Banking Blog

Check in regularly for the latest news on everything banking, including prepaid cards, regulations, checking account practices, mobile banking, ATMs, security, the Federal Reserve's policies and virtual currencies like bitcoin. Reporters and analysts also provide commentary and tips for managing your personal finances and how to make the most of your money and your banking relationships. See the latest Banking Blog posts below.
Tuesday, August 2, 2011 3:47 pm
By Claes Bell, CFA · Bankrate.com

Looks like U.S. banking customers might get carried along for the ride as banks realign their US presence in response to increasingly stringent regulation and a dismal economy. International banking giant HSBC is apparently looking to scale back its retail banking operations. From Matthias Rieker at Dow Jones: For a company that wants to focus

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Monday, August 1, 2011 9:00 am
By Marcie Geffner · Bankrate.com

The Center for Responsible Lending has issued a scathing report charging that checking account advance loans offered by some U.S. banks are in no respect different from payday loans offered at nonbank storefronts. Here’s a summary from the July 21 report, “Big Bank Payday Loans”: While payday loans have typically been offered by non-bank payday

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Thursday, July 28, 2011 3:36 pm
By Claes Bell, CFA · Bankrate.com

Just in case you were hoping the whole debt-ceiling U.S. default thing would just fizzle out and go away Y2K-style, today the heads of major banks signed a letter to President Obama and the Congress saying, in effect, a U.S. default would be really, really bad. From the letter: The consequences of inaction — for

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Tags: Banking, banks
Tuesday, July 26, 2011 10:45 am
By Claes Bell, CFA · Bankrate.com

The Consumer Financial Protection Bureau opened its doors with some media fanfare late last week, but if you’re having problems with a bank account, don’t expect help from the new agency just yet. A recent trip to the CFPB website’s consumer complaint form yielded this message: File a credit card complaint. Later this year, we

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Monday, July 25, 2011 12:30 pm
By Marcie Geffner · Bankrate.com

Millions of unemployed workers in 40 U.S. states now receive unemployment compensation in the form of a prepaid bank card, instead of a paper check. These cards can be convenient and less costly for people who don’t have a bank account, and they can save states money. But those benefits come with a dozen different

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Saturday, July 23, 2011 12:30 pm
By Marcie Geffner · Bankrate.com

Consumers who want to send money to a friend or relative or make a payment to a business that doesn’t accept credit or debit cards will soon have another option, other than cash or a personal check. The new service will allow customers of Bank of America, JPMorgan Chase, Wells Fargo and potentially other banks

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Friday, July 22, 2011 12:30 pm
By Marcie Geffner · Bankrate.com

Parents are more prepared to talk to their kids about drugs, alcohol, sex and dating than they are to bring up an apparently even more sensitive topic — money. That’s one finding of a recent survey by ING Direct, a major online bank headquartered in Wilmington, Del. The telephone poll of 2,000 adults, 630 of

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Thursday, July 21, 2011 8:25 am
By Marcie Geffner · Bankrate.com

The new Consumer Financial Protection Bureau, or CFPB, is set to start more of its official operations this week – if, that is, a number of bills pending in Congress don’t weaken its authority to do so. The bills include the following. H.R. 1121. This would replace the CFPB’s single director with a five-member board of

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Wednesday, July 20, 2011 12:30 pm
By Marcie Geffner · Bankrate.com

Banks, meet the new “cop on the beat.” The federal Consumer Financial Protection Bureau (CFPB) has outlined its plan to supervise the nation’s large banks and other depository institutions. Elizabeth Warren, special adviser to the secretary of the Treasury on the CFPB, said in a statement that the consumer agency is “here to make sure

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Tuesday, July 19, 2011 12:30 pm
By Marcie Geffner · Bankrate.com

The U.S. Government Accountability Office, or GAO, has issued a report showing how federal government agencies are utilizing financial and human resources to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act. Enacted a year ago, Dodd-Frank includes hundreds of provisions intended to strengthen oversight of U.S. banks and nonbank financial companies and consolidate

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