene’s Basement, the popular Massachusetts-based discount store and one of the last remnants of the department store empire of Edward Filene, will be closing its doors in 2012. The store was famous for its literally bargain-basement prices and door-busting sales of wedding gowns. Why am I writing about a discount clothing

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Tuesday, November 1, 2011 4:19 pm
By Greg McBride, CFA · Bankrate.com

Earlier this week, we released the findings from our October Financial Security Index poll. Only 11 percent of Americans, roughly 1 in 10, are more comfortable with the savings they have now, compared to a year ago. When we asked about debt, about 1 in 5 Americans said they’re more comfortable with their debt now

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Tuesday, November 1, 2011 12:30 pm
By Marcie Geffner · Bankrate.com

Wells Fargo & Co. has cancelled its planned test run of a $3 monthly fee for customers who use a debit card. The trial had been slated for five states, but is now off the calendar, the bank said in statement posted on its website late last week. Ed Kadletz, head of the bank’s debit and prepaid

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Tuesday, November 1, 2011 11:37 am
By Claes Bell · Bankrate.com

This morning Bank of America announced it is shelving plans for a $5 monthly fee for using a debit card. If you’ll recall, those plans had touched off a public relations nightmare for both BofA and the banking industry in general, leading to a lot of customer outrage and a social-media driven movement to get

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Monday, October 31, 2011 4:17 pm
By David McMillin · Bankrate.com

In another victory for account holders, one more of America’s biggest banks has canceled its plans to charge for debit card use. Atlanta-based SunTrust announced that it no longer plans to charge a monthly fee for using a check card. If you’re a SunTrust checking account holder, here’s some additional good news: You can expect

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Saturday, October 29, 2011 12:30 pm
By David McMillin · Bankrate.com

Remember when taxpayers threw up their arms in disgust when Congress agreed to give America’s banks hundreds of billions of dollars in 2008? Much of the news around the Troubled Asset Relief Program initially focused on the big banks who received taxpayer dollars, but a new report shines a light on another segment of TARP

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Friday, October 28, 2011 4:55 pm
By David McMillin · Bankrate.com

As account holders hold their breaths and hope to avoid new bank fees, one of America’s biggest banks has offered some good news: fewer account restrictions, more benefits and the assurance of no fees for debit card use. In an announcement Thursday, Huntington National Bank confirmed it has no plans to charge account holders for

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Friday, October 28, 2011 11:21 am
By Claes Bell · Bankrate.com

The big news today in banking is JPMorgan Chase backing away from debit card fees that have sparked consumer outrage and inspired some to push for a national Bank Transfer Day. From Robin Sidel at The Wall Street Journal: Following eight months of consumer testing, J.P. Morgan Chase & Co. has decided that it won’t

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Thursday, October 27, 2011 11:34 am
By Claes Bell · Bankrate.com

There’s been a meme bouncing around the Web that new debit card fees riling up bank customers are a sign that big banks are trying to kill debit cards. I’ve seen that argument being made by a number of writers, including Maria Aspan of American Banker and more recently by Herb Weisbaum of MSNBC. Here’s

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