Consumers’ Changing Banking Habits Led To 1,400 Bank Of America Branches Shuttering, More Cuts To Come

Consumers’ Changing Banking Habits Led To 1,400 Bank Of America Branches Shuttering, More Cuts To Come

Over the past several years, Bank of America has revamped the way it provides banking services in an effort to cut costs and respond to consumers’ changing banking habits. Those operation modifications have not only included shutting down some drive-thru windows, but the closure of nearly a fifth of the company’s branches. [More]

Fifth Third To Close 100 Branches To Focus On Mobile Banking

Fifth Third To Close 100 Branches To Focus On Mobile Banking

Customers of Fifth Third Bank will have fewer options when it comes to doing business at a physical location as the company plans to close or consolidate 100 branches and scrap plans to open 30 new locations. [More]

CFPB Opens Inquiry Into Mobile Financial Services’ Impact On Low-Income Consumers

CFPB Opens Inquiry Into Mobile Financial Services’ Impact On Low-Income Consumers

Is the convenience of mobile banking leaving underserved and unbanked consumers in the dust? That’s an issue that the Consumer Financial Protection Bureau is looking into. [More]

A Whole New Meaning To Mobile Banking: T-Mobile Announces Money Management Service

A Whole New Meaning To Mobile Banking: T-Mobile Announces Money Management Service

Don’t like going to the bank? Aren’t interested in fees or maintaining a minimum balance? Not to worry, there’s a new service just for you. That is if you’re a T-Mobile customer. The company just announced it’s heading into the banking industry. [More]

(Todd Kravos)

Is A “Cardless” ATM Any Better Or Faster Than What We’re Used To?

The idea sounds kind of neat — you go into an app on your smartphone, pre-order the amount of cash you’ll want to pick up from the ATM at a later point, then it’s waiting for you when you arrive. So-called cardless ATMs are being tested and some are touting the technology as the future of banking, but is it really that much of an improvement over the current system? [More]

(JD Hancock)

Capital One Android App Traps My Phone In Infinite Updateless Loop

David’s Android smartphone, a Galaxy S, is still working just fine. It just has one problem: he can’t upgrade it to a newer version of the Android operating system. He’s stuck on 2.2. So what? It doesn’t affect him all that much except for how his bank’s app requires a newer version of Android than that. His phone gets stuck in a loop of being unable to update. [More]

Bank Of America Mobile App Says Money Orders Are Allowed, Rejects My Money Order Deposit

Bank Of America Mobile App Says Money Orders Are Allowed, Rejects My Money Order Deposit

Before snapping photos of her money order with Bank of America’s mobile deposit app, April took the time to make sure that money orders were permitted. She lives 200 miles away from the nearest Bank of America (yes, there is such a place in this country) and can’t go to a branch or ATM to deposit it. The app’s “help” section said that money orders are totally allowed, so she went ahead with the deposit. They rejected it, and customer service told her that money orders can’t be deposited with the mobile app. Well, fine. Maybe she’ll just go ahead and deposit that money order at a bank that’s local to her. [More]

Don't Send Your Third Party Checks To Schwab Bank

Don't Send Your Third Party Checks To Schwab Bank

Overall, customers seem pretty happy with checking accounts from Charles Schwab Bank: especially the part where you can deposit checks by mobile phone and have your ATM fees refunded. Dan came across a situation where online-only banking is not superior, though: when you need to deposit a third-party check. That is, a check made out to someone else, but endorsed over to the account holder. [More]