Profits at U.S. banks jumped almost 37 percent for the October-December period, reaching the highest level for a fourth quarter in six years as banks continued to step up lending. The figures are fresh evidence of the industry's sustained recovery more than four years after the financial crisis.
In another example of how far we haven't come since the financial crash, U.S. regulators are now warning banks they shouldn't presume regulators will work across borders if a too-big-to-fail institution finds itself about to fail.
The new year is upon us, and it's a great time to resolve to be better at managing your money in 2013 and beyond. To help you drill down on the biggest opportunities, here are 13 of the most common mistakes people make with their money.
The end of the year is a good time to give your financial life a once-over and see what changes need to be made. One item not to forget in that review: your bank. Answering these questions will help you determine whether your money is in the right place, or if it's time for a strategic withdrawal.
When you buy insurance, what you're really buying is protection. A common mistake, though, is to overestimate what your policy really protects you from. Here are some examples to watch for in the fine print so that you don't make the costly mistake of assuming you're covered.
Discover Bank is paying $214 million to settle charges that it pressured credit card customers to buy costly add-on services like payment protection and credit monitoring.
Reloadable prepaid cards, which work like debit cards without a bank account, have been growing in popularity. But prepaid cards are riskier than you'd realize, and most come with between 7 and 15 fees - many of which aren't disclosed - reveals a new study from a nonpartisan think tank.
Sanford "Sandy" Weill, the tycoon most who built financial conglomerate Citigroup into a massive U.S. commercial and investment bank, said it is time to split up the biggest banks.
Saving doesn't come easily for us young adults. Entry-level salaries don't give you a lot to work with, and we tend to spend what we make. But don't worry: We're not doomed to frivolity and financial ruin. Here's how you can start saving smart.
Now that consumer protection laws have pushed back against some of the methods banks devised to make excessive profits at your expense, the financial institutions are trying new techniques. Here's one that at first glance seems like a benefit: Taking away your credit limit.
More people in Southeast don't have bank accounts than in any other part of the country. Mississippi leads the country with more than 16% of households using cash-and-carry for all their transactions. That's a situation that can keep families from climbing the ladder of success.
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.
Given the level of public outrage over the government's rescue of banks during the financial crisis, the final cost to the taxpayer of keeping those failed institutions afloat turns out to have been relatively modest: The FDIC has paid out a mere $8.89 billion to 165 banks since the crisis began.
The financial headlines of the last several months have shown large banks making near-record profits, and small banks being closed at a pace of three or four per week. The FDIC has released its comprehensive report on the industry for the third quarter, and it confirms that fairly positive assessment.
The FDIC is changing the way banks pay for insurance, and big banks will soon pay much more than their smaller rivals to protect deposits. Even so, many customers may be better off at large banks, which could start aggressively competing for new deposits.
Regulators shut down four banks Friday, bringing the total of 2010 failures to 143. That tops the 140 shuttered last year and is the most in a year since the savings-and-loan crisis two decades ago.
Over the weekend, the FDIC announced the seizure of seven banks, bringing the 2010 tally to 103. It's very possible that 2010 failures could surpass 2009, but the forecast improves starting in 2011.
The banks the FDIC closed were in Washington state, Missouri, Michigan, and Puerto Rico. The cost is a further blow to the shaky finances of the insurance fund that protects bank depositors.
The financial crisis has claimed seven more banks, bringing the total number of casualties this year to 140. The FDIC took over all seven of them: Two large banks in California, and smaller ones in Alabama, Florida, Georgia, Michigan and Illinois.
It's no secret that one of the biggest dangers facing banks today is that loans to builders of office towers, malls and other commercial properties are going sour at a quickening pace. Financial regulators, including Fed Chairman Ben Bernanke and Federal Deposit Insurance Corp. chief Sheila Bair, have warned of the risk.
