Barely 72 hours later, it seems that Bank of America’s decision to charge customers $5 a month to use their debit cards is rapidly becoming a New Coke-level blunder. Consumers have taken to the blogosphere in droves to vent their …
Banking
Bank of America to Charge $5 a Month For Debit Card Use Next Year
Wells Fargo and Chase each stuck a toe in the water with the announcements that both were testing a $3 fee for debit card usage in limited markets. Bank of America, on the other hand, just cannonballed into the pool with the announcement that it will charge most of its deposit account customers a $5 fee for debit card usage starting …
A Quirky Way to Earn 5.1% Interest With a Regular Savings Account
Most bank accounts pay little or no interest these days. Consumers seeking an extra (or any) return on their money could, however, check out high-yield checking accounts, some of which pay 2%, 3%, even 6% APY. But such accounts …
More Banks Hop on Debit-Fee Bandwagon: Will It Last?
Last month, megabanks Wells Fargo and Chase both announced pilot programs in which they will charge some customers a $3 monthly fee to use their debit cards. Additional banks, including SunTrust and Regions, have followed suit with plans for similar fees. Cue outrage. “A lot of it goes back to the history. Debit cards were supposed to …
Why Many Banks Don’t Want Your Money
It’s been well-documented that consumer spending is down. Some consumers are spending less, quite simply, because they’re among the many members of the middle-class who suddenly find themselves with less money to spend. Others …
Oh, the Irony: Identity Theft Prosecutor Is Hacked
Credit card skimming, in which a crook installs a device in an ATM or payment terminal to steal account information, can happen to anybody. For proof, look to Seattle, where Jenny Durkan, the U.S. Attorney for the Western …
10 Steps For Choosing an Online Bank
A recent chart in American Banker magazine highlighted that free checking at larger banks is getting scarcer. As recently as 2009, 96 percent of banks with more than $50 billion in assets offered free checking; now, that number …
Banks Still Not Easing Credit Card Standards
On a day when the U.S. Labor Department says that the economy created zero jobs in the month of August, fresh data from the Federal Reserve suggests that one key component of U.S. gross domestic product growth — the vaunted …
A Bank Account for Teens—That’s Custom-Made for Helicopter Parents
The online bank ING Direct is introducing a new debit card and e-banking account designed specifically for teenagers. But considering how the product works—daily spending is limited, there’s no possibility of overdrafts, and …
Banks Waive Fees For Hurricane Irene Victims
Americans along the East Coast, especially in the Northeast, are still grappling with the aftereffects of Hurricane Irene. Many have no power and a smaller number have been displaced from their homes or are trapped by washed-out …
How the Newly Prudent Consumer Is Killing the Economy
Today’s consumers are increasingly likely to pay off credit card bills in full, skip vacations, dine out less, hold off on buying big-ticket items like new cars, and even trim everyday expenses by, say, subbing a generic cereal …
New Hybrid Card Convenient But Potentially Expensive
Fifth Third bank has debuted a hybrid credit-debit card called Duo, which is linked to both a checking account and a line of credit. But beware: Using the card could be costly.