Normally we wouldn’t rely on the phrase “third largest bank failure of the year” to impress upon you the seriousness of a situation, but since we’re at our 81st bank failure of 2009, we’re going to go with it. Meet Guaranty Bank of Texas. It has now failed.
banking
Protect Yourself With A Bank Firewall
By 8.22.09
Phishing emails are becoming more and more sophisticated and despite all the advice that people get on how not to get scammed, people do. So, to protect ourselves against ourselves, I recommend a bank account firewall.
UBS Rats Out Thousands Of Potential Tax Evaders To The IRS
By 8.20.09
Bad news for tax evaders! UBS has reached an agreement with the IRS to turn over the names of 4,450 “U.S. account holders as part of a U.S.-Swiss tax-evasion settlement and investigation that could produce a total 10,000 account identities,” says the WSJ.
Bad News: Yet Another Record Month For Foreclosures
By 8.13.09
For the third time in the last five months a new record for foreclosure filings has been reached says foreclosure tracking firm RealtyTrac. July saw an increase of 7% from June of this year and, even more telling, a 35% increase from last year.
HSBC Cancels Traveler's Credit Card, Pays For Their Mistake
By 8.11.09
Bank of America isn’t the only bank that enjoys canceling their traveling customer’s credit cards. HSBC canceled my card while I was living in New Zealand, and as part of their “continuing efforts to fight fraud,” sent an active replacement card to my address 9,000 miles away.
Financial Advertising Through The Years
By 8.11.09
Slate has put together a sarcastic look at financial-type commercials through the years. We like the one with Samuel L. Jackson and the centaur.
USAA: Deposit Your Checks With An iPhone!
By 8.10.09
The friendliest bank in the world, USAA, will soon let customers instantaneously deposit checks through its iPhone application. Here’s how it works: you snap a picture of the front and back of your check, and send the picture to USAA. That’s it.
10% Of Consumers Pay 90% Of The Overdraft Fees
By 8.10.09
Banks are set to make a record $38.5 billion in overdraft fees, says a new report in the Financial Times, and the bulk of the money is coming from those who can least afford to lose it.
Crafty Michigan Credit Unions Implement A Lottery Worth Playing
By 8.2.09
Save to Win gives Michigan residents the chance to win the lottery simply by purchasing a certificate of deposit. Here’s how it works: residents who contribute at least $25 into a Save to Win CD are automatically entered into monthly drawings for a $400 raffle, and an annual drawing for a $100,000 jackpot. Even if you don’t win, you still have an interest bearing CD.
NY AG: Banks Paid Bonuses That Were Substantially Greater Than The Banks' Net Income
By 7.31.09
New York Attorney General Andrew Cuomo’s report on the bonus structures of the banking industry is out and — oh my— it’s damning. The AG says that 3 banks, Goldman Sachs, Morgan Stanley, and JP. Morgan Chase, paid out bonuses that ” were substantially greater than the banks’ net income.”
By 7.28.09
../../../..//2009/07/28/we-dont-recommend-keeping-your/
We don’t recommend keeping your savings in your pantry, but in case you were wondering, here’s how much money you can fit into an Apple Jacks box. [Slate]
Hacked Company: Notifying Customers Of Breach Is A "Burden"
By 7.27.09
Network Solutions, an e-commerce company, just experienced a data breach that resulted in them compromising 573,000 credit and debit card accounts. The company has begun to notify merchants of the breach so they can tell their customers, but gosh, it’s just so hard.
Buy Safely Online With Virtual Credit Cards
By 7.27.09
Before buying from potentially unscrupulous merchants, call up your credit card company and ask for a virtual credit card number. The disposable numbers expire after a single use, preventing merchants from signing you up for added or recurring charges. Virtual numbers are available to Citi, Discover, PayPal, and Bank of America customers.
Guy Who Protested Mortgage Denial And Took Out $190,000 In Twenties Ends Up Putting It All Back In Very Same Bank
By 7.24.09
withdrew $190,000 in $20 bills. Take THAT! Then he and his bag o’loot were all over the internet, and he received hundreds of supportive emails. But what to do with $190,000 in $20 bills??? Well, he decided to deposit it at NBS, a rival bank. Good move! Except that… NBS sends its cash to Westpac for safekeeping. Which means poor old Roger’s money is back with the beast.
Man Withdraws $190,000 in $20 Bills After Being Denied A Mortgage
By 7.23.09
A New Zealand bank irritated the wrong customer by declining his application for a mortgage. After hearing the reason for his rejection, Roger Griffiths decided to make life difficult for the bank and withdrew his savings — $190,000 in $20 bills.
Vote On Consumer Financial Protection Agency Delayed Until September
By 7.23.09
This week, Rep. Barney Frank (D-MA) postponed a vote on a bill creating a Consumer Financial Protection Agency (CFPA) until September when lawmakers return from recess. The delay is partly due to other more pressing issues, but mainly due to unexpected (really?) pushback from the financial industry.
Don't Hide Your Cash In Your House
By 7.18.09
Last week, Carey found a Frugal Dad article offering up 7 places around the house to stash your cash. While you should keep emergency cash around the house, don’t put too much!
Enlightened Nation To Banks: Either Explain Excessive Fees Or Eliminate Them
By 7.18.09
Australian consumers will soon be able to challenge any bank fee that they consider “unreasonable,” thanks to a new law that could save consumers up to $1 billion. Banks that want to keep levying excessive fees for late payments and overdrafts will need to prove that the charges are reasonable by revealing the true processing costs behind the fee.
