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Banking

ATM Fee Disclosures. How Are ATMs Doing With This?

BB&T Bank

I saw a story that mentioned all ATMs should now be displaying prominent fee alerts in accordance with federal law. As I sat here and read the story I could recollect that my bank had some sort of notice on it’s ATM about fees but wondered how ATMs in general were doing on this. So I decided to grab my ... Read More »

AutoTune the Bankers: The Gregory Brothers Strike Again

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I was wondering when I’d get a chance to feature The Gregory Brothers on the site. It is a wonderful day. Here is one of their latest songs entitled: Bankers’ Song – We Didn’t See It Comin Read More »

Case Concludes Bank Intentionally Cleared Checks and Debit Cards to Generate Largest Overdraft Revenue

Wells Fargo Before and After

A class action lawsuit (3:07-cv-05923-WHA) that was previously filed against Wells Fargo has come to a conclusion that the bank was intentionally clearing transactions in order to create the largest amount of overdraft revenue. In fact 40% of its overdraft revenue was generated from only 4% of its customers. This is a tactic that a banker shared with me over ... Read More »

Bill and Debt’s Excellent Adventure: In Coins We Trust

Gold Coin Flyer

Are you someone concerned with debt? How about our nation’s debt? Are you eager to see the government spend less? Well, you may be able to help the cause at home for less government spending if you’re a fan of having jingling pockets of $1 coins. For the past 10 years the government has been trying to get $1 coins ... Read More »

Banks Target MVBs, Most Vulnerable Bankers, to Keep Overdraft “Protection” Before Regulation E Comes Into Effect

Samples of Opt-In Marketing Strategies to Financial Institutions

Overdraft “protection” as we know it in America will make a positive change August 15, 2010. Considering to protect something means to cover or shield from exposure, injury, damage, or destruction, overdraft “protection” is anything but that. I view it as one of those “convince” fees. Let’s just call it what it is: a service charge. Most banks charge a ... Read More »

Supreme Court to Hear Case About Chase Bank Raising Interest Rates on Cardholders

In October, 2010 the Supreme Court of the United States will hear the case of Chase Bank, NA v. James McCoy which was originally filed in 2006 and has been working its way through the court system having been appealed by Chase Bank, now JPMorgan Chase. This case presents the question of whether the notice requirements of the Truth in ... Read More »

More Arrests in Mortgage Refinance Scam in Calabasas, California

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This is an update on a previous article, Three Mortgage Brokers Arrested in Handcuffs from Mortgage Refinance Scam. In a continuing probe into a defunct Southern California mortgage brokerage, Attorney General Edmund G. Brown Jr. today announced the arrests of president and co-owner Sean McConville and two associates who used “deceptive promises and forged documents” to steal almost $1 million ... Read More »

Bank of America CEO: We ‘Missed the Mark’

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Bank of America CEO Brian Moynihan says the company is working to improve customer experience, sitting down with policymakers reforming the financial system, improving risk management practices and making changes to its compensation structure. “Before and during the recent crisis, many of our collective business judgments missed the mark,” Moynihan writes in the letter. “We believe the changes we’re making ... Read More »

It’s Banks vs. Families, Who Will Come Out on Top? Q&A With Elizabeth Warren | Green Day | Fast Company

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Here is an interesting excerpt from an interview with Elizabeth Warren, Esq. FC: I understand that at one point you pursued an entrepreneurial path to reform the consumer financial products market. EW: The short version is that I studied the economics of the middle class and I began to see that credit products were becoming increasingly dangerous. Families didn't know ... Read More »

Bank of America Talks About Sales Approach at Branch Banks

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In a recent Wall Street Journal article, Bank of America openly discussed the fact they gave out far too many credit cards and now something is going to have to be done about it to reduce continued risk to the bank. Expect to see more Bank of America credit cards closed unilaterally. But in the same article Bank of America ... Read More »

Bounced Checks: What to Do If You Write Them … or Receive Them

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Money’s tight, the bills are due and you’re expecting a paycheck in a few days. So you write some checks and cross your fingers that they don’t hit the bank before your deposit. Or maybe you’re flat broke and figure writing a few rubber checks can’t hurt. After all, you figure, those businesses have plenty of money and can just ... Read More »

Debit Card & Credit Card Details Stolen at McDonald’s

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A pair of card detail thieves have been caught in McDonald’s in Australia. Apparently the pair was getting card details from several Perth, Australia McDonald’s and managed to steal $4 million from Western Australia banks. Thousands of Western Australians have had their card details stolen at several McDonald’s restaurants across Perth since October. Police allege the 31-year-old Canadian man and ... Read More »

Wells Fargo Bank Offering Title Loans. I Think the Ad is Misleading.

wellsfargo

I saw an advertisement online just a minute ago. It surprised me. Consolidate Using Vehicle Consolidate Bills & Reduce Monthly Payments Using Your Vehicle-Apply! Now you can refinance your used car, which is not a new thing, companies have been doing this for years. But this is the first time I can remember that a major bank will refinance a ... Read More »

Bank of America Set to Raise Balance Transfer Fees

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Making a balance transfer to a Bank of America Card just got a lot more expensive. On Jun 1 the fee charged when you transfer a balance to a Bank of America card will go from 3% of the balance to 4%. This move is just another is ways for banks to increase income and revenue. From raising interest rates ... Read More »

In the Netherlands, Banks Bid For Your Business

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Instead of researching which bank offers the highest interest rate, Dutch consumers can now put their money up for auction, getting banks to bid on their savings. After registering with new online facilitator Spaarbod, consumers state how much money they’d like to put aside, for how long and on which terms. The website automatically calculates the best rates that are ... Read More »

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