Banking Blog

Tuesday, September 6, 2011 4:48 pm
By Marcie Geffner · Bankrate.com

The Better Business Bureau of the Mid-South, or BBB, is warning consumers about a magazine subscription service that allegedly debited consumers’ bank accounts without their permission, supposedly after mailing out notices about automatic renewals of magazine subscriptions. The company, Global Subscription Services, has an F rating with the BBB and operates with a Memphis, Tenn.,

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Monday, September 5, 2011 4:12 pm
By Marcie Geffner · Bankrate.com

Disaster preparedness usually focuses on safeguarding people and property. But what about your financial data? Would you be able to make purchases, access your bank and investment accounts and find your income tax returns after an earthquake, hurricane, tornado or other natural catastrophe? If not, the Independent Community Bankers of America, a trade group of

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Monday, September 5, 2011 9:30 am
By Marcie Geffner · Bankrate.com

Bank of America has agreed to sell 13 billion shares of China Construction Bank, or CCB, to a group of investors in a private transaction, generating $8.3 billion in cash proceeds and an after-tax gain of $3.3 billion. The sale, subject to customary conditions, is expected to close in the third quarter of 2011, the

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Sunday, September 4, 2011 8:17 am
By Marcie Geffner · Bankrate.com

What’s more important: Paying off debt or increasing savings? The answer, of course, is “both,” according to Gail Cunningham, a spokeswoman for the National Foundation for Credit Counseling, or NFCC. “As important as it is to handle debt responsibly, the truth of the matter is that the unplanned emergency is inevitable, and savvy consumers will

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Saturday, September 3, 2011 12:30 pm
By David McMillin · Bankrate.com

If you’ve been complaining about bank fees, it turns out that you’re in the minority. A new survey from the American Bankers Association shows that 71 percent of account holders aren’t paying a dime for their banking services.  The survey, conducted by market research firm Ipsos Public Affairs, asked more than 2,000 adults how much

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Friday, September 2, 2011 12:30 pm
By David McMillin · Bankrate.com

As more bank fees pop up in the face of financial reform, reading emails from your financial institution is more essential than ever before. Soon, PNC’s checking account holders will get one of these essential reminders in their inboxes. Beginning Sept. 12, the bank’s Free Checking account holders will no longer enjoy the privilege of

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Friday, September 2, 2011 11:36 am
By Claes Bell · Bankrate.com

Ready to see a “litigation surcharge” on your next bank statement? Well, it may not literally say that, but don’t be surprised if fee increases get a little nastier thanks to a new wave of litigation against banks. Nelson Schwartz of the New York Times writes the Federal Housing Finance Agency is readying a fusillade

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Thursday, September 1, 2011 3:33 pm
By Claes Bell · Bankrate.com

Yesterday I blogged about the revelation that Bank of America had allegedly limited customer service representatives’ conversations with homeowners trying to modify their mortgages to 10 minutes apiece. Banks, and large corporations generally, are pretty close-mouthed about their call-center procedures, but I thought Bank of America’s time limits might be more the rule than the

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Wednesday, August 31, 2011 4:26 pm
By Claes Bell · Bankrate.com

I focus on banking here, so I’ll let my mortgage-focused colleagues write on the broader implications of the state of Nevada’s charging Bank of America with “deceptive lending and loan servicing practices,” according to a story by Gretchen Morgenson that appeared yesterday in the New York Times. But besides the pretty devastating legal charges, something

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Wednesday, August 31, 2011 2:33 pm
By David McMillin · Bankrate.com

In the wake of Hurricane Irene, two of America’s biggest banks are providing some short-term assistance for account holders. JPMorgan Chase and Wells Fargo both notified customers in New York, New Jersey and Connecticut via email that certain bank fees will be waived as affected areas recover from the natural disaster. The fee-free period for

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