Posts tagged as:

banking

Mint.com Wants to Sell Your Shopping Habits

March 15, 2010

According to Felix Salmon, Mint.com, the popular personal finance website, may be benefiting from playing outside the regulatory rules that govern banks. At a Banking 2.0 panel at SXSW, Mint’s Aaron Patzer explained why:
For instance, he said, he can see pretty much in real time how much money his huge database of customers is, in [...]

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Facebook Page Makes Wells Fargo Waive Fees

February 16, 2010

Wells Fargo has bowed to angry internet users and has agreed to refund and waive 3% transaction fees charged on certain donations to Haiti.
College student Heather Lynn was angered by Wells Fargo’s insistence on charging a 3% foreign transaction fee on certain types of donations to Haiti. Lynn created a Facebook page called Wachovia=Fail, which [...]

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Overdrafts Generate Big Bucks For Banks

October 7, 2009

An estimated 45% of the country’s banks make more from overdraft fees than they do from credit card fees(!). They will generate $27 billion in covering overdrafts on checking accounts this year. Proposed legislation, however, may at least put in dent in that healthy source of bank revenue.
A 2008 FDIC study estimates that 41% of [...]

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A look inside a check cashing and payday lending business

July 13, 2009

An amusing and terrifying look inside two shady types of businesses that will fleece you every way they can, from check cashing fees to postage for a premium.

As Ben Popken says “I can’t wrap my mind around the idea of paying someone for my own money.”
Other Video | Ben Popken

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Fed may win sweeping financial oversight

February 8, 2009

Fed may win sweeping financial oversight | MSNBC

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Banks Using $700 Billion Bailout To Buy Other Banks, Not Make More Loans

October 26, 2008

Banks Using $700 Billion Bailout To Buy Other Banks, Not Make More Loans | Consumerist

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Wells Fargo delays overdraft notification emails to maximize overdraft fees

October 3, 2008

For customers who use Wells Fargo’s online account tools, the bank offers email notification when you overdraw your account. Don’t count on it, though. Wells Fargo waits about 48 hours before sending the email, so you will probably rack up extra fees in the meantime.

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September 25, 2008

A companion piece to the post by Sarah Byrnes from earlier this week.  Ex-bankers on pushing customers to rack up debt | cnn.com

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Enacted Payday Lending Legislation – 2008 Session

September 18, 2008

Enacted Payday Lending Legislation – 2008 Session | Nat’l Conference of State Legislatures (via Payday Lending Association)

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Banks in Denial

September 18, 2008

Banks in Denial | Consumer Law & Policy

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Wall Street’s losses

September 18, 2008

Screencap of the New York Times’s excellent infographic. The real thing includes a ton of information when you mouse over the squares.

A Year of Heavy Losses | New York Times (via BoingBoing)

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Two banks fail, 90 on FDIC problem list

July 28, 2008

If anyone were still in doubt as to whether or not the United States economy is in recession, the FDIC’s problem list now includes 90 banks at risk of failure. This is not a large number, since there are about 8,500 banks in the country, but it is up from 76 last year.
Historically, only about [...]

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Most Bank Websites Are Insecure

July 24, 2008

Most Bank Websites Are Insecure | /.

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Mortgage servicers make their money by screwing consumers and lenders

May 19, 2008

I was amused to read Mark Ireland’s post saying he came under fire by members of a panel on foreclosures at the recent Equal Justice Conference in Minneapolis for suggesting that mortgage loan servicers are not acting in the best interest of either consumers or lenders. I thought that was common knowledge.
Servicers make money from [...]

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Moody’s triple-A security ratings led to the subprime meltdown

April 28, 2008

NYT on how Moody’s triple-A security ratings led to the subprime meltdown. | crosspost: Consumerist

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Preying on the elderly, payday lenders’ newest victims

February 12, 2008

How much worse can things get?
According to a new article in the WSJ, those wonderful community financial services people, more commonly know as Payday lenders are increasingly targeting recipients of Social Security and other government benefits, including disability and veteran’s benefits.

But it isn’t just the Payday lenders who are involved in this abuse of our [...]

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Payday loans the not so cheap alternative

February 8, 2008

Apparently, all those happy payday loan customers who quickly repaid their loans, avoided disaster and extra costs doesn’t included a lot of people in Utah.
In a really great article full of all kinds of interesting facts by the Desert Morning News, their research found that payday lenders have sued nearly 27,000 Utahns for nonpayment since [...]

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Alternatives to payday loans: small dollar loans

February 7, 2008

In what is hopefully the start of something, the Federal Deposit Insurance Corporation (FDIC) announced the selection of 30 banks to participate in a two-year pilot project to help identify best practices in affordable small-dollar loan programs that can be replicated by financial institutions.
“Our goal is to identify small-dollar loan programs that are profitable for [...]

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Payday loans: countering the spin

February 5, 2008

Elizabeth Warren at Credit Slips (a great blog I just now learned of on credit and bankruptcy by six academics) has a great post touching on some of the payday loan research including the the Center for Responsible Lending (PDF link), the Center for Community Capital (PDF link) and the the bad numbers in the [...]

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