Banking Blog

Thursday, October 13, 2011 2:24 pm
By Claes Bell, CFA · Bankrate.com

In the furor over new checking account fees that’s been dominating banking news, a fairly significant development in the implementation of the Dodd-Frank financial reform law has been drowned out. This week we got details about how a key provision in Dodd-Frank, known as the Volcker Rule, will actually work in practice. The rule is

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Wednesday, October 12, 2011 4:53 pm
By Patrick Van Horn · Bankrate.com

In what is becoming almost a common occurrence, the European Union, or EU – led by France and Germany – held an emergency meeting this weekend to address the weak financial situation of the European banks. Markets are responding positively, with European and U.S. stock markets up more than 2 percent Monday. But is this an overly optimistic reaction

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Tuesday, October 11, 2011 12:21 pm
By Claes Bell, CFA · Bankrate.com

Credit unions aren’t wasting any time exploiting the national mood over new checking fees to drive up membership. Last week the Credit Union National Association, an industry trade group, put out a press release touting credit unions’ free checking offerings. From the release: “We want consumers to know they can fight back against big banks

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Monday, October 10, 2011 12:30 pm
By Marcie Geffner · Bankrate.com

Withholding financial information from your spouse can be a sign that your marriage is unhealthy, even if the deception is well-intended. That’s according to Gail Cunningham, a spokeswoman for the National Foundation for Credit Counseling, or NFCC, in Washington, D.C. The organization recently conducted an online poll of 1,400 people through its website and found

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Sunday, October 9, 2011 6:00 am
By Claes Bell, CFA · Bankrate.com

A lot of people are angry with the big national banks right now for introducing debit card fees, and I’ve been hearing a lot of talk about just ditching checking accounts altogether and going with a prepaid debit card instead. While I understand the impulse — the idea of paying fees to use one’s own

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Saturday, October 8, 2011 12:30 pm
By David McMillin · Bankrate.com

Over the past few weeks, consumers have put their anger with the banking industry into action. Protests on Wall Street that have begun to spread across the country, and some readers of this blog have said they plan to close their accounts if and when their banks begin to roll out new fees. Based on many

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Friday, October 7, 2011 9:08 am
By David McMillin · Bankrate.com

This week, the chorus of cries against bank fees added a few members you may know. Illinois Sen. Dick Durbin published an open letter to Bank of America CEO, Brian Moynihan, disputing the bank’s claims that new restrictions on debit swipe fees will not allow BofA to continue to reap profits. Consider this except from

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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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