Banking Blog

Thursday, October 6, 2011 2:43 pm
By Claes Bell, CFA · Bankrate.com

One of the most annoying aspects of the new wave of checking and debit card fees sweeping through the banking sector is the difficulty involved in switching checking accounts to avoid those fees. While that credit union or community bank across the street offering free checking may seem mighty enticing, actually following through with a

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Wednesday, October 5, 2011 4:52 pm
By Claes Bell, CFA · Bankrate.com

Just when it seems like consumer’s outrage meter can’t go any higher, a bank steps in and echoes Spinal Tap by turning it up to 11. This week it’s Citibank, which is unveiling a $15 per month fee for basic checking. In the past, banks have allowed customers to dodge such fees by meeting some

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Wednesday, October 5, 2011 2:41 pm
By Marcie Geffner · Bankrate.com

Should a super-large credit union turn itself into a mutual savings bank? That’s the question on the table at Technology Credit Union, known as “Tech CU,” in San Jose, Calif. The organization’s board of directors said in a preliminary proposal the change would allow Tech CU to significantly expand and diversify its commercial lending business

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Tuesday, October 4, 2011 2:41 pm
By Claes Bell, CFA · Bankrate.com

Javelin Research has an illuminating new report out this week on the state of mobile banking and its prospects for catching on with the general public. The biggest finding in the report was probably the massive growth in mobile banking in the past year: In the past 12 months, the number of consumers conducting mobile

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Sunday, October 2, 2011 12:30 pm
By David McMillin · Bankrate.com

The future of banking appears to be now. JPMorgan Chase announced the hiring of Susan Erlich as senior vice president of next generation payments last week. With more than a decade of experience at Citibank and Providian Financial, Erlich will be responsible for overseeing the bank’s creation of new payments services and solutions for consumers,

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Saturday, October 1, 2011 7:00 am
By Claes Bell, CFA · Bankrate.com

I’ve gotten a lot of feedback on Friday’s post on BofA’s plan to introduce $5 debit card fees, most of it very critical of banks. This example, by a reader posting as Kevin, seems to sum up the feelings of a lot of Americans right now, who’ve not only seen their tax dollars used to

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Friday, September 30, 2011 3:38 pm
By David McMillin · Bankrate.com

Some small banks are wising up to smartphone check deposits. This week, First Tennessee Bank unveiled a new service that lets its checking account holders deposit paper checks via an iPhone. The service functions like other mobile deposit services you’ve probably seen. Simply take a picture with your iPhone, and send the image to the

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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, CFA · 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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