If you stayed the course last year and never switched banks, wireless companies, pay TV services, or any other providers, then you’re in the minority. And if you actually feel “very loyal” to your providers, then you’re part of …
Banking
JPMorgan Chase Agrees to Pay $110 Million in Overdraft Class-Action Lawsuit
JPMorgan Chase & Co. is one step closer to a possible settlement of a class-action lawsuit brought against a number of banks over their so-called transaction-ordering practices. “We’re pleased to have reached an agreement in …
Should Cities Have to Patronize Small, Local Banks?
Many Americans expressed their dissatisfaction with escalating bank fees by eschewing megabanks in favor of smaller institutions or credit unions. Should cities do the same thing? Last week, the city council in Berkeley, Calif., …
Income Taxes On Frequent Flyer Miles?!
We’ve written before about how taxes and fees can turn a “free” flight into one that costs several hundred dollars, but there’s another way your frequent flier miles could cost you: You might have to pay federal income taxes on them.
Deals as Debit Rewards? Bank of America Brings Back Debit Card Rewards With a Twist
If you think your bank’s CEO lies awake at night thinking of ways to take away your customer perks, here’s a surprise: debit rewards are coming back. Sort of. Bank of America is testing a pilot of a new merchant-funded reward …
Fixing the Housing Market: What to Expect from Obama’s SOTU Speech
What’s President Obama’s plan for getting the housing market back on track? Look for proposals—but not necessarily solutions—in tonight’s State of the Union address.
Bank of America’s $5 Debit Fee Led to More Account Closings, CEO Says
A lot of people got really bent out of shape when Bank of America announced last fall that it would start charging a $5 monthly debit card fee. Online petitions were launched as the blogosphere and social media sites like Twitter overflowed with messages denouncing banks in general and Bank of America in particular.
Another Swipe-Fee Battle Looms — This Time Over Credit Cards
Most Americans began 2011 having never heard the phrase “debit interchange fee.” But by year’s end, a few more of us were aware that it refers to the money paid by retail merchants to card-issuing banks when we use our debit cards to make purchases. These fees turned out to be an important battleground in the broader bank fee wars that …
More Fees, Fewer Branches As Banks Cope With Lower Profits
Several big banks have reported their earnings over the past week, and the results aren’t pretty: JP Morgan Chase & Co. had a 23% drop in profits, Citigroup’s fell 11% and regional bank PNC Financial Services Group suffered a 40% …
We Paid Almost $30 Billion in Overdraft Fees in 2011
They called it the “$39 cup of coffee.” At many banks, customers were automatically — often unwittingly — enrolled in overdraft programs that would permit debit purchases to go through even if it would overdraw their account, to the tune of up to $35 a pop. But a year and a half after new Federal Reserve rules kicked in to protect …
5 Banking New Year’s Resolutions
This year was a tumultuous one for banking: Occupy Wall Street protests around the country focused Americans’ anger against the financial industry, while widespread outrage over banks’ attempts to charge fees for debit card use …
Chase Makes Checking Account Fees Easy to Understand
Nothing seems to make consumers angrier than getting charged a fee by their bank when they weren’t expecting it. Some people even leave banks altogether just to get away from the onslaught of fees that are disclosed only in …