Banking Blog

Saturday, October 22, 2011 12:30 pm
By David McMillin · Bankrate.com

While many personal account holders may be upset with some members of the banking industry, don’t expect small-business owners to join the protest just yet. The results of the J.D. Power and Associates’ Small-Business Banking Satisfaction Study are in, and overall satisfaction with banks has increased among small-business owners. On a 1,000-point scale, small-business banking customers

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Friday, October 21, 2011 9:00 am
By Marcie Geffner · Bankrate.com

Major banks that hope new monthly fees for debit card use will help them recoup the higher income they used to earn from merchants on such transactions might be disappointed. Substantial proportions of consumers say they won’t pay the new fees, according to a recent online survey that found 43 percent of respondents would change

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Thursday, October 20, 2011 4:46 pm
By Greg McBride, CFA · Bankrate.com

Credit unions are getting a lot of attention as part of the national dialogue about fees for debit cards and checking accounts. I recently talked with Ken Schram on KOMO Radio in Seattle about this trend and what consumers should know. Here’s an edited excerpt from that discussion. Ken: It seems that people are tired

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Tuesday, October 18, 2011 12:05 pm
By Greg McBride, CFA · Bankrate.com

I’m a frequent guest on the Tony Conley Show on WILS-AM in Lansing, Mich. Last week, Tony and I talked about Bankrate’s 2011 Debit Card Rewards Study. Here are some highlights from that conversation. Tony: Debit card rewards offers fell 30 percent over the last year, according to a Bankrate.com study. Man, that’s a lot! 

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Monday, October 17, 2011 7:50 am
By Marcie Geffner · Bankrate.com

The U.S. Senate Banking Committee has voted to approve the nomination of Richard Cordray to be the first director of the Consumer Financial Protection Bureau, or CFPB. The nomination now heads to the full Senate, where Republican lawmakers have pledged to block it unless the new federal agency’s power is reduced. Here are some snippets

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Sunday, October 16, 2011 12:30 pm
By David McMillin · Bankrate.com

In another case of the discussion of new bank fees climbing up Capitol Hill, some lawmakers suspect recent fee hikes may be a violation of federal anti-trust laws. U.S. Rep. Peter Welch (D-Vt.) wrote a letter to the Attorney General’s office Thursday to ask for an investigation into the new fees and the possibility banks

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Saturday, October 15, 2011 12:30 pm
By David McMillin · Bankrate.com

Community banks may be struggling to keep up with another side of the banking industry: credit unions. Earlier this week in testimony before Congress, Sal Marranca, Independent Community Bankers of America chairman, made the case for repealing the tax exemption status that federal credit unions currently enjoy. From the chairman’s testimony: The current tax exemption

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Friday, October 14, 2011 1:40 pm
By Greg McBride, CFA · Bankrate.com

Lots of consumers are fighting mad about rising bank fees. Here are some ways to fight back: If you don’t want to pay to use a debit card, you can resort to other methods of payment such as cash, checks or even your credit card. A lot of credit card rewards programs are far more

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Friday, October 14, 2011 12:30 pm
By Marcie Geffner · Bankrate.com

A Bank of America executive has responded to a woman who started an online petition to protest the bank’s new debit card fee. Andrew Plepler, who has the long double-barreled title of global corporate social responsibility executive and consumer policy executive at Bank of America, earlier this week called Molly Katchpole, a 22-year-old Bank of

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Thursday, October 13, 2011 2:48 pm
By Marcie Geffner · Bankrate.com

Will big banks’ losses be community banks’ and credit unions’ gains? That’s the presumptive winners’ hoped-for outcome as consumers supposedly take up in arms over new bank fees for debit card use. The Credit Union National Association, or CUNA, a trade group that represents credit unions, said in an Oct. 7 statement that consumers who

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