Banking Blog

Thursday, June 23, 2011 11:00 am
By Marcie Geffner · Bankrate.com

The all-out war between banks and retailers over the new federal rules that will restrict so-called interchange fees might not be over quite yet. That’s because U.S. Sens. Jon Tester (D-Mont.) and Bob Corker (R-Tenn.) have introduced a bill that would delay the government’s plan to “price-fix debit card swipe fees,” to use Tester’s characterization.

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Wednesday, June 22, 2011 9:24 am
By Marcie Geffner · Bankrate.com

Consumers who want to earn more interest on their bank savings and checking accounts might have a long wait, judging by Federal Reserve Chairman Ben Bernanke’s remarks earlier this month at a conference in Atlanta. Bernanke acknowledged the moderate pace of the U.S. economic recovery, rise in inflation, slowed momentum in the labor market and

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Wednesday, June 22, 2011 7:00 am
By Claes Bell, CFA · Bankrate.com

It seems unlikely now that retail banking as we know it could face serious decline. Sure, banks have consolidated a lot recently, just like many types of businesses, but the neighborhood bank branch, whatever name it bears, has been a fixture of American life almost as long as America has existed. But technology has a

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Tuesday, June 21, 2011 1:37 pm
By Marcie Geffner · Bankrate.com

“Attractive financial results.” “Long-term strategic value.” “Seven million young, high-income, loyal customers.” Those were the reasons, according to a company statement, why Capital One Financial Corp. agreed this week to pay $9 billion in stock and cash to buy online bank ING Direct. The purchase price will consist of $6.2 billion in cash and approximately 56

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Friday, June 17, 2011 2:48 pm
By Marcie Geffner · Bankrate.com

Minority-owned community banks are vital institutions in the places where they do business, which are often under-served by financial services firms. That was the main point of remarks by John Walsh, acting comptroller of the currency at the U.S. Office of the Comptroller of the Currency, at a recent interagency conference on minority-owned depository institutions.

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Thursday, June 16, 2011 9:49 am
By Claes Bell, CFA · Bankrate.com

Yesterday, American Express announced the rollout of a fee-free prepaid debit card that could have huge benefits for a broad range of consumers, and even serve as a checking account replacement for some current bank customers. Fee-wise, the new card beats a lot of conventional debit cards offered by major banks. American Express pledges no

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Tuesday, June 14, 2011 12:12 pm
By Claes Bell, CFA · Bankrate.com

Looks like America’s banking system will soon have a new watchdog to replace departing FDIC chairman Sheila Bair. From Rob Blackwell at American Banker: After months of waiting, President Obama confirmed the worst-kept secret in D.C.: he would nominate Marty Gruenberg as the chairman of the Federal Deposit Insurance Corp. Gruenberg has been the obvious

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Tags: Banking, banks, FDIC
Thursday, June 9, 2011 1:12 pm
By Jim Wang · Bankrate.com

The first “bank” account I ever opened was at a credit union. I was only 15 at the time, co-signing the document with my mother, and I didn’t know the difference between a checking account and a savings account. In fact, I was even more perplexed with the credit union terminology of share draft and share

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Thursday, June 9, 2011 10:26 am
By Claes Bell, CFA · Bankrate.com

Retailers scored a major victory in their quest to limit the debit card swipe fees they pay banks to process debit card transactions. Yesterday the Senate voted down a bill that would have pushed back the July 21 effective date of the new swipe fee limit six months to a year for “further study.” From

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Thursday, June 9, 2011 9:38 am
By Claes Bell, CFA · Bankrate.com

Citi admitted today that 200,000 customer bank card accounts had been compromised by hackers. From Suzanne Kapner at the Financial Times: The U.S. bank on Wednesday revealed details of the breach, which it said it discovered in early May through routine monitoring, after being questioned by the Financial Times. The bank said that about 1

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