Banking Blog

Tuesday, May 24, 2011 7:00 am
By Claes Bell, CFA · Bankrate.com

I’m always a little surprised by how passionately people hate banks’ ATM fees. Sure, they’re annoying, but they’re far from the sometimes financially devastating penalties that can come from overdrawing your checking account, for example. But as you may have heard, some people are taking their ATM-fee hatred to a whole new level. From a

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Monday, May 23, 2011 3:10 pm
By Martha C. White · Bankrate.com

Proponents and opponents of the Federal Reserve’s proposed interchange fee cap of 12 cents per debit card transaction are digging in their heels. The National Retail Federation is pushing for the limit to become law; financial institutions and their trade associations are lobbying for a higher cap or no cap at all. An interchange fee

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Thursday, May 19, 2011 4:02 pm
By Claes Bell, CFA · Bankrate.com

Would it be a big deal to you if your bank suddenly decided to not send you any more paper checks? With more payments being done via credit cards, debit cards or over the Web every year, it’s not unreasonable to wonder what the endgame is for paper checks. After all, I find it hard

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Tuesday, May 17, 2011 3:09 pm
By Claes Bell, CFA · Bankrate.com

With bonuses at the nation’s biggest banks starting to recover some of their former splendor, it might be tempting to think the aftereffects of the financial crisis are fading for many of the very institutions and individuals who helped create the crisis. But a survey of consumer sentiment from Corporate Executive Board Co. finds U.S. consumers

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Friday, May 13, 2011 10:02 am
By Claes Bell, CFA · 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, CFA · 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, CFA · 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, CFA · 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, CFA · 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, CFA · 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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