READ: Wells Fargo's press release Oct 22, 2009
Average consumer checking accounts at legacy Wells Fargo grew a net 6 ... -- Consumer checking accounts up a net 5 ... -- Business checking accounts up a net 4. (USA Today -- Money)
Pastries and finance: a match made in Bellingham Oct 21, 2009
Citizens is offering customers at the branch a $50 discount on home equity loans, a one-month coffee subscription for new checking accounts, and a raffle for one year of free Dunkin Donuts coffee. Citizens Bank and Dunkin Donuts executives are hosting an event to celebrate the opening on Oct. 29 that will feature a Cash Cube in which visitors have a chance to win as much cash as they can catch. (Boston Globe)
Bonne Terre Council hears complaints about water bill, opens bids Oct 21, 2009
Councilwoman Cindy Driemeier suggested additional officials names needed to be added to city checking accounts for times like now when the mayor is out of town. At Barton s recommendation, the council removed City Clerk Melinda Watson s name from the list and added Deputy Clerk Dawn Sens and Calvert. (Park Hills Daily Journal, MO)
Banks target of lawsuits over fees Oct 21, 2009
by the found banks and credit unions raked in close to $24 billion in overdraft fees last year as an increasing number of Americans withdrew more from their checking accounts than they had in them. That s a 35 percent increase from just two years ago. (San Jose Business Journal, CA)
Bank overdraft bill would ease fees Oct 20, 2009
WASHINGTON - Bank customers who overdraw their checking accounts would get new protections from excessive penalties under legislation proposed yesterday by the Senate banking committee chairman. The measure unveiled by Senator Christopher Dodd, Democrat of Connecticut, would give people a choice in whether they want to participate in overdraft programs that charge fees for covering ATM withdrawals and debit card transactions. (Boston Globe)
SunTrust No. 1 in deposits in Atlanta, though lead shrinks Oct 20, 2009
SunTrust officials said the decline in market share reflects the bank s effort to reduce the amount of wholesale brokered deposits, which are more expensive and volatile than checking accounts and other kinds of "core" customer deposits. The bank has been targeting those customers for the past year with its "Live Solid. Bank Solid" campaign, helping boost core deposits companywide by 11 percent over the past year, a SunTrust spokesman said. (Atlanta Journal-Constitution -- Business)
Mercantile Bank Corporation Reports Third Quarter 2009 Results Oct 20, 2009
Local deposits increased $185 million during the first nine months of 2009, primarily in certificates of deposit and interest-bearing checking accounts. The increase in local deposits, combined with a $191 million decline in total assets, has allowed Mercantile to reduce brokered deposits by $334 million, or 29. (Primezone Releases)
Election Focus: Initiative 1033 would slap cap on government growth Oct 19, 2009
At its heart is a cap on revenue: The main checking accounts of city, county and state governments would only grow fast enough to keep pace with the rate of inflation and yearly population growth. Any tax money that comes in above the cap would automatically flow into a separate account, which would replace property tax revenue in the following year, cutting a taxpayer's expected bill. (Longview Daily News, WA)
As new banking rules take effect, banks will look to make up overdraft fees Oct 17, 2009
Rather than generic free checking accounts, you re going to see lots of different flavors of products, said Bob Meara, a senior analyst with Celent, a Boston consulting firm for the banking industry. That might mean the return of monthly fees or minimum balances for checking accounts or the bundling of accounts with other services for a fee. (Boston Globe)
Group claims overdraft programs still a risk Oct 17, 2009
"As a result, consumers are permitted to overspend their checking accounts without affirmative consent, do not get comparable cost-to-borrow information and are not warned when a transaction will trigger an overdraft," the consumer group said. Chi Chi Wu, an attorney for the National Consumer Law Center, said overdraft loans "are one of the most expensive and exploitative credit products on the market" and recently announced changes in those programs by some banks will do little to reduce costs... (Daytona Beach News Journal -- Local)
Citizens opens record number of accounts Oct 15, 2009
Citizens Financial opens record number of checking accounts - Pittsburgh Business Times ... Citizens Financial opens record number of checking accounts ... Citizens Financial Group Inc., Providence, R.I., said Wednesday that it opened a record number of new checking accounts between Oct. 3 and Oct. 9, surpassing its previous one-week record set in 2007 by nearly 200 percent. (Pittsburgh Business Times, PA)
Topix Gains the Most in a Month on Rising Commodities Prices; Banks Climb Oct 7, 2009
M1 , which includes all currency held by consumers and companies for spending, money held in checking accounts and travelers checks, stayed at $1. 64 trillion in the week ended Sept. 21, the latest data available. (Bloomberg -- Japan)
Bank overdraft fees up 35% Oct 7, 2009
U.S. banks and credit unions raked in nearly $24 billion in overdraft fees last year as an increasing number of Americans withdrew more from their checking accounts than they had available, according to a study by the. That s a 35 percent increase from just two years ago. (Charlotte Business Journal, NC)
Consumer and bank relations strained Oct 7, 2009
In its most recent fee survey, the American Bankers Association found that 56 percent of customers pay nothing for checking accounts, ATMs and other basic services, and that 14 percent pay $3 or less a month. But banks do levy a lot of fees that can bite the unwary. (AZCentral -- Business)
Rival banks targeting TD customers after computer troubles Oct 6, 2009
Rival banks are targeting unhappy Philadelphia-area customers with promotional campaigns to get them to open checking accounts at their institutions ... Citizens said the offer had an unprecedented response from consumers who flocked to Citizens Bank branches over the weekend and opened thousands of new checking accounts ... According to bank executives, local Citizens Bank branches typically open several hundred checking accounts in a normal weekend, but this past weekend the volumes were seven... (Philadelphia Business Journal, PA)
Treasurer Tim Cahill announces abandoned property listings Oct 2, 2009
Abandoned property includes forgotten savings and checking accounts; uncashed checks; insurance policy proceeds; stocks; dividends; and contents of abandoned safe deposit boxes. After three years of no customer-generated activity, most accounts are considered abandoned and are turned over to the Treasury. (Needham Tab, MA)
Bankrate: Fees at an all-time high Oct 1, 2009
The fees associated with checking accounts have risen this year to an all-time high, according to. Bankrate looked at average fees associated with savings and checking accounts, bounced checks, ATMs and monthly service fees. (San Jose Business Journal, CA)
ATM fees rising for other banks' customers Oct 1, 2009
Checking accounts that bear interest don't seem to be a good deal. The average minimum balance is $3,372. (San Francisco Chronicle -- Business)
Singletary: Who is protected on overdrafts? Oct 1, 2009
The national median for overdraft fees on consumer checking accounts, debit cards and ATMs increased to 26 per incident in 2009, up from 25 in 2008, according to Moebs Services, an economic research firm based in Lake Bluff, Ill. The firm collects and analyzes pricing trends for government agencies such as the Federal Reserve and the Government Accountability Office. (Green Valley News & Sun, AZ)
Overdraft protection fees get a good look Sep 30, 2009
Overdraft programs for checking accounts are now an industry standard, meaning most bank customers can accidentally spend more money than they have - and will be charged a fee when they do ... The national median for overdraft fees on consumer checking accounts, debit cards and ATMs has increased to $26 per incident in 2009, up from $25 in 2008, according to Moebs Services, an economic research firm based in Lake Bluff, Ill. (Fresno Bee -- Business)
Overdraft policies to change at U.S. Bank Sep 25, 2009
U.S. Bank is the latest bank with a large Colorado presence to announce a change in its overdraft policies for checking accounts, following Wells Fargo and Chase. U.S. Bank -- third largest in Colorado by deposits -- said Thursday its changes would take effect at the beginning of 2010. (Denver Business Journal, CO)
Bank of America, JPMorgan Trim Overdraft Fees Amid Criticism From Congress Sep 23, 2009
The two banks, which currently enroll all checking accounts in overdraft protection, will allow consumers to opt out of the service, eliminating the potential for paying overdraft fees ... will apply the changes to all current and new checking accounts, to take effect in the first quarter of 2010. (Bloomberg -- US)
Under scrutiny, Bank of America to scale down overdraft fees Sep 23, 2009
Bank of America's deposits segment, which includes checking accounts and other services, collected $3. 3 billion from all service charges in the first half of this year. (Fresno Bee -- Lifestyle)
No more free stuff for credit card applications Sep 23, 2009
As an alternative, parents can set up checking accounts for their kids, or get them a debit card that is tied to a pre-funded account. Once the young adult has demonstrated that he or she can be responsible with money, credit card talks can begin. (MSNBC -- Business)
Sen. Dodd Calls to Curb Overdraft Fees Sep 19, 2009
"You need to give them mortgages they can afford and credit cards they can understand, small-dollar loans at reasonable rates, checking accounts without those usurious overdraft fees," Bair said. The Center for Responsible Lending estimates that consumers pay some $17. (Newsmax)
State revokes the license of Pontiac insurance agent Sep 19, 2009
Bertsche and his company also face a lawsuit filed last week by the Bank of Pontiac for more than $1 million in unpaid loan extensions and fees from two checking accounts. Calls to the firm for comment were not immediately returned. (The Pantagraph newspaper)
US net worth grows Sep 18, 2009
Net worth -- the value of assets such as homes, checking accounts and investments minus debts like mortgages and credit cards -- rose nearly 4 percent from the first quarter, the Fed said ... Net worth -- the value of assets such as homes, checking accounts and investments minus debts like mortgages and credit cards -- rose nearly 4 percent from the first quarter, the Fed said. (New York Post -- Business)
Americans' Net Worth Rose in 2nd Quarter Sep 18, 2009
Net worth, or the value of assets such as homes, checking accounts and investments minus debts like mortgages and credit cards, rose nearly 4 percent from the first quarter, the Fed said. Even with the gain, Americans' net worth stands well below the $65. (CBS News -- US)
Money Fund Assets Fell to $3.482T in Latest Week Sep 18, 2009
-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking accounts fell to 0. 12 percent from 0. (ABC News -- Wire)
For first time in two years Americans get wealthier Sep 18, 2009
Net worth - the value of assets such as homes, checking accounts and investments minus debts like mortgages and credit cards - came to $53. 1 trillion for the second quarter. (The Star Online, Malaysia)
Financial Innovation Under Fire Sep 17, 2009
For example, prepaid debit cards allow people who don't have checking accounts to make electronic payments and avoid carrying around a lot of cash. But they're controversial with regulators because the convenience comes at a cost: high fees. (BusinessWeek)
End the Fed -- A Preview Sep 17, 2009
The bank loans out money that has been warehoused and stands ready to use in checking accounts or other forms of checkable deposits and that loaned money is deposited yet again in checkable deposits. It is loaned out again and deposited, with each depositor treating the loan money as an asset on the books. (The American Conservative)
Rangel a sign of the times Sep 13, 2009
Rangel also acknowledged that he improperly listed his assets, as required by law, and failed to report additional checking accounts valued between $250,000 and $500,000 -- princely sums acquired on a congressional salary. Try also hypocrisy. (Fresno Bee -- Opinion)
Life skills for teens: Laundry, money management Sep 13, 2009
For high school students, some banks offer checking accounts, and most allow parents to open joint accounts with their kids. Last year, I opened a checking account for my son where the paychecks from his after-school job could be automatically deposited, so he wouldn't have to rely on me to cash them. (The Augusta Chronicle)
Clinton puts hold on some new businesses Sep 12, 2009
"Our customers are average, working-class folks who are educated and have checking accounts. We are located in nice shopping centers. We're a financial institution just like a bank. Why are they picking on us?". "I've heard from many in the city that this (moratorium) is exactly the type thing they want to see," said Clinton dentist and Planning and Zoning commission member Ryan Tracy. (The Clarion-Ledger)
Pontiac bank sues local insurance firm over unpaid loans Sep 10, 2009
PONTIAC - The Bank of Pontiac is suing a local insurance firm for more than $1 million in unpaid loan extensions and fees from two checking accounts ... The bank alleges the firm owes about $886,000 in extended credit and seeks about $143,000 in overdraw fees from two checking accounts. (The Pantagraph newspaper)
Teaching Children About Investing Sep 2, 2009
People under 18 generally do not have checking accounts, meaning that teens will not have to balance a check book. Rather, they will have a passbook with their updated balances. (Suite101.com)
Beware Bogus Bargains Sep 2, 2009
Among the categories to take a close look at before signing on the dotted line: unlimited long distance, frequent-flier rewards cards, checking accounts that pay interest, extended warranty protection, and fraud alerts. MMIX, CBS Interactive Inc. All Rights Reserved. (CBS News -- Early Show)
Odessan faces federal charges Sep 1, 2009
The release said Curry then reportedly used the checking accounts to take thousands of dollars in money or goods. He also used IDs to obtain credit cards, according to the release. (Odessa American, TX)
Something's Got to Give Aug 30, 2009
Yes, you are due the programs, but it is not like the government has special checking accounts from SS, Medicare and Medicaid. Location: AR Reply # 2 Date: Aug 30, 2009 - 3:28 AM EST Connor's Untruth. (Townhall.com)
Rangel Hides Income and Assets... Aug 29, 2009
When you're a powerful Congressman and working diligently to increase tax rates to pay for President Obama's health-care plan, we suppose it's easy to lose track of one of your checking accounts. That would be the one at the federal credit union with a balance somewhere between $250,001 and maybe as high as $500,000. (The Drudge Report)
Startup raises $4M to take on credit cards, PayPal Aug 29, 2009
The year-old firm is taking on credit cards and with an online payment method that allows consumers to buy products and services securely with their checking accounts. Moneta leverages banks for customer acquisitions marketing its payment product to the bank s account holders. (Atlanta Business Chronicle, GA)
National Suicide Aug 25, 2009
For most of us who think a $1,000 deposit in our checking accounts is a large amount and a $1,000 credit card balance is too much, $9 trillion is a figure that is almost beyond comprehension. It is certainly beyond defensible. (Townhall.com)
What is a credit union? (2) Aug 25, 2009
Credit unions offer most financial services found at banks, including loans, savings accounts, checking accounts, IRAs, and Internet account access. Because they exist primarily to serve their member-owners with low-cost financial services, consumers have ranked credit unions as the leaders among financial institutions in customer satisfaction for the last 21 years. (Cleveland Jewish News, OH)
Prospect Mortgage Expands in Midwest Aug 21, 2009
"All we do is mortgages, not checking accounts or car loans. We are mortgage specialists. We can provide REO lists to clients to take advantage of a permanent interest rate buy-down and buyer's closing costs of up to 6% of the sale price offered on some of these properties.". For more information, visit or call Joe Perry (630) 675-1244, Mary Bane (630) 479-8200 or Cliff Theriault (847) 273-1096. (PR Newswire)
Dental Worker Accused Of Taking Patients' Money Aug 21, 2009
The suspect also allegedly used her employers' credit-card terminals to refund money to checking accounts to which she had access, according to Henton. Forbes was arraigned by Judge Francis Devaney, who ordered her to return to court Sept. 1 for a readiness conference and the following day for a preliminary hearing. (TheSanDiegoChannel.com, CA)
Big spending Fed's balance sheet tops $US2tn Aug 21, 2009
M1 includes all currency held by consumers and companies for spending, money held in checking accounts and travelers checks. M2, the more widely followed, adds savings and private holdings in money market mutual funds. (Sydney Morning Herald -- Business)
Weatherization grant helps Phoenix family Aug 20, 2009
It will allow families "to save money and not put it literally into the air and out of walls and out the doors," Gordon said, "but keep it in their checking accounts so they can buy new computers, or go on trips and get new clothes.". Arizona, Kansas, Oregon and Mississippi were the first states to receive a portion of the $5 billion in stimulus money earmarked to expand home-weatherization programs nationwide. (AZCentral -- News)
IRS cracks open 4,450 Swiss bank accounts Aug 20, 2009
" Two Swiss newspapers reported last weekend that the targeted UBS clients face up to $3.7 billion in back taxes and penalties. But while Mr. Villiger put on a brave face, some are wondering if the Swiss banking industry will suffer after the disclosures. Tarnished reputation Bruce Zagaris, a tax lawyer who represents several UBS clients, said the Swiss reputation for secrecy has "absolutely" been tarnished. Mr. Zagaris said that the Swiss prize their ability to protect customers from the prying... (Christian Science Monitor -- USA)
AG wants to shut Buffalo collection co. Aug 19, 2009
Fearful of facing arrest and public humiliation, consumers authorized withdrawals from their checking accounts and sent Western Union money grams or money orders. According to the AG s office, in one instance, a Benning-Smith collector kept repeating the name of a consumer s daughter, describing various sexual things he would do to her unless the debt was paid. (Buffalo Business First, NY)
Group meets to discuss health care reform Aug 15, 2009
It would not be used to take money directly from checking accounts if people were turned over to a collection agency. Another myth she addressed were Social Security numbers. (Park Hills Daily Journal, MO)
Credit card firms flagging spending on thrift store, spas, counseling, porn to gauge your credit risk Aug 15, 2009
use cash or debit cards against your checking accounts. It's really easy to run up credit card balances and the companies know that it's difficult to collect on certain kinds of charges. (The Palm Beach Post)
BB&T to take over Colonial Bank Aug 15, 2009
All Colonial Bank deposits are available to customers through offices and checking accounts. BB&T will integrate its branches into the 346 branches of Colonial Bank, which operates in Alabama, Florida, Georgia, Nevada and Texas. (South Florida Business Journal, FL)
banks make $38bn from overdraft fees Aug 14, 2009
The most cash-strapped customers are the hardest hit by such fees, with 90 per cent of overdraft revenues coming from 10 per cent of the 130m checking accounts in the US. Regular use of overdrafts is most common among consumers with low credit scores, Moebs discovered. Banks say that the fees compensate for the risk they incur when they pay on behalf of customers who do not have enough money in their accounts. (Harper's Magazine)
Bancolombia S.A. Announces Unconsolidated Results for the Month of July 2009* Aug 13, 2009
0% of total checking accounts, 20. 8% of total savings accounts, 17. (PR Newswire)
Audits highlight bank failures Aug 12, 2009
To fuel its growth, the bank turned to wholesale deposits brokered by national dealers -- funds that are more expensive to generate than other sources such as checking accounts, which can be hard to attract in competitive markets like Atlanta. The higher interest rates Haven Trust had to pay for deposits, the audit said, forced the bank to take greater risks to maintain profits. (Atlanta Journal-Constitution -- Business)
Credit card companies fail, businesses scramble (41) Aug 11, 2009
When a depositor isn t paying its bank and the depositor has money in its checking accounts, what s the bank going to do. Renken asked. (Corvallis Gazette Times, OR)
5 Questions: SEAP offers assistance to struggling state workers Aug 8, 2009
Though those back wages are scheduled to finally make an appearance in checking accounts by Monday, state employees may still be in need of assistance and guidance, especially when about 300 workers can expect the pink slip under budget cuts. Heather Tyler wanted state workers to know that there is still assistance out there for those who need it. (Carlisle Sentinel, PA)
Successfully Preparing Teens for Ad... Aug 8, 2009
Checking Accounts Teach Budgeting. It is critical for teens to learn how to balance a checkbook and budget their money. (Suite101.com)
Arvest Bank to Acquire Harrington Bank Branches in Kansas City Market Aug 7, 2009
Arvest Bank participates in the FDIC's Transaction Account Guarantee Program which provides unlimited FDIC deposit insurance coverage to non-interest checking accounts so that deposit customers have access to the full FDIC coverage. Arvest Bank offers a wide range of financial products and services including loans, deposits, credit cards, trust, brokerage, life insurance, mortgage loans, servicing of mortgage loans and electronic banking. (PR Newswire)
Using CRM to Survive the Recession Aug 7, 2009
One of the primary drivers of the mergers and acquisitions wave was so the bank could be a financial supermarket it could offer savings accounts, checking accounts, stocks, bonds, insurance policies, retirement plans, mutual funds. And launder your dirty socks, too. (Datamation)
Credit card issuers pile on new fees Aug 6, 2009
One way they're doing so is making it easier or costlier for consumers to spend more than they have in their checking accounts, just as they allow borrowers to spend past their card limits and charge them a fee. In June, raised its monthly fee on certain checking accounts and imposed a fee on accounts that remain overdrawn. (USA Today -- Money)
Investors Bancorp, Inc. Announces Fourth Quarter and Year-End Financial Results Aug 5, 2009
Checking accounts, certificates of deposits, savings deposits, and money market account deposits increased by $497. 7 million, $382. (PR Newswire)
Mid-Market Firms Rank Their Banks' Service Delivery Aug 4, 2009
The group on average saw an 18% increase in "analyzed checking accounts," the accounts that middle-market businesses use to deposit funds from their operations and write checks to vendors. Conversely, the banks on average saw a 4% decline in money market accounts and a 23% decline in sweep accounts. (American Banker)
Wrong spending priorities Aug 4, 2009
The Walmart MoneyCenter will provide affordable access to essential money services for the growing number of underserved North Carolinians, including many who are not using traditional checking accounts to manage their finances. Walmart expects this effort--and its everyday low prices on money services like check cashing bill payment and money transfers--to help consumers stretch family budgets and save more than $500 million* in money service fees this year. (Fresno Bee -- Opinion)
