Banking Blog

Saturday, November 19, 2011 12:00 pm
By David McMillin · Bankrate.com

While account holders adjust to the potential for new fees, the CEO at one of America’s biggest banks plans to make some adjustments of his own. In Business Week’s coverage of the Bank of America Merrill Lynch Banking and Financial Services Conference, BofA CEO Brian Moynihan discussed what he called the “new normal” of retail

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Friday, November 18, 2011 1:23 pm
By Claes Bell, CFA · Bankrate.com

It looks like alternative financial services for the unbanked are just too sweet a plumb for large national banks to ignore. Victoria Finkle of American Banker reports that they’re getting in on prepaid debit and check cashing: Banks have generally neglected low-income consumers, seeing little profit in trying to attract business from poor people who

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Friday, November 18, 2011 12:40 pm
By David McMillin · Bankrate.com

How much do Americans spend on ATM fees each year? If you don’t know the answer, don’t worry. The vast majority of Americans don’t know, either, according to a new survey conducted by Ally Bank. In results released on Thursday, only 9 percent of more than 1,000 respondents answered correctly: $7 billion in 2010. More

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Thursday, November 17, 2011 12:30 pm
By Marcie Geffner · Bankrate.com

Consumers who visit New York City during the holiday season might be surprised to see messages from a community bank trade group displayed on one of the jumbo screens in Times Square. It’s not a mistake or prank, however. Rather, the Independent Community Bankers of America, or ICBA, is taking its “Go Local Main Street”

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Wednesday, November 16, 2011 5:31 pm
By Claes Bell, CFA · Bankrate.com

Fresh off of months of bad news on banking regulations and a failed push for debit card fees, it looks like one revenue stream for banks remains intact: fees stemming from prepaid debit cards loaded with citizens’ unemployment benefits. From Janell Ross at the Huffington Post: Shawana Busby does not seem like the sort of

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Wednesday, November 16, 2011 3:56 pm
By David McMillin · Bankrate.com

While many customers have already ditched big banks over the past few months, a new study shows that the nation’s financial giants have the potential to lose many more account holders throughout the next year. Management consulting firm, cg42, recently released the findings from its 2011 Retail Banking Vulnerability Study. The study surveyed more than

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Tuesday, November 15, 2011 12:52 pm
By Claes Bell, CFA · Bankrate.com

After large national banks backed off debit fees, I predicted that they’d make up the difference with numerous less-visible fee hikes. Eric Dash of the New York Times writes that process is already well on its way: Need to replace a lost debit card? Bank of America now charges $5 — or $20 for rush

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Monday, November 14, 2011 5:32 pm
By Marcie Geffner · Bankrate.com

Bank customers who voice their praise or scorn on social media websites might be disappointed to learn that many major financial institutions don’t bother to monitor social media or don’t feel that these conversation are important. Indeed, banks and financial institutions are behind the curve in the use of social media as a means of

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

A bank customer in Llodio, Alava, Spain, recently received quite a shock when “a snake came slithering out of the slot of a cash machine when he withdrew his money,” according to a report by Euro Weekly News. The incident reportedly happened at a Caja Madrid bank branch around 8 a.m. local time, when the

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Friday, November 11, 2011 10:38 am
By Claes Bell, CFA · Bankrate.com

If you’re a regular Bankrate reader, you know credit unions have a lot of perks for members, including generally higher deposit rates, lower fees for checking and lower rates for loans than conventional banks. But here’s one thing you may not know: When credit unions are doing well, they sometimes pay members bonus dividends. Members

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