Articles
Selected category: Banks
Yesterday, Bank of America announced that it was investing $2 billion to acquire a stake in Countrywide Financial. The investment is another example of how dominant Bank of America is becoming in the country's financial system. It already is the largest retail bank in the country, serving tens of millions of customers and has the largest branch and bank network. The company also purchased MBNA last year to have one of the largest credit card portfolios.
Read →The FDIC reported today that the situation is still grim in the nation's banking sector. The number of problem banks rose from 305 to 416 and the FDIC's deposit insurance fund fell to $10 billion from over $40 billion last year. Is your money safe?
Read →
Chase, Wells Fargo and Other Banks Cancel Debit Card Rewards Program
Chase, Wells Fargo, and SunTrust recently announced they are cancelling their debit card reward program in response to the new rulings on "swipe fees" that limit the amount that large banks can charge retailers for debit card... Read →
Bank of America Overdraft Settlement Checks Begin to Arrive - $98.16
In January 2009, we wrote about a settlement reached with Bank of America called Closson et.al., v. Bank of America. Nearly three years later I received my check and it was a nice surprise- $98.16.
Read →After crunching FDIC data, the fastest growing bank in Massachusetts is the Bank of Cape Cod, which saw its assets balloon from $22 million in 2006 to $150 million in 2011, a 581% increase.
Read →BestCashCow released its list of the Top 10 Safest States to Bank. Check and see if your state is on the list.
Read →
Peter Atwater Suggests Eliminating FDIC as Part of Banking Reform
Peter Atwater, one of the individuals responsible for building JP Morgan's securitization business during the late 1980s and early 1990s believes that doing away with the FDIC will help promote bank stability and soundness in the... Read →
BankSimple Lands $10 Million in Additional Capital and Announces Several Key Partnerships
BankSimple, a stealth banking company that plans to launch by the end of the year, just announced $10 million in new funding from several prominent investors as well as some key partnerships. The company aims to simplify the banking experience via technology.
Read →
Image Image courtesy of blackzheep at FreeDigitalPhotos.net
Mastercard and mFoundry Team Up to Offer a Mobile Payments Solution
Today, Mastercard and mFoundry announced that they are teaming up to provide another solution in the mobile payments space. mFoundry currently provides mobile banking services to over 500 banks and credit unions. mFoundry will provide the banking appliation on the phone, and Mastercard will provide the terminal (called PayPass) which consumers can use to swipe their phones using a technology called Near Field Communication (NFC).
Read →
