Federal Reserve On Verge Of Proposing New Capital Rules For Banks

Federal Reserve On Verge Of Proposing New Capital Rules For Banks

The Federal Reserve is expected to roll out new rules soon that could make big banks keep more capital reserves on hand, presumably leaving them with less money to lend. The idea is to make banks act more responsible with their stacks of chips and not need the government to bail them out. [More]

3 Things To Look For In An Online Savings Account

3 Things To Look For In An Online Savings Account

Although brick-and-mortar banks are competitive, you can often find more attractive interest rates in online savings accounts. Making the leap from traditional banking comes with some risk, so you should be careful when choosing your bank. [More]

MF Global Clients Can't Get $3 Billion Back Yet

MF Global Clients Can't Get $3 Billion Back Yet

New York-based derivatives broker MF Global filed for bankruptcy on Halloween, and its clients are feeling tricked because $3 billion of their funds remain tied up. [More]

Wells Fargo Does CD Paperwork For Wrong State; It's Your Problem

Wells Fargo Does CD Paperwork For Wrong State; It's Your Problem

Earlier this year, Ken’s father passed away. He had been investing in certificates of deposit for decades, and had set up each CD with one of his sons as beneficiary, so that accessing or re-investing the money would be simple…or as simple as any transaction with a megabank ever is. Out of all of the CDs, the only problem was one at Wells Fargo. Since the beneficiary information was missing from their computer systems, they needed the original receipt from when the account was opened. Ken’s dad was originally issued the wrong type of receipt for the state he lived in, so there was no proof that Ken was the beneficiary for the account. Now he needs a court order to get to the account. [More]

BofA Scraps Plan To Let Customers Opt In To Overdraft Fees

BofA Scraps Plan To Let Customers Opt In To Overdraft Fees

As it paid out $410 million to settle a class-action suit over reordering transactions to maximize overdraft fees and backed down after initiating a $5 monthly fee for debit card users, Bank of America has done some soul-searching. The bank says it’s decided not to go ahead with a plan to let customers opt in to a $35 overdraft fee on debit purchases made with insufficient funds. [More]

Wells Fargo Tries To Hitch Its Wagon To 1 Percenters

Wells Fargo Tries To Hitch Its Wagon To 1 Percenters

If you happen to be one of the 10,000 households in the country with $50 million or more to play around with, Wells Fargo would like to talk to you. Well, not Wells Fargo per se, but its new brand, Abbot Downing. Named after a 19th century stagecoach builder, Abbot Downing is launching next year with a staff of 300 managing $27.5 billion of assets from customers. [More]

Banks May Push Prepaid Cards Onto Customers To Make More Money

Banks May Push Prepaid Cards Onto Customers To Make More Money

No longer able to make as much money from processing debit card transactions due to new regulations, banks are expected to start increasing their bottom lines by coaxing customers into using prepaid cards and signing up for credit cards. [More]

Bank Of New York Charges Some Big-Time Clients Fees For
Making Cash Deposits

Bank Of New York Charges Some Big-Time Clients Fees For Making Cash Deposits

Some clients who are considering making large cash deposits to the Bank of New York Mellon will have to pay for the privilege of doing so. Responding to huge cash deposits from freaked-out customers who are fearful of losing their money in the market, the bank will charge 0.13 percent for accepting high-dollar deposits some accounts. [More]

3 More Banks Shut Down; That Makes 61 So Far This Year

Movie rental chains, book stores and newspapers aren’t the only businesses that are dying off. The Federal Deposit Insurance Corp. (FDIC) announced three banks have been shut down, making 61 closures so far this year. Bank closures are still far behind the pace of 2010, when 157 banks were shuttered. [More]

Department Of Justice Investigates Wells Fargo For Discriminatory Lending Allegations

Department Of Justice Investigates Wells Fargo For Discriminatory Lending Allegations

The U.S. Department of Justice is said to be investigating allegations that Wells Fargo discriminated against black borrowers, offering high-interest, subprime mortgages that seemed geared to lead to default. [More]

Federal Reserve Smacks Wells Fargo With $85 Million Fine

Federal Reserve Smacks Wells Fargo With $85 Million Fine

Punishing Wells Fargo for alleged mortgage funny business, the Federal Reserve has fined the bank $85 million. Accusations include falsifying mortgage applications to let unqualified borrowers receive mortgages and directing those with good credit into costly subprime mortgages. [More]

Convicted Bank Fraudster Could Get 385-Year Sentence

Convicted Bank Fraudster Could Get 385-Year Sentence

Prosecutors in the case against Lee Farkas, who was convicted of leading a $2.9 billion scheme that wrecked Taylor, Bean & Whitaker Mortgage Corp., have asked the judge in the case to sentence Farkas to at least 50-years in prison, adding that the maximum sentence for his crime is 385 years. [More]

Ohio Woman Has Had Same Bank Account For 98 Years

Ohio Woman Has Had Same Bank Account For 98 Years

In January of 1913, a man in Ohio opened up a passbook savings account for his baby daughter with $6.11. And in probably the lengthiest example of customer loyalty, that girl — now a 100-year-old woman — has continued to use that same account ever since. [More]

Government May Hit Banks For $17 Billion Over Foreclosures

Government May Hit Banks For $17 Billion Over Foreclosures

State attorneys general have warned the nation’s top banks that they may face as much as $17 billion in lawsuits over foreclosure practices if they don’t reach a settlement with the government. That number comes on top of billions more that the banks could owe to federal agencies including the Department of Justice. [More]

Maine Supreme Court Reverses HSBC Foreclosure On "Untrustworthy" Paperwork

Maine Supreme Court Reverses HSBC Foreclosure On "Untrustworthy" Paperwork

Maine’s Supreme Judicial Court has overturned a foreclosure brought by HSBC against a local homeowner, citing affidavits submitted by the bank as “inherently untrustworthy.” In vacating an earlier decision, the court declared that HSBC’s records “are not of the quality that would be admissible at trial.” [More]

Man Who Says Chase Gave Him Counterfeit Bill Camps Out In Front Of Branch

Man Who Says Chase Gave Him Counterfeit Bill Camps Out In Front Of Branch

Claiming Chase handed him a counterfeit $100 bill, a Utah man is camping outside of the allegedly offending branch in an effort to get the bank to acknowledge his issue. He’s sporting a huge cardboard sign that says “Chase Bank Passed me A Counterfeit $100 Bill!” with the words “Come and See!!” posted on the side. [More]

Are You Having Trouble With Bank Of America Today?

Are You Having Trouble With Bank Of America Today?

Have you been unable to log in to your Bank of America online account? You’re certainly not alone. The bank told Crain’s that “some customers may experience slowness” and many customers aren’t able to access the bank’s Web site at all. [More]

The 8 Least Evil Banks In America

The 8 Least Evil Banks In America

Banks that aren’t evil? Really? CNN Money rounded up eight American banks that might not be consumer paradises, but offer free checking, no ATM fees, and comparatively high interest rates for savings accounts. [More]