Banking Blog

Monday, November 1, 2010 9:30 am
By Marcie Geffner · Bankrate.com

Do banking customers opt in to overdraft protection on debit card charges because they want this high-priced service or because they’ve been tricked into saying yes by aggressive or deceptive marketing? The Center for Responsible Lending, or CRL, a nonprofit organization that seeks to protect homeownership and family wealth by working to eliminate abusive financial

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Thursday, October 28, 2010 3:20 pm
By Claes Bell, CFA · Bankrate.com

This week Bankrate released its 2010 Checking Study, and it turns out a number of banks are phasing out free checking by introducing minimum balances or monthly maintenance fees. This shift away from free checking may be due in part to new Fed rules requiring customers to opt in for overdraft protection on debit cards

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Wednesday, October 27, 2010 9:30 am
By Marcie Geffner · Bankrate.com

Say goodbye to five more banks, closed so far this month by the Federal Deposit Insurance Corp.: Premier Bank, $1.2 billion in assets, in Missouri. Security Savings Bank, $508 million, in Kansas. Wakulla Bank, $424 million, in Florida. Shoreline Bank, $104 million, in Washington State. Westbridge Bank and Trust Co., $91.5 million, also in Missouri.

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Monday, October 25, 2010 9:30 am
By Marcie Geffner · Bankrate.com

Savings accounts, long a mainstay of many people’s financial lives, may no longer be a good deal. That’s according to a recent Bankrate.com report, “The hidden cost of savings accounts,” by Christina Couch, who writes that “savings accounts can burden consumers with low return rates, hidden fees and surprise penalties.” The story suggests that consumers might

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Thursday, October 21, 2010 12:22 pm
By Claes Bell, CFA · Bankrate.com

If you find yourself more likely to reach for a debit card than a credit card at the register, you’re not alone. A new study from BAI Banking Strategies finds the trend of abandoning checks continuing — only 5 percent are using checks as their preferred method of payment — but instead of moving to

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Wednesday, October 20, 2010 9:30 am
By Marcie Geffner · Bankrate.com

Fifty-three percent of U.S. banking customers pay no money to their bank for the services they receive, according to a recent survey of 1,000 adults by the American Bankers Association, or ABA. An additional 14 percent of those surveyed said they paid no more than $3 per month, or $36 per year, for their bank

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Monday, October 18, 2010 9:30 am
By Marcie Geffner · Bankrate.com

If there were a Hollywood Walk of Fame for banks, savings and loan associations and credit unions, would your banking institution have a star with its name on it? There is, of course, a way to find out, and that is Bankrate.com’s quarterly Safe and Sound Ratings report on the safety and soundness of more than

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Thursday, October 14, 2010 3:06 pm
By Claes Bell, CFA · Bankrate.com

Ever wish you could give your child a debit card for day-to-day expenses without having to transfer money out of your checking account all the time or worrying that they’ll blow a bunch of money without getting your permission first? In a push to find new customers, banks are taking cell-phone providers’ lead and establishing

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Wednesday, October 13, 2010 9:30 am
By Marcie Geffner · Bankrate.com

A new survey of 15,000 people in the U.S. and Canada has found that banking customers have so far not embraced mobile banking. In fact, only a scant 1.7 percent of U.S. respondents said they preferred to use mobile banking for routine transactions. That figure wasn’t as dismal as the percentage who said they liked to

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Monday, October 11, 2010 9:30 am
By Marcie Geffner · Bankrate.com

The National Consumer Law Center, or NCLC, a nonprofit advocacy group, has set out an aggressive agenda for the federal government’s new Consumer Financial Protection Bureau. On the NCLC’s wish list are action items for mortgages, credit cards, overdraft fees, prepaid debit cards, debt collection and more. The items that would take direct hits at

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