Tag:
Free Checking
Latest Headlines
Latest Headlines
SEC launches debit card price-fixing investigation
In the wake of the Durbin Amendment, large regional and nationwide commercial banks began to take initial steps toward rolling out debit card user fees for many--if not most--checking account holders.
The likes of SunTrust and Regions banks went ahead and imposed the fees. Wells Fargo and JPMo
Bank of America defends right to make a profit
Brian Moynihan has herculean tasks ahead of him on so many fronts, not least of which is dealing with the Durbin Amendment, which is now live and in effect. The bank has potentially billions in foregone fees that it has to make up, so you can understand why Moynihan would favor a new fee on debit
The real mistake in the debit card fee controversy
Banks certainly have the right to charge a fair price for their services. But the whole idea of "a fair price" has always been fuzzy in the industry, which built its core consumer bank offerings for so many years on the idea of "free" checking.
I think we all know that nothing is ever truly fr
Big banks embrace more direct deposit loans
Banks face a cringing need to find ways to offset Durbin Amendment revenue losses, which markedly slashed interchange fees. Many have responded with discontinued free checking and rewards programs. There are a host of revenue enhancing initiatives also in the works.
One of the more interesting
JPMorgan Chase eliminates debit card rewards program
Even before the Fed's Dodd-Frank-mandated move to slash fees on debit card swipe transactions, we've been talking about the demise of various consumer services.
Free checking was said to be on its last leg, as was various debit card rewards programs. We don't doubt that we're going to see a re
Small banks, credit unions stick with free checking
Judging from newspaper headlines these days, many people are tempted to think free checking is all but extinct unless customers have a lot in their accounts and are willing to transact frequently, including by direct deposit. But that's really not the case.
For example, many credit unions are
Bank of America's new tiered pricing structure
One of the big issues regarding Bank of America (NYSE: BAC ) was how it would offset the $4.3 billion in revenue it expects to lose due to credit and debit card reform. The bank intends to test a new tiered pricing system in a bid to carve out more revenue from customer accounts, reports the
When will free checking really die?
People have been talking for at least a year about the end of free checking. And there are indeed more banks imposing checking fees or making it more difficult to qualify for "free" checking. Giants like Bank of America (NYSE: BAC ) and Wells Fargo (NYSE: WFC ) have moved in this direction.
Big opportunities and risks for banks serving mid-size and small firms
Greenwich Associates ( Greenwich Associates news) reports that 20 percent of businesses worth between $10 million and $500 million have requested competitive proposals for a new bank in the past six months. About 15 percent of small businesses have done the same. In both cases, that's roughly d
Wells Fargo responds to new regulatory era
The main narrative from banks as the Dodd-Frank regulatory era gets underway is that revenues will take a hit. Brian Moynihan ( Brian Moynihan news), CEO of Bank of America, among others has been driving home that point to analysts. But the picture is clouded by the fact that we do not yet have
