Banking Blog

Tuesday, August 10, 2010 9:21 am
By Marcie Geffner · Bankrate.com

One of the more curious carve-outs in the new financial reform law is an exemption that shields so-called “small” banks from the oversight of the new Consumer Financial Protection Agency. Specifically, the Dodd-Frank Wall Street Reform and Consumer Protection Act gives the new agency extensive power and authority to regulate consumer financial products, but only

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Monday, August 9, 2010 9:29 am
By Marcie Geffner · Bankrate.com

A surprisingly large number of people believe it’s OK to deface or destroy U.S. currency, judging by the response to my recent Bankrate story, “6 money habits that are illegal.” The general thinking seems to be “it’s MY money, so I should be allowed to write on it, tear it up or burn it as

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Tuesday, August 3, 2010 11:17 am
By Marcie Geffner · Bankrate.com

New government restrictions on interchange fees are supposed to benefit consumers who use debit and credit cards to pay for their purchases. But whether consumers will get those benefits remains to be seen, especially now that the American Bankers Association, or ABA, has launched an effort to repeal the restrictions before they’re implemented. Consumer advocates

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Monday, August 2, 2010 9:21 am
By Marcie Geffner · Bankrate.com

There’s no doubt about it: Some Bankrate readers really love their debit cards. Indeed, as I’ve said, there’s a lot to like: Debit cards are easy to use, they look cool, and some of them offer points toward goods and services, airline miles or cash back on debit-card transactions. The most common fee for a

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Wednesday, July 28, 2010 8:00 am
By Marcie Geffner · Bankrate.com

There’s a lot to like about bank debit cards: They’re convenient. They don’t involve a balance or interest expense. They look cool, and they come with rewards for frequent use. Points, airline miles, cash back or even “Disney Dream Reward Dollars” can be yours if you sign up for the right plan and remember to

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Monday, July 26, 2010 1:46 pm
By Jim Wang · Bankrate.com

Have you ever wondered why a high yield savings account at ING Direct or Ally Bank can pay interest rates that are 10 to 20 times more than your local brick and mortar? When your local bank offers 0.01 percent APY on your savings account and an online bank offers 1.5 percent APY, it seems

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Monday, July 26, 2010 8:00 am
By Marcie Geffner · Bankrate.com

How much does your checking account cost? Is it free? Or do you pay $5, $10 or $15 per month? The answer, according to the American Bankers Association, or ABA, isn’t zero. Nor is it between $60 and $180 per year. In fact, the ABA says, the annual cost of a checking account is actually

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Thursday, July 22, 2010 10:11 am
By Marcie Geffner · Bankrate.com

Is your bank safe and sound? Or should you be worried that your bank might fail and be taken over or sold off by the government? Few people actually lose money in bank failures, thanks to the protection of the Federal Deposit Insurance Corp. But a bank failure can be stressful as the bank will

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Friday, July 16, 2010 9:32 am
By Marcie Geffner · Bankrate.com

The Federal Deposit Insurance Corp., or FDIC, has issued a warning for banking customers: Don’t click on that link. It’s a fraud. The warning comes after “numerous reports” of fraudulent e-mail messages that appear to have been sent from the FDIC, which said it doesn’t send unsolicited messages to consumers. The subject line of the

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Wednesday, July 14, 2010 9:49 am
By Marcie Geffner · Bankrate.com

Your bank wants you to “turn off” your monthly paper-by-snail-mail statements and “turn on” online-only statements that don’t involve any paper, envelopes or postage. This switcheroo is good for the bank since it won’t have to incur the cost to print and mail out your statement every month. Of course, the online service isn’t cost-free,

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