As we’ve noted multiple times over the years, some banks love to lump all transactions made by a customer during a day or weekend together and then process them not in the order they were received, but from largest to smallest. For customers on the brink of overdrafting, this can result in numerous fees that may have been avoided if the charges had been processed chronologically. In a rare bit of positive Bank of America news, the bank has decided to stop this high-to-low transaction processing (for many debit purchases). [More]
change is good
The revolution continues at JCPenney, better known as that store your mom used to drag you to for back-to-school clothes you didn’t want to wear. Last week the company announced it was doing away with many of its sales and going the everyday low price route. Now the retailer’s new CEO, former Apple exec Ron Johnson (which sounds like the name of someone in the witness protection program) has unveiled a new logo and plans to turn JCP into something more Apple-store-ish.