Bikeoid

Wells Fargo Set To Launch Its Own Digital Wallet On Android Devices

Retailers, tech companies, wearable makers, and banks have been clamoring to create and launch digital wallets that allow consumers to make payments with the tap of a phone. Today, Wells Fargo is reportedly poised to throw its hat into this arena. [More]

catastrophegirl

Banks Attract New Customers, New Fee Income With Check-Cashing Services

Instead of imposing new fees on their existing customers, banks have an exciting new idea: attract new customers and charge them fees. Specifically, banks are looking to low-income and lower-middle-income people who might normally use check-cashing stores or check-cashing services in retail stores to gain immediate access to their money. These customers may not make large deposits, but what customers who want access to their cash right away do generate are lots of fees. [More]

Banks Turned Account Overdraft Fees Into $11.16B In Revenue Last Year

Banks Turned Account Overdraft Fees Into $11.16B In Revenue Last Year

Banks with more than $1 billion in assets now need to report on how much revenue they bring in from overdraft fees and other charges. The first report on those numbers shows that banks made $11.6 billion last year from customers who overdrew their accounts.
[More]

The 3 Biggest Banks Extracted $6 Billion In ATM And Overdraft Fees From Us Last Year

The 3 Biggest Banks Extracted $6 Billion In ATM And Overdraft Fees From Us Last Year

Back in 1998, comedian Al Franken published a satirical novel where the fictional Al Franken ran a single-issue presidential campaign against ATM fees in 2000. A technical malfunction erased ATM deposits, making his single issue a crucial one, and Franken ended up in the White House. Today, he is a sitting U.S. senator, yet not involved in the 2016 presidential race where excessively high ATM fees are an actual issue being discussed. [More]

Flyinace2000

Banks Ditching Online Security Images Some Experts Call “Worse Than Useless”

When you log into your bank account online, you might see an image of a birdhouse, or a teapot, or some other object you selected when you signed up. Those pictures are supposed to help keep a customer’s account safe, by assuring them that the web page they’re viewing is, in fact, the bank’s website and not a scammy fake. But as cybercriminals are catching on, banks are choosing to ditch the images in favor of other security measures.

[More]

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]

Lawmakers Introduce Legislation That Would Give Legal Marijuana Businesses Access To Banking Services

Lawmakers Introduce Legislation That Would Give Legal Marijuana Businesses Access To Banking Services

One of the biggest challenges facing the new legal marijuana industry comes down to money: now that businesses in certain states have gotten the go ahead to sell weed, many of them are stuck in a tough spot when it comes to actually dealing payments for their products, since the drug is still illegal under federal law. A group of senators is seeking to change that, introducing a bill that would take the heat off legal marijuana operations and give them access to banking services.

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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]

(frankieleon)

9 Things We’re So Grateful Mom Taught Us About Money

Today is the day we pause to reflect on everything our mothers have given us, from kisses on scraped knees and comfortable laps to sit on, to financial wisdom that has the power to stick with us through adulthood. We asked you to share the personal finance tips your mother imparted to you, because hey, sharing is caring and she’d probably approve.

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Todd Kravos

Report: Gang Of Criminals Hacking Bank ATMs Has Stolen Up To $1B

Some of the world’s banks likely had a crummy Valentine’s Day after a new report from a computer-security firm came out this weekend, saying that a group of criminals has stolen millions of dollars since late 2013 from financial institutions in Russia, Eastern Europe and the United States. And it doesn’t seem like they’re done yet.

[More]

(Lisa Brewster)

Prize-Linked Bank Accounts Combine Savings And Playing The Lottery

Would you pay to enter a sweepstakes that it’s impossible to lose? Late last year, our representatives in Congress and the President all agreed on something, a bill called the American Savings Promotion Act. It made prize-linked savings accounts, something that serves as a combination lottery and savings vehicle, legal for United States banks. [More]

Citigroup Quietly Cuts Back On Its Consumer Banking Business

Citigroup Quietly Cuts Back On Its Consumer Banking Business

Citigroup is about to become a slightly smaller group. Here in the United States, for example, the global bank once sought retail banking customers in fourteen cities. In cities where there are fewer Citibank branches, the company has been quietly selling their branches and leaving town. [More]

(YouTube)

This Deliberately Transparent Swedish Bank Commercial Is Highly Amusing

While we certainly know when big companies are trying their hardest to be funny, that doesn’t make it any less enjoyable when one of them actually succeeds. In this case, it’s the Swedes who have nailed it, in a new deliberately transparent ad for a bank that in turn, promises transparent services.

[More]

Read the message from bottom to top. First, Citi sends Zach a message intended for a completely unrelated customer named Geoffrey. Then Zach replies that he is not Geoffrey and that this is cause for concern. Citi's response is to tell him how to add another person to his account.

Citi’s “Secure Message Center” Run By Idiot Robots Who Don’t Care They Sent E-Mail To Wrong Person

If you’re a customer of any of the big banks, you’ve likely gotten a few messages in an online inbox that is only available via the bank’s website. You probably ignore most of these because they’re either about site downtime or upsells for add-on products you’ll never buy, but you probably assume that — unlike your gmail, yahoo, hotmail, or AOL account — this inbox doesn’t include messages that are intended for someone else. Wrong. [More]