Banking Blog

Friday, December 2, 2011 5:13 pm
By David McMillin · Bankrate.com

It looks like consumers aren’t the only ones downgrading their opinions of big banks. After revising its criteria for assigning credit ratings to financial institutions, Standard & Poor’s released a new round of ratings that includes some bad news for a few of the biggest members of the banking industry. Bank of America, Citigroup, Wells

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Friday, December 2, 2011 12:59 pm
By Claes Bell, CFA · Bankrate.com

Bank clinginess is an underrated factor in why a lot of people stay with banks they don’t like. Between the difficulty of transferring bill pay and other services, and banks’ fussy rules on how exactly an account can be closed, banks tend to get all “Fatal Attraction” (or “Fear,” if you prefer your psychotic paramours

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Thursday, December 1, 2011 4:43 pm
By Claes Bell, CFA · Bankrate.com

This week The New York Times published an editorial advocating some customer-centric reforms to debit cards just in time for the holiday season: A 2009 law shields consumers from the worst predations of the credit card companies. It requires card issuers to give a 45-day notice before raising interest rates, says late charges and other

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Thursday, December 1, 2011 9:30 am
By Marcie Geffner · Bankrate.com

Consumers who thought the battle over so-called swipe fees on debit card transactions was over might be surprised at the latest development: The retailers are suing the federal government, claiming the Federal Reserve didn’t properly apply the law when it adopted a cap on these fees. According to a recent press statement, the National Retail

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Wednesday, November 30, 2011 5:19 pm
By Claes Bell, CFA · Bankrate.com

For those that hate ATM fees, it’s been a tough couple of decades. Since we started our annual Checking Study in the fall of 1998, the percentage of ATMs charging a fee rose from 68.4 percent to 98.7 percent. During that time, the average ATM fee has risen from 89 cents to $2.40. But a

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Wednesday, November 30, 2011 12:51 pm
By Claes Bell, CFA · Bankrate.com

Interesting news from Bloomberg this week. Apparently, thanks to a Bloomberg Freedom of Information Act request and subsequent court fight, we now know how much the Federal Reserve lent banks between the beginning of the financial crisis and March 2009: $7.7 trillion. That’s trillion, with a “t.” What’s more, much of that money was lent

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Tuesday, November 29, 2011 3:23 pm
By Claes Bell, CFA · Bankrate.com

Looks like for all the controversy surrounding the Durbin Amendment, the total cost to merchants for processing debit card transactions has barely budged, and in some cases, actually risen. From Robin Sidel at The Wall Street Journal: In some cases, companies that process transactions on behalf of merchants are raising select fees while refusing to

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Monday, November 28, 2011 4:43 pm
By David McMillin · Bankrate.com

It looks like members of the banking industry have a reason to be thankful. The Federal Deposit Insurance Corp., or FDIC, released its Quarterly Banking Profile recently, and the report includes plenty of good news for banks. Here’s a look at some of the key findings from the third quarter of 2011: Banks reported a profit

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Tags: Banking, banks, FDIC
Saturday, November 26, 2011 10:00 am
By David McMillin · Bankrate.com

Credit unions aren’t just keeping up with banks. They seem to be outpacing them. In the 2011 California Bank & Credit Union Survey conducted by Prime Performance, the Sacramento-based credit union Golden 1 topped the charts in each of the four surveyed areas for a total overall customer experience score of 79 percent. Here’s a

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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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