Filed under: Economy, Biz Brief, Banking, Debt
Slovakia, the Central European country that didn’t exist before 1993, looked set on Tuesday to reject the expanded eurozone bailout upon which global investors were pinning their hopes for world financial stability.
Filed under: Economy, Biz Brief, Banking, Debt
Slovakia, the Central European country that didn’t exist before 1993, looked set on Tuesday to reject the expanded eurozone bailout upon which global investors were pinning their hopes for world financial stability.
Filed under: Technology, Economy, Netflix, Debt
A round-up of news from across the financial world:
Filed under: Bank of America, Citigroup, Video, Banking, Consumer Ally
While thousands of Americans unleash their anger at big banks in protests around the country, many more are registering their dissatisfaction at their keyboards.
Filed under: Economy, Personal Finance, Debt
In the current cloudy economy, finance experts and everyday folks are constantly hunting through the news and statistics for silver linings. So it would surely seem a good thing that in the first nine months of this year, personal bankruptcy filings decreased 10% compared to a year earlier, according to the American Bankruptcy Institute — but experts say hold the applause.
Filed under: Goldman Sachs , Bank of America, Citigroup, Wells Fargo & Co, Banking
Last week, Bank of America (BAC) ignited a firestorm of controversy in choosing to start charging its customers $5 a month to use their debit cards. Now, an angry consumer group has called for a federal investigation over the practice.
Filed under: Banking, Personal Finance
Last Friday, after Bank of America’s (BAC) announcement of new fees on debit cards, retired postal worker Victoria Lee took her adult daughters to her local USPS Credit Union. “[My daughters opened] free checking accounts with no charges for the use of debit cards,” Lee said. Like many Americans who are carefully watching every dollar, the Florida resident said she was grateful to have an alternative to retail Wall Street banks.
Meanwhile, a record-breaking 3,200 new checking accounts were opened over the weekend at the Navy Federal Credit Union, the world’s largest credit union with 3.7 million members and nearly $48 billion in assets. The weekend surge — which crushed the previous high of 2,500 — fits into a larger trend for the credit union, which serves the Department of Defense and active duty military. It has had annual growth between 6.3% and 6.7% since 2007, and is on track to record a 14% uptick in membership this year, said Tisa Head, the senior vice president of savings products. In addition to its fee-free debit cards and accounts, another driver for the year’s projected double-digit membership increase has been the credit union’s willingness to post pay early for active duty members who use the Active Duty Checking account.
Filed under: Banking, Consumer Ally, Family Money
Over the weekend, we heard from more than 1,300 DailyFinance readers who said they’re considering switching banks in light of increased fees at some of the nation’s largest financial institutions. As consumers, we do an increasing amount of our personal banking with debit cards, and many of us have an elaborate system of direct deposits and automated payments in place. So if your savings margin is thin, switching banks requires some forethought and planning to ensure that you are not placing yourself at risk of an overdraft while you migrate your account. Richard Barrington, a personal finance expert for MoneyRates.com, shared his expertise with this five-step process on how to handle a bank swap.
Filed under: JP Morgan Chase, Bank of America, Citigroup, Wells Fargo & Co, Banking, Consumer Ally
Bank of America’s (BAC) announcement this week that it would start charging a monthly $5 fee for using a debit card to make purchases is the latest in banking industry upcharges for services. In addition to debit fees, ongoing hikes in overdraft and ATM charges mean fewer fee-free options for banking services, and increased balance requirements to get them. The bottom line is that consumers are now paying more to use their own money.
Filed under: Bank of America, Banking
Bank of America (BAC) plans to start charging customers a $5 monthly fee for using their debit card to make purchases.
The fee will be rolled out starting early next year.