Banking Blog

Friday, May 13, 2011 10:02 am
By Claes Bell · Bankrate.com

Debit card fraud at Michaels is putting customers’ bank accounts at risk. Craft store Michaels sent out letters to customers last week letting them know that the PIN pads at some of its Chicago stores were modified by thieves to record and transmit customers’ debit card information. From the letter: Michaels Stores, Inc. has learned

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Thursday, May 12, 2011 1:32 pm
By Claes Bell · Bankrate.com

Sheila Bair is leaving the FDIC. From the FDIC press release: Chairman Sheila C. Bair’s official departure will be effective July 8, 2011. Consistent with previous public statements, Chairman Bair has announced her intention to depart the agency following the expiration of her term as chairman. The FDIC will hold a board meeting during the

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Tags: Banking, FDIC
Thursday, May 5, 2011 3:44 pm
By Claes Bell · Bankrate.com

Andrew Johnson at American Banker informs us that JPMorgan Chase has ended its somewhat controversial testing of higher ATM fees for noncustomers in Texas and Illinois: The trial concluded at the end of March, said the spokesman, who declined to give a reason or say whether JPMorgan Chase is looking at testing higher ATM fees

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Thursday, April 28, 2011 2:27 pm
By Claes Bell · Bankrate.com

The Center for Responsible Lending, a consumer advocacy group focused on financial issues, has an interesting survey out that might explain why millions of Americans are signing up for “courtesy” overdraft protection on their checking accounts. In case you’re not familiar with that term, courtesy overdraft protection allows debit card purchases to go through even

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Friday, April 22, 2011 12:04 pm
By Claes Bell · Bankrate.com

J.D. Power released the its annual Retail Banking and Satisfaction Study this week, and the results are somewhat surprising. In a year of continued economic hardship, rising checking account fees and shrinking bank services, overall customer satisfaction with banks has actually risen slightly: The study, now in its sixth year, finds that retail banking customer

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Thursday, April 14, 2011 4:20 pm
By Claes Bell · Bankrate.com

During the depths of the financial crisis, savings account holders were treated to the unpleasant news that rapidly failing banks were emptying the multi-billion-dollar FDIC insurance fund faster than a hunch-punch bowl at a frat party. By the end of the third quarter of 2009, the fund was $8.2 billion in the red and falling,

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Thursday, April 7, 2011 12:00 pm
By Claes Bell · Bankrate.com

If you get any emails from your checking or savings account provider during the next couple of weeks, watch out. You may be the target of a potential wave of “phishing” attacks due to a massive data breach at email communications provider Epsilon (from CNET). The breach, which took place last week but was announced

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Thursday, March 31, 2011 3:18 pm
By Claes Bell · Bankrate.com

I’m a probably a little late to the party on this, but I saw today in American Banker that ING Group is being forced by the European Union to sell off its U.S. online banking unit: ING is under European Union orders to divest its U.S. online lender, ING Direct USA, before 2013. The Amsterdam,

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Thursday, March 24, 2011 11:14 am
By Claes Bell · Bankrate.com

JPMorgan Chase is testing out a plan to boost ATM fees for noncustomers in some markets to $5 per withdrawal. From ABC News: The new fees could be especially costly for people who withdraw cash from another bank’s ATM. Chase is now charging Illinois residents $5 every time a non-customer withdraws money from a Chase

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Thursday, March 17, 2011 1:45 pm
By Claes Bell · Bankrate.com

On Twitter, @nomoredebt4me posed an interesting question: “Just tried opening an account w/ recommended bank. Was denied and feel like I’ve been lied 2 @Bankrate now what?” Unfortunately, @nomoredebt4me’s experience isn’t unique. If you’ve never been denied a bank account, you’ve probably never heard the name ChexSystems; the bank credit bureau is pretty good at

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