Under Duress, a Big Bank Finally Starts Treating Customers Better
After a series of moves designed to punish customers in the name of improving profits, some banks may finally be getting the message that enough is enough.
BankFees
10 Everyday Things You're Probably Paying Too Much For
Given the way capitalism works, we're all bound to overpay sometimes. The key is to avoid making it a habit. Here are 10 common things you're most likely paying too much for, and tips for keeping more of that cash in your pocket.
Banks Made Less on Overdraft Fees Last Year
The average fee for overdrafting your bank account rose again last year, but evidently, more Americans are doing a better of job managing their checking accounts, because the amount paid in overdraft fees dropped by $1.5 billion in 2011, after a $4 billion drop in 2010.
Is Your Bank Killing Free Checking?
Wells Fargo stopped offering free checking to new customers in 2010, but if you already had it, they didn't take it away. Now, it's introducing a $7 monthly charge in six (thus far, unidentified) states for customers with those formerly free checking accounts.
FDIC: Bank Earnings Hit Five-Year High in 2011
A surge in earnings by the biggest banks at the end of last year made 2011 the most profitable time for the industry in five years. More earnings and fewer troubled banks suggest the industry has healed since the 2008 financial crisis.
Fee Backlash Cost Big Banks Over 2 Million Customers
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?
The Tricks to Maximizing the Cash-Back Card Payoff
Savers love cash-back cards, which return a fraction of what you spend in good old U.S. currency. Disciplined consumers can bank hundreds of dollars yearly: The key is knowing how to maximize your payback.
Mango's 6% Savings Acount: Too Good to Be True?
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.
How to Avoid 2011's Spending Traps in 2012
In 2011, shoppers were hot -- sometimes too hot -- for bargains, and a little too sensitive to the day's financial news. Savings gurus Jean Chatzky and JB Orecchia weigh in on the year's major spending pitfalls, and how to dodge them in 2012.
Sick of Fees? Here Are Some Other Banking Options
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?
Bank at Walmart? Its Prepaid Debit Card Lures the Fee-Weary
Americans feeling disenchanted (or worse) with their banks after years of ever-increasing fees are increasingly turning to a cheap alternative tool provided by the world's largest retailer: the Walmart MoneyCard.
The Long-Term Relationship You Just Can't Quit
For all the anti-bank anger erupting across the country, relatively few of us are actually leaving our financial institutions.
Resentment Builds Ahead of Bank Transfer Day
On Saturday, tens of thousands will march, protest and move their money out of big banks. But plenty of Americans haven't waited for Bank Transfer Day. For Frank Sheldon of Seattle, his journey to a credit union started in 2008 when his old bank was absorbed by J.P. Morgan Chase.
Will Bank Transfer Day Be a Real Win for Credit Unions?
Like some other recent revolutionary movements, Bank Transfer Day had its genesis on Facebook. But can this grassroots rebellion against the nickel-and-diming of the big banks actually accomplish anything, and how much will the nation's credit unions really benefit?
Banks Extract Fees On Unemployment Benefits
Out of work and living on a $189-a-week unemployment check, Rob Linville needs to watch every penny. Lately, he has been watching too many pennies disappear into the coffers of the bank that administers his unemployment check via a prepaid debit card.
Banks Back Away from New Fees, Eye Cost Cuts
The financial world's fee fever may have abated -- for now. Several big and medium-sized banks say they're not implementing fees for debit card use anytime soon. But with bank revenues slipping, they do need to act, and more are considering cost cuts to repair their bottom lines.
How to Beat the Big Banks at the Fee Game
Columnist Laura Rowley cuts through the hype and explains how she found banks that would pay her for her checking account instead of the other way around.
Why 'Bank Transfer Day' Won't Work
More than 64,000 of Americans have signed up to participate in "Bank Transfer Day" on November 5. Most will likely fail in their mission to switch to a new bank, according to a report released Wednesday.
Beyond Card Fees: Banks Look To Sell Your Data
New and higher debit card fees may not be enough to satiate the big banks. Financial institutions looking for revenue are now eyeing another source: Selling your debit-card transaction data to marketers. So which is worth more to you: The deals such targeted advertising will bring, or your privacy?
As Customers Flee, Big Banks Don't Seem to Care
Credit unions, mid-size banks and online institutions are eagerly stepping up to capture banking customers who are fed up with increasing fees at the biggest banks. And so far, it seems, those big banks don't mind losing their business.
Why Credit Unions Are Better Choice Than Big Banks
Millions of Americans are disgusted with the big bank status quo, and many are closing out their accounts and moving their money to smaller institutions. It's a good time to do it: Credit unions are waiting with open arms, a customer-centric philosophy -- and incentives.
A Too-Convenient Truth: How Auto-Pay Hooks Us
Many of us have our bank accounts running almost on autopilot: Paychecks go in and bills get paid automatically, and any details we need to deal with are handled easily online. But these conveniences come at a price -- they make it too much trouble to leave a bank, even when its fees get outrageous.
Online Banks Booming as People Flee Wall St. Giants
While thousands of Americans unleash their anger at big banks in protests around the country, many more are registering their dissatisfaction from their keyboards. In the wake of last week's news that Bank of America is adding a new $5 fee for debit card use, online-only banks saw waves of new customers coming through their virtual doors.
Bank Fees Push More Americans to Credit Unions
Big Wall Street banks haven't been winning many fans lately with their new fees and constant search for loopholes in the Obama administration's consumer protection laws. Bank of America's new fees on debit cards could be the last straw for some. The alternative many Americans are turning to -- credit unions.
Consumers Face Rising Bank Fees, Fewer Perks
Consumers' wallets are really getting the squeeze these days as banks continue to raise ATM and bounced check fees. Meanwhile, the percentage of free checking accounts is on a steady decline, according to a new Bankrate survey.
Top Tips on Choosing the Right Bank for You
Picking a bank is a lot like selecting a new paint color for your kitchen. You're going to see a lot of it, and while you can always change your mind if you don't like the one you've chosen, it's a hassle. We asked the experts for advice on how to choose the one best suited to your needs.
Bank Overdraft Fees Still Plague American Consumers
Last year, the government changed the rules on debit card overdrafts, requiring banks to get customers' permission before allowing transactions that would lead to penalty fees. But despite the new rules, overdraft fees continue to be an expensive pain in the neck for millions of Americans.
