C x 2

Payday Lenders Go To Court In Attempt To Keep Working With Banks

The payday lending industry claims that recent regulatory efforts to rein in short-term, high-interest loans have severely restricted their access to traditional banks. Now a trade organization representing the controversial lenders has asked for a federal court to intervene. [More]

Mike Mozart

Bank Of America Experiences Teller System Outage

For a few hours this afternoon Bank of America customers may have had a bit of difficulty obtaining funds from their accounts if they prefer to speak to an actual human and not an ATM. That’s because for a short time, the system used by tellers was down. [More]

Ryan Dearth

More States Legalizing Pot Could Force Feds To Do Something About Bank Access

Operating a store selling a product that’s legal in your state but illegal on the federal level creates a unique business challenge: running a business without being allowed to use banks. Yet ballot initiatives on Election Day, just over a week from today, could make recreational or medical cannabis legal for recreational or medical use in 34 states, and for both in populous states like California and Massachusetts. Could this push the feds to do something about the banking situation? [More]

Scott Lynch

The ATM Liability Shift Is Here, And Most Don’t Have Chip Readers

Hey, remember the ATM liability shift? You know, how MasterCard’s liability shift means that the operator of any ATMs not equipped with EMV (computer chip) card readers by October of this year would be liable for fraud, and not the credit card network. That deadline was today, and most ATMs in the wild aren’t yet equipped with chip readers. [More]

Mike Mozart

Why Are There Still So Many Bank Branches Everywhere? Because You Keep Going.

If you live in a certain kind of urban area, you see it all the time: those new mixed-use buildings go up, and on the ground floor of practically every single one there’s a bank branch or two. And if you thought to yourself, “Why are there so freaking many bank branches opening in an era when all the young folk living in those buildings bank by phone?” you’re not alone. But it turns out there’s an easy reason that bank branches keep proliferating: customers are using ’em.

[More]

Mike Mozart

Santander Bank To Pay $10M Fine Over Alleged Illegal Overdraft Practices

Santander Bank has agreed to pay $10 million to settle federal regulatory allegations that it illegally charged overdraft fees to customers who didn’t affirmatively opt in to the bank’s overdraft policies.
[More]

Now Goldman Sachs Wants To Be Your Everyday Bank

Now Goldman Sachs Wants To Be Your Everyday Bank

After nearly 150 years of whiz-bang multibillion-dollar Wall Street investment banking, Goldman Sachs is, for the first time, wading into the humdrum world of savings and checking accounts, by (sort of) putting its name on a consumer banking platform.  [More]

Maulleigh

There’s More Money Loaded On Starbucks Cards Than Customer Deposits At Several Banks

While we’re used to the idea of people keeping money in places other than bank accounts — preloaded debit cards, sock drawers, comic book collections — there’s one way consumers are storing their cash that’s more popular than several financial institutions: Starbucks cards. [More]