June 25th, 2014
In an agreement with New York State Attorney General Eric Schneiderman, Capital One has pledged to stop using ChexSystems to predict the risk a consumer presents when they process a banking account application. It will still use ChexSystems to spot fraudulent activity, but it will not screen for negative items such as bounced checks and overdrafts.
“No one – least of all struggling New Yorkers – should be forced to rely on high-cost alternatives to banks just because they bounced a check or were a victim of identity theft,” Attorney General Schneiderman said in a statement. “I commend Capital One for stepping up…I would hope other banks will step up and join us to do the same.”
The change is expected to be implemented by the end of this year nationwide, so even if you don’t live in New York, you could be impacted by this move.
June 23rd, 2014
Amazon launched a service earlier this month that allows customers to pay recurring charges using their Amazon accounts. This comes as a natural extension to Amazon’s current payment system, which was introduced last fall to compete with PayPal. Their current “Login and Pay with Amazon” service already allows websites to display a Pay with Amazon button as an option during the checkout process.
August 15th, 2012
Many people know that they need a bank account because they need somewhere for their pay to be deposited and they need to pay bills each month. Many people also know that they should have a credit card and use it responsibly because it helps them build a strong credit history and a good credit score; but not many people know that their banking relationships can also affect their personal credit score.
June 22nd, 2012
Credit cards give consumers enough to think about when it comes to what pieces of plastic they should carry. Now prepaid debit cards have entered the mix as financial institutions try to maintain a revenue stream from debit card fees that got squeezed by the Dodd-Frank Act.
March 1st, 2012
As predicted after the banking fee debacle of 2011, big banks are searching for more ways to generate revenue from their customers. The first to step forward with new fees is repeat-offender Bank of America, the second-largest bank by assets with more than 55 million U.S. households as customers. Last year, the bank’s proposed $5 debit card fee led to a media backlash and, eventually, a revocation of the proposed fee.
December 13th, 2011
A new proposal for a levy on trades in the financial markets, dubbed the Robin Hood tax, would take money from banks and give it to the poor (as well as raise funds for governments around the world). The idea, which has been around for more than a century, has recently gained momentum with the Occupy Wall Street movement.
November 4th, 2011
Wells Fargo, Bank of America and Chase announced that they’ll be dropping plans to charge customers a monthly fee for using their debit cards. This comes after a month of consumers protesting the fees and threatening to leave big banks with movements like "Bank Transfer Day," Occupy Wall Street movement and other local demonstrations.
October 13th, 2011
Occupy Wall Street has received a lot of media attention due in large part to the protests and arrests occurring in New York and other major cities. Many consider the conversation around the dissatisfaction of banks to be a constructive idea, yet despite their growing following, Occupy Wall Street has yet to put any plans into motion to change the system.That all changed this past week when an event called “Bank Transfer Day” emerged on Facebook encouraging people to switch from their current bank to a credit union by Nov. 5. While the event’s creator is not directly tied to Occupy Wall Street, many of its followers have shown support for the event, and it could mark the turning point for the movement.
October 7th, 2011
Ninety-three percent of consumers said they would not pay a monthly fee to use a debit card, according to a recent poll by the Wall Street Journal. Less than 3 percent said they will pay the fee.
October 6th, 2011
In light of yesterday’s news, we thought we’d pay tribute to one of technology’s most innovative spirits by highlighting some up and comers in the financial realm. So we’ve put together a short list of our favorite new ideas from FinovateFall 2011’s “Best of Show”.