Banking Blog

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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Wednesday, September 28, 2011 10:48 pm
By Marcie Geffner · Bankrate.com

A nationwide payday lender that tried to collect loan payments by tapping consumers’ paychecks without a court order has agreed to stop this practice — at least for now. That’s according to the Federal Trade Commission, or FTC, which filed a complaint against the lender in U.S. district court. The complaint alleges that Payday Financial

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Wednesday, September 28, 2011 3:25 pm
By Brian Page · Bankrate.com

Overdraft protection is connection to a credit or other bank account that the bank accesses when a withdrawal is made from a checking account with insufficient funds. Although the cost for this service varies from bank to bank, there is typically a fee per transaction. Overdraft protection does provide value. It prevents you from bouncing a check and incurring the

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Wednesday, September 28, 2011 1:55 pm
By Claes Bell, CFA · Bankrate.com

Mobile banking and mobile payments are looked at by a lot of people in the banking industry as the next big thing. Indeed, a new report by Javelin released this week shows that in the past 12 months, the percentage of mobile phone users who’ve banked on their mobile devices has grown from 19 percent

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Tuesday, September 27, 2011 12:24 pm
By Claes Bell, CFA · Bankrate.com

Those dreaming of the day when they could finally ditch cash in favor of debit cards are about to be dealt a setback. Andrew R. Johnson of The Wall Street Journal writes this week that MasterCard and Visa are likely to raise the swipe fees merchants pay banks to process small purchases: Thomas McCrohan, an

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