Banking News & Latest Banking Headlines

Bank Fee Backlash Cost Big Financial Institutions More Than 2 Million Customers

1:20PM 2/07/2012

Bank of America, Citigroup, Banking, Consumer Ally

Switching banks is a hassle, but outrage over the big financial institutions' efforts to pile on new steep fees pushed more than 2 million people to close their accounts over the past 3 months. Is Bank Transfer Day becoming Bank Transfer Year?

When 6 Percent Interest Is Too Good to Be True

1:02PM 2/02/2012

By Dan Caplinger

Banking, Consumer Ally

Savers have taken it on the chin for years, with banks paying almost nothing on checking and savings accounts while charging big fees. So when a new financial website offered a 6% interest rate on an insured savings account, it got a lot of attention.

What Would You Do With a Billion Dollar Bank Error?

2:55PM 1/19/2012

By Bruce Watson

Banking, Features

It's a cliche that dates back to Monopoly: A bank error in your favor. But for Parijat Saha, an Indian schoolteacher, the Community Chest card came to life in a big way when he discovered that his bank account suddenly held $9.8 billion.

Fed to Regularly Forecast Interest-Rate Changes

3:00PM 1/03/2012

By The Associated Press

Banking

In a major shift, the Federal Reserve will start updating the public four times a year on how long it plans to keep short-term interest rates at record lows, according to minutes from its December policy meeting. The first forecast will be included in the central bank's economic projections after its Jan. 24-25 meeting, the minutes said.

Citibank Turns Rewards Into 'Social Currency'

10:45AM 1/03/2012

By The Associated Press

Citigroup, Facebook, Banking

Credit card rewards are the new social currency. Citibank customers can now use Facebook to pool their rewards points online. The bank on Tuesday launched a Facebook application that lets users team up to use their points, whether it's for charity, a group gift or a personal goal. Citi says it's the first bank to offer such a feature.

The Bigger the Bank, the Worse the Customer Service

9:30AM 12/28/2011

By Rich Smith, The Motley Fool

JP Morgan Chase, Bank of America, Citigroup, Wells Fargo & Co, Banking

The biggest bank in America isn't the one you might think: JPMorgan Chase recently knocked longtime rival Bank of America out of the top spot. But is bigger better? Not when it comes to customer service.

More People Like Their Banks Than the Government

10:25AM 12/21/2011

By Sheryl Nance-Nash

Economy, Banking

Despite the din from the Occupy Wall Street crowd, not everybody dislikes financial institutions -- at least, not their own. A new poll shows a much higher approval rating for our banks than we give to the folks in Washington.

Sick of Fees? Here Are Some Other Banking Options

2:20PM 12/15/2011

By Bruce Watson

Banking

When people talk about the American dream -- buying a home, going to college, starting a business -- banks are usually somewhere in the background. But what if, instead of making your dream come true, your bank relationship actually costs you money?

How Durbin's Debit Card Fee Cut Backfired on Small Merchants

4:15PM 12/08/2011

By Eamon Murphy

MasterCard, Visa, Banking, Credit Cards

Washington's efforts at financial reform keep having strange and unintended consequences. In response to a law that was meant to lower excessive debit card transaction fees on merchants, Visa and Mastercard found a way to raise the fees on a host of small businesses.

Would You Watch an Ad Instead of Paying an ATM Fee?

5:12PM 12/02/2011

By Huffington Post

Banking

What if there was a simpler solution to avoiding an ATM fee than running all over town looking for an in-network machine? One entrepreneur says he's found it: Instead of paying a fee to use an out-of-network ATM fee, Clinton Townsend, the founder of Free ATMs NYC, proposes consumers watch an ad, the New York Daily News reports. Townsend has already installed one of the free ATMs at a New York City music venue.