“Current conditions in the secondary mortgage markets create significant near-term profitability challenges,” Capital One said in a statement. “Further, recent and continuing developments in the mortgage markets reduce the long-term outlook for profitability in the business, as the company expects markets for prime, non-conforming mortgage products are likely to remain challenged.”
Later, gator.
We weren’t quite sure there even was something called an “ID theft gang,” but there must be because the ringleader of one has been arrested. A Russian con artist was caught posing as Charles J. Wyly Jr., friend of President Bush and former head of the craft-store chain Michael’s. The con artist was trying to pass a $7 million dollar check to a New York gold dealer.
In July, federal regulators launched a new website, HelpWithMyBank.gov, to answer your basic bank-related questions, as well as to provide an easy way to lodge complaints about any of the 1,800 offending financial institutions that fall under its purview. (Yes, that includes Chase and BofA.)
Churches are stocking up on ATMs thanks to a new IRS rule that requires taxpayers to closely document their charitable giving. By placing an ATM in the lobby, congregants can collect a paper trail, and churches can collect tithings. It’s win-win. According to Time, the practice isn’t new:
Large urban churches have been accepting credit cards for several years, tapping into the Generation P (for Plastic) aversion to carrying cash. Pastors like to tell jokes about parishioners collecting Frequent Flier points on the way to heaven. A recent Dallas Morning News poll found that 55% of 200 local churches accept credit and/or debit cards.
Not all free checking accounts are free. Many come laden with fees that surprise consumers who don’t carefully read the fine print. FreeMoneyFinance snagged an except from the book Banking Secrets Revealed that lists many of the charges to ask about before opening an ostensibly free account:
Regarding this morning’s “Bank Of America Wins, Buys Chicago’s LaSalle Bank,” commenter “Stankwell,” whose first and only comment went up today, wrote:
LaSalle customers should be happy. Among other things, they’re gaining access to world-class online banking and a coast-to-coast branch and ATM network.
Bank of American managed to fight off a hostile take over by the Royal Bank of Scotland to acquire LaSalle Bank from its parent company ABN Amro. The Dutch Supreme court has cleared the way for Bank of America and conversion seems all but inevitable for all of you LaSalle Bank customers.
It’s easy to manage your finances when you close unnecessary bank accounts and credit lines and chisel down to the bare essentials. Blueprint For Financial Prosperity has compiled an excellent list of accounts that you need, and accounts you should avoid.
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Americans paid $17.5 billion in overdraft fees last year, up from $10.3 billion in 2005. Consumer advocates say banks should be held responsible for their abusive practices, such as “clearing high-dollar debits before subtracting smaller amounts, putting holds on deposits longer than necessary and failing to warn customers at the checkout or ATM if they have insufficient funds.” The American Bankers Association counters that consumers are the ones who should be smart enough to keep track of their available funds: “Only they know what checks they have written, automatic payments they have authorized and debit card transactions they have approved.”
US PIRG blog tells us, “Chairwoman Carolyn Maloney (D-NY) of the House Subcommittee on Financial Institutions and Consumer Credit is holding a hearing today on unfair bank overdraft fees and their impact on consumers, especially in regard to debit card transactions.” Chairwoman Maloney has introduced a bill that addresses overly-punitive fees that are often assessed when a consumer buys a small amount on a debit card. As US PIRG points out, “It’s much easier to overdraw your (debit) account. A debit card gives you a latte if you have no money. A latte costs $5 but the bank gets a $30 overdraft.”
Are you one of those people who is too lazy to use their own bank’s ATM, and therefore is always using ATMs that charge a fee? We noticed the other day that ETrade has a checking account where they promise to refund your ATM fees… and pay you interest.
“They couldn’t see my funds were depleted? What kind of bank would give an overdraft of $23,000? We are not talking about $100,” she said.
A white male about 6′ tall with dirty blonde hair hailed a taxi and took it to a Washington Mutual branch in Orlando, FL. He then asked the driver to wait while he went inside to “do his business.”
Years ago, Carla Ruff stored her grandmother’s jewelry and a file of personal documents in a safe-deposit box at her bank in San Francisco’s Noe Valley, thinking they would always be there when she wanted them.
ATMs are celebrating their 40th birthday with a midlife crisis, wondering if their usefulness to society is at an end as people increasingly rely on credit cards for everyday transactions, and debit cards for cash back.
The numbers are pretty startling: The total number of machines in the U.S. dropped by 1,000 from 2005 to 2006 (although still at a hefty 395,000). The total number of U.S. ATM transactions dropped in 2006 for the second consecutive year, to 10.1 billion. Monthly transactions per U.S. ATM, at 2,131 in 2006, are barely a third of the level in 1996.
ATMs are expensive for banks, costing up to $50,000 per machine plus annual maintenance costs of at least $12,000. The Seattle Post-Intelligencer thinks the tea leaves spell the obsolescence of ATMs. We are not sold. What do you think? Vote in our poll, after the jump…
“At Chase we are committed to serving the Hispanic community by providing products and services tailored to their specific needs,” said Rebeca Vargas, head of multicultural marketing at Chase. “When customers told us that they wanted an affordable, safe and convenient way to send their hard-earned money back to loved ones in Mexico, we created Rapid Cash. Now, we are bringing it to customers in New York.”
Chase will offer 3 free transfer per month, for up to $1,500 each. The money can be picked up at any Banorte bank, for no fee.
There’s a law in this country that prevents any one bank from holding over 10% of the insured deposits. If Bank of America manages to hold on to its deal to buy Chicago’s LaSalle Bank, Bank of America would hold approximately 10.7% of deposits—about 5.1 billion dollars too much.
So, this is weird. A credit union in Florida charges a $2 fee if your arm isn’t hanging out of your window with your deposit slip in hand as you pull up to the drive-thru window. And that’s not the only fee that SunState Credit Union charges. They’ve got a $2 fee for coming in more than 4 times a month, and another charge for not using the telephone banking system.
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