It’s no secret that Bank of America is the most-reviled of the nation’s large banks, mostly for its handling of the mortgage mess, including the most recent allegations that it deliberately deceived troubled borrowers in order to nudge them toward foreclosure. But even though BofA’s customers gave it the lowest marks in a new survey of banks’ reputations, those customers don’t hate the bank anywhere near as much as people who have no financial ties to it. [More]
After AT&T somehow convinced the U.S. Supreme Court that a couple of sentences buried toward the end of a contract that maybe .05% of customers ever think about reading was all that was needed to preempt class-action lawsuits, many large companies have rushed to pack their user agreements and licenses with clauses that force customers into arbitration. But, stuck in a battle with an industry regulator, the folks at Charles Schwab have decided to go another way, announcing that they have gotten rid of the part of their arbitration clause that bans class-action suits… for now. [More]
When Art received an unexpected e-mail about his account at Schwab Bank, he assumed it was some kind of phishing attempt. Aren’t all messages that say “Time Sensitive Information about Your [Bank Name] Bank Account?” But it wasn’t. Schwab wanted to let him know that he didn’t have the funds to cover an impending auto-debit, and he needed to transfer some cash over.
Overall, customers seem pretty happy with checking accounts from Charles Schwab Bank: especially the part where you can deposit checks by mobile phone and have your ATM fees refunded. Dan came across a situation where online-only banking is not superior, though: when you need to deposit a third-party check. That is, a check made out to someone else, but endorsed over to the account holder.
Banks that aren’t evil? Really? CNN Money rounded up eight American banks that might not be consumer paradises, but offer free checking, no ATM fees, and comparatively high interest rates for savings accounts.
Commenter annelise13 writes:
My husband and I recently received a letter from Charles Schwab about our account. It refers to a check they sent us last year for the grand total of $.01. Yes, that’s one cent. A single penny. I never cashed the check, having found it funny that they wasted a stamp to send us such a tiny amount. I tacked it up on the fridge for a few months to amuse myself, and eventually tossed it.