Thursday, October 06, 2011
Bank of America's decision to charge customers $5 per month to use debit cards has prompted many, including President Obama, to criticize the banking giant. Other large banks, including Chase, Wells Fargo, SunTrust, and HSBC, are following suit, with plans to charge their customers varying monthly debit card fees. This leaves many Americans wondering what steps they should take next, and where they should do their banking.
Monday, October 03, 2011
How do credit unions fit into recent banking headlines, and how do they compare to larger and community banks? Joan Goldwasser, senior reporter for Kiplingers Personal Finance, and Sarah Ludwig, co-director of New York's Neighborhood Economic Development Advocacy Project (NEDAP) explain.
Monday, October 03, 2011
Last week, Bank of America announced that it would begin imposing a $5 monthly fee for checking accounts that use debit cards. Other large banks are expected to follow suit. We asked listeners for their reactions to these new charges, and received many responses, including this from J.B. from Massachusetts:
I am a BofA customer and I am not happy about the fee. I use my debit card all the time instead of a credit card, but that will change based on principle. I wonder, how big were bonuses last year and how big will they be this year? I wish they would look inside BofA for ways to save. Maybe cutting back $1 million from the CFO would help the bottom line as well!
Friday, September 30, 2011
For years we've been moving away from using paper and coins to pay for goods, and toward a cashless society. Now many people use debit cards as a convenient way to shop. But news from the Bank of America yesterday could change the way people feel about that. The banking giant announced it would impose a new monthly fee of $5 for checking accounts that use debit cards. Other banks are likely to follow suit. Why are we seeing increased banking charges and what can consumers do about it?
Wednesday, September 28, 2011
Major banks that do business in New York City aren't living up to their obligations under the federal Community Reinvestment Act — especially in low- and moderate income areas, according to a new report.
Monday, September 26, 2011
By Ilya Marritz
A survey by the website Bankrate.com confirms what New Yorkers may have already noticed when withdrawing cash from an out-of-network ATM: fees are going up.
Wednesday, September 21, 2011
You can bail out the banks, or you can sing out about them. Catchy songs about passbook savings accounts are not the idea behind the latest from the unmistakable musical voice of Ry Cooder. As far as Ry Cooder's music is concerned bankers can't be choosers. The legendary performer-composer behind the politically astute Buena Vista Social Club spoke to Nicola Standbridge of the BBC about his new album, "Pull Up Some Dust and Sit Down."
Friday, September 16, 2011
The European Central Bank announced yesterday it will work with the Federal Reserve to open new lines of credit to banks in the 17 nations that use the euro. The Bank of England, Bank of Japan and the Swiss National Bank are also pitching in to help. The ECB says it will allow banks in the euro zone to borrow money for three months — rather than the previous rule of a week — which injects dollar liquidity into European banks. The news comes as European banks are suffering from chronic financial squeezes.
Monday, September 12, 2011
President Barack Obama continues his jobs tour this week, with stops in Columbus, Ohio and Raleigh-Durham, N.C., rallying support for his jobs plan. Federal Reserve Chairman Ben Bernanke is expected to speak at a conference on regulation of systemic risk on Thursday, five days before the Federal Open Market Committee begins its meetings next week. Tonight, is the first Tea Party debate, which GOP presidential hopefuls Michele Bachmann, Mitt Romney and Rick Perry are expected to attend. And Anthony Weiner's old Congressional seat in New York's ninth district is up for grabs in a special election tomorrow.
Friday, September 02, 2011
A U.S. regulator filed lawsuits Friday against 17 of the nation's largest banks over losses from mortgage-backed securities, aiming to recoup billion of dollars stemming from the failed investments.
Friday, August 26, 2011
Since the beginning of the year, Bank of America has lost more than half of its stock market value. Earlier this month, AIG sued the bank behemoth for alleged mortgage securities fraud, and just this past week the company laid off 3,500 workers. With more in mortgage holdings than any other bank, its future success is essentially tied to the state of the faltering housing market. But yesterday, Warren Buffett announced he's investing $5 billion in Bank of America. What's in store for the beleaguered company?
Wednesday, June 15, 2011
The banking industry, like basically all commercial industry, is always looking for ways to innovate their products and services. Take ATMs or the kind of innovation that allows customers to view the image of their check right on their banking receipt - those cost money to develop. And the banking industry has been lobbying to change the patent laws tied to these sorts of business innovations.
Tuesday, June 14, 2011
It's been nearly a year since President Barack Obama signed the Dodd-Frank Act into law. But many of the regulations required by the law are way behind schedule. What's causing the delays?
Wednesday, May 18, 2011
Gretchen Morgenson, business writer for the New York Times and author of the new book Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon, talks about the news that the New York Attorney General is preparing for an investigation into the banks' role in the financial crisis.
Tuesday, May 17, 2011
It's been four years since the financial crisis submerged the U.S. into a deep recession, that its still trying to recover from, yet many wonder, why no major cases have been brought against any of the banks that were culprits in the collapse. That may all change. New York Attorney General Eric Schneiderman has subpoenaed three major Wall Street banks. Louise Story, Wall Street and finance reporter for The New York Times, has the latest.
Thursday, April 28, 2011
In 2008, the government offered an $85 billion bailout to American International Group Inc., one of the world's largest insurance companies, in order to prevent its collapse. When AIG accepted the bailout, it waived its right to sue banks over most of the mortgage securities that it had acquired. But, it did not give up its right to pursue legal action regarding $40 billion of mortgage bonds it purchased directly from banks. In an exclusive story for The New York Times, finance reporter Louise Story explains how AIG is now going after hedge funds and banks to try to recover billions in losses related to mortgage securities that caused the financial collapse in 2008.
Tuesday, April 05, 2011
During the financial crisis, the Federal Reserve got a lot of flack for handing out big bailouts to major banks like Citibank and JP Morgan Chase, which were deemed "too big to fail." But it turns out that many more banks received funds through the Federal Reserve Bank's so-called “discount window” policy, including investment banks and foreign banks. The names of those banks were released last week, after the Supreme Court ruled in February that under the Freedom of Information Act, the Fed had to make the names and amounts known.
Tuesday, March 08, 2011
Debit card "swipe fees" were one way that banks made billions of dollars a year. These fees were paid by retailers every time you used your debit card. In the aftermath of the financial crisis, Congress cut these fees significantly, to the great relief of merchants across the country. The Fed is now facing an April deadline to write the rules for the current lower fees, and banks are waging a war to try to reverse these cuts. Louise Story, Wall Street and finance reporter for The New York Times, explains how new rules could impact you as a consumer.
Wednesday, February 23, 2011
At one point Wednesday, oil was trading at more than $100 a barrel, the first time since October of 2008. At the end of the day, the price settled at just over $98.