Banking

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    Gonzobanker.com

  • Fighting the Overdraft Privilege PR War

    Bill McFarland
    30 Oct 2009 | 8:30 am
    You have seen the news: more and more of the nation’s largest banks, including Wells Fargo, Bank of America, JPMorgan Chase and BB&T, are reforming their overdraft policies. Big whup! These changes are more window dressing than substantive, but they prove that banks—community banks and credit unions, not just The Big Guys—are losing the Public Relations war over overdraft protection fees. There has been a significant increase in ODP fees over the last few years, as has been widely reported by pro-consumer groups such as the Center for Responsible Lending. What is also true is…

  • The Dude Will Not Let This Technology Spending Aggression Stand

    Quintin Sykes
    23 Oct 2009 | 5:03 pm
    DISCLAIMER: There is no absolute amount that a financial institution should be spending on technology! Technology spending must be considered in the context of the value received from it. I had occasion this week to recall bank merger deals in the go-go days (back when they were unassisted by the government), where a major part of the justification consisted of scale economies. While espoused by many investment bankers, the only thing that seemed to scale well consistently were investment banking fees, as projected cost savings were rarely realized. The technology spending numbers in the…

  • Random Rants, Musings and Written Agreements

    Michael Croal
    19 Oct 2009 | 5:33 pm
    Give heed to my sighing. Listen to the sound of my cry –Psalm 5 David’s lament is appropriate given the trials today’s Gonzo Bankers are going through. There is no shortage of significant concerns on the minds in the corner offices of today’s c-level banking executives. Every week more banks are failing. In spite of the market rally, the economy is stagnant at best, and there is talk that commercial real estate may be the other size 13 headed for the linoleum. If you’re feeling a bit more stressed than ever before, GonzoBankers, it’s for good reason. Let me take through a quick,…

  • Bailing Out the Bailer

    Scott Hodgins
    2 Oct 2009 | 8:00 am
    GonzoBankers, I’m sure you’ve been following the Indiana State football team’s slide to infamy. Sadly, the team is nursing a 30-game losing streak that began in October 2006. Of the 82 players on the roster right now, 4 have experienced a win while playing at Larry Bird’s alma mater Well, the FDIC is in more dire need of a bailout than the Sycamores’ football team. That’s right, Sheila Bair, the FDIC’s chairman, has been flexing her political muscle all over the news, asking for mo’ money, mo’ money, mo’ money! Now wait just a minute! Hold the presses! The picture at…

  • Integrated Systems – Must Have It! What Is It?

    Terence Roche
    25 Sep 2009 | 12:00 am
    “Who owns the NY Post? 20th Century Fox. Talk about vertical integration.” –Joe Pantoliano When you have been in the industry for a while, you become familiar with certain sayings that are used so much they tend to become almost throw-away parts of a conversation. While they might very well be true, you hear them so much in so many meetings that they tend to take on a life of their own – people will nod in agreement, but there’s really no thought given to them because they are just plain worn out. You probably already know what some of them are: “We don’t have a sales…
 
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    Google News: Banking

  • Big California bank fails, has China branches - Reuters

    6 Nov 2009 | 10:19 pm
    The Money TimesBig California bank fails, has China branchesReutersWASHINGTON, Nov 6 (Reuters) - United Commercial Bank, a big San Francisco bank with branches in China, was closed by state regulators on Friday and its United Commercial Bank is shut down, sold to East West BancorpLos Angeles TimesAmeris Bancorp Announces Acquisition of United Security BankCNNMoney.com (press release)East West Bank Acquires United Commercial Bank's Banking Operations - UpdateRTT NewsMacon Telegraph -GPB (blog) -Atlanta Journal Constitutionall 455 news articles »

  • Lawmakers look at combining banking regulators - San Francisco Chronicle

    6 Nov 2009 | 9:00 pm
    ABC NewsLawmakers look at combining banking regulatorsSan Francisco ChronicleCongress could merge the Federal Reserve's bank supervisory authority into a newly created national bank regulator as part of regulatory reform under Chistopher Dodd, Key Senator, to Unveil Regulatory Reform PlanABC NewsBattle Over Who Will Supervise American Banking System Heating UpAmerican Banking NewsDodd Charts Risky Course on Reg ReformInsurance Networking Newsall 5 news articles »

  • First Financial Bank reports profits - Terre Haute Tribune Star

    6 Nov 2009 | 8:13 pm
    First Financial Bank reports profitsTerre Haute Tribune StarThe Terre Haute-based corporation, which is a holding company for First Financial Bank in Indiana and Illinois, the Morris Plan and Forrest Sherer Inc., First Financial's 3Q gains soarMiddletown JournalFirst Financial Bancorp Reports Third Quarter 2009 Earnings & Financial ResultsCNNMoney.com (press release)Acquisitions boost First Financial's profitsBizjournals.comall 33 news articles »

  • Critics take Frank 'too-big-to-fail' bill to task - MarketWatch

    6 Nov 2009 | 6:01 pm
    DSNews.comCritics take Frank 'too-big-to-fail' bill to taskMarketWatchChristopher Dodd, D-Conn., the chairman of the Senate Banking Committee, is expected to release details about his systemic-risk legislation in the coming US Rep Frank: FDIC Won't Lose Power Under Regulatory PlanNASDAQall 17 news articles »

  • Prosperan Bank fails; Alerus Financial buys deposits, branches - Bizjournals.com

    6 Nov 2009 | 5:45 pm
    Prosperan Bank fails; Alerus Financial buys deposits, branchesBizjournals.comIn the swiftest demise yet of a local bank, Oakdale-based Prosperan Bank was shuttered Friday by state regulators. The deposits and three branches of Alerus acquires more Twin Cities banksGrand Forks Heraldall 39 news articles »
 
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    NetBanker

  • Numbers: Remote Deposit Penetration at Randolph-Brooks FCU

    Jim Bruene
    6 Nov 2009 | 9:35 am
    In an article in today's Austin Business Journal about the coming launch of mShift-powered mobile remote deposit at Randolph-Brooks Federal Credit Union, the CU revealed its penetration number in it's EasCorp-powered home-scanner-based service, eDeposits: Total members: 300,000 Total checking account customers: 202,000% of checking using remote deposit: 5%Number of remote deposit users: 10,000 (derived)% of members using remote deposit: 3+% (derived) The San Antonio, TX-based credit union expects more mobile users than in-home users. The product, which debuted at Finovate on Sep. 29, is…

  • SunTrust Partners with Moneta to Test the Alt-Payment Waters

    Jim Bruene
    3 Nov 2009 | 7:20 pm
    I've been waiting 10 years to write this story. A major U.S. bank has finally dared enter the space PayPal has all-but-owned since the first part of this decade (see note 1, 2): secure, non-card-based payments at the point-of-sale, which do not require handing over private info to the merchant.  Yes, Bank One, Citibank and Wells Fargo all failed at person-to-person payments in 2000/2001, but this is much different. Those were payment services between individuals, not a point-of-sale option like PayPal, Google Checkout, and most recently, Amazon.com. SunTrust's partner is Moneta, an…

  • Off-topic: Seth Godin is a Marketing Genius and Only Accepts PayPal

    Jim Bruene
    3 Nov 2009 | 4:36 pm
    Seth Godin is a true marketing guru. And unlike some authors, he also practices what he preaches. Case in point: At 10:49 AM Eastern today, he announced via post on his blog that he was selling a special boxed set of five of his books (here): Limit one per customer 800 total sets, with no more to be printed ever Price = $64 + $10 shipping Payment via PayPal only. By 1 PM, when I ordered, there were only 176 left. By the time I got back from this afternoon's BAI Retail Delivery program, they were all gone (note 1). And of course, I received a clever thank-you note from Mr. Godin a few hours…

  • Out of the Inbox: Upbeat Customer Email Message from Umpqua Bank

    Jim Bruene
    2 Nov 2009 | 10:40 pm
    I recently opted in to Umpqua Bank email list. And even though I'm not a customer, I received an upbeat message this morning from bank president Ray Davis (screenshot below). This email appears to be geared towards businesses (see the closing line below). And that makes since because I'd recently been looking into its business social network (note 1). But the message is on-target for consumers as well. The well-written 185-word letter covers three main topics: A cautiously optimistic message about the overall economy Some tangible evidence (new banking division, new lending teams, new…

  • New Online Banking Report Published: Serving Small Businesses with Online & Mobile Banking

    Jim Bruene
    30 Oct 2009 | 2:30 pm
    Since we began publishing Online Banking Report in 1995, we've taken a deep dive into the small- and micro-business online banking market five times. The latest was published yesterday (here). Online Banking Report subscribers can access it now as part of your subscription  (note 1). Others may purchase it for US$495 (abstract here). Small business banking is one of my favorite subjects. It's near-and-dear to our hearts because we've experienced first-hand the frustration of trying to manage our business with neither the resources, nor frankly the interest, to tap sophisticated…
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    Glenbrook Partners-Payment News

  • Wells Fargo Estimates Impact of New Overdraft Fee Policies

    Payments News Editor
    6 Nov 2009 | 5:59 pm
    In its SEC 10-Q filing today, Wells Fargo estimated that the impact of its new overdraft fee policies will be a $300 million after tax reduction in its fee revenue for 2010. Quoting: "We recently announced policy changes that will help customers limit overdraft and returned item fees. We currently estimate that these changes will reduce our 2010 fee revenue by approximately $300 million (after tax), although the actual impact could vary due to a variety of factors including implementation timing and customer behavior in response to the policy changes."

  • Headline News - November 6, 2009

    Payments News Editor
    6 Nov 2009 | 4:41 am
    Online Banking Report Publishes New Research “Attracting Small Businesses with Online & Mobile Banking: Underserved Segment is Prime Candidate for Alt-Delivery" Computerworld: Federal data-protection law inches forward Digital Transactions: How Banks Are Looking to Become Serious Players in P2P Payments Your PIN is mightier than a pen with card payments Voice Commerce Launches New Web Based Interface to Provide Easy Access to Voice-Based Authentication MarketWatch: Credit cards gouge consumers ahead of new law Seeking Alpha: Coinstar Inc. Q3 2009 Earnings Call Transcript Forbes.com: The…

  • Be Sure to Follow Payments News and Payments Views on Twitter

    Payments News Editor
    5 Nov 2009 | 9:46 am
    Are you looking for real-time updates when new items are posted on PaymentsNews.com and PaymentsViews.com? The best way to receive them is to follow our Twitter feeds for PaymentsNews.com and for PaymentsViews.com. Over 1,200 payments professionals are now following our two Twitter feeds - if you're an avid Twitter use, feel free to join them!

  • New Job Openings on PaymentsJobs.com

    Payments News Editor
    5 Nov 2009 | 9:41 am
    Three new job openings for payments professionals have recently been posted on PaymentsJobs.com:Director, Product Implementation for Dynamics (New York City)Technical Project Manager - Global Payments for Earthport USA (New York City)Account Manager - Merchant e-Solutions (Redwood City, CA)Are you hiring? Post your job openings on PaymentsJobs.com - $200 for a 30 day listing!

  • A Look at PayPal's Adaptive Accounts

    Payments News Editor
    5 Nov 2009 | 6:17 am
    Over on our PaymentsViews.com sister blog, Glenbrook's Russ Jones shares his perspective on what he found to be the most interesting item to come of our PayPal's Developer Conference earlier this week: PayPal Adaptive Accounts.
 
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    The Bank Channel

  • 2019 Vision of Interface Design in the Office

    Rob Findlay
    5 Nov 2009 | 12:41 am
    From The Future of Interface Design

  • Match brand values with human values

    Rob Findlay
    4 Nov 2009 | 7:23 pm
    I've talked a lot in the past about creating human connections (by being respectful, contextual and simple), and of course when you create a brand, it too needs to create strong connections with your employees and customers.What are the brand values your business tries to live by - are they things we can relate to not just an organisation, but as individuals as well?Are they words like solutions, strategic, integrated, institutional;Or are they words like open, friendly, honest, quality? Are you expecting your people to take organisational attributes and try to relate them to their everyday…

  • A different way to describe your bank - Part 2 - The Answers

    Rob Findlay
    21 Oct 2009 | 9:50 pm
    As a close to the previous post, here are the sources of the list of slogans that you could apply to your bank -Isn't it nice when things just work? - the famous Honda AdConnecting people - NokiaThe Real Thing - CokeWhere do you want to go today? - MicrosoftJust Do It - NikeKeep walking - Johnnie WalkerThink different - AppleNever Follow - AudiThe power of all of us - eBayThe relentless pursuit of perfection - LexusLifes good - LGBecause you're worth it - L'OrealLive unboring - IKEAFor Life - VolvoExpect more. Pay less. - TargetSee what the future has in store - Future ShopLowest prices are…

  • A different way to describe your bank - Part 1 - The Challenge

    Rob Findlay
    18 Oct 2009 | 2:01 am
    Inspired by some of Jeffreys great work at The Financial Brand, I thought we could have a little fun. Slogans and taglines are such great ways to try to declare the essence of a company, sometimes they're as hard as the name of a company itself to create and live with. But what if we took the slogans from other companies, and indsutries, and then imagined if they were the slogan our customers and employees read in our advertising and collateral.Read below, and then imagine each one of these is your banks slogan - think hard, and imagine if thats what your company was famous for. Also, tell if…

  • Guest Post - Intel knows their customers & what the future holds

    Rob Findlay
    11 Oct 2009 | 7:20 pm
    A guest post from colleague and all round tech/gadget geek Veronique Whitaker - welcome V to The Bank Channel.A few weeks ago I attended a presentation from Dr. Genevieve Bell, the Director of User Experience at Intel, on the future of devices. I was expecting this to be a very techy presentation given the title, but instead it was more about what people are like now, and will be in the future, and how devices are likely to evolve to meet future people needs. This impressed me because it follows one of the basic rules of futurology and foresight – looking at how trends will impact and shape…
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    The Bankwatch

  • On Bank Systemic Risk, International Integration and Capital Requirement | Turner Discussion Paper

    Colin Henderson
    2 Nov 2009 | 5:15 pm
    There has been much talk of systemic risk since the financial crisis hit. I see it more as a crisis of banking and banking confidence, and the debate on systemic risk is critical because it exists because of Government intervention and protections, implicit and explicit. The latest from Lord Turner of the FSA is a discussion paper, that reviews systemic risk and provides as good a discussion on that topic as I have seen. What it particularly interesting is how the insights raise the prospect of penalising globally integrated banks over nationally independent organizations with higher capital…

  • “Rally fuelled by cheap money brings a sense of foreboding” | ft.com

    Colin Henderson
    22 Oct 2009 | 11:34 pm
    Gillian Tett voices her concerns here, based on background discussions with bankers. We are not out of the woods yet, despite the equity markets. Rally fuelled by cheap money brings a sense of foreboding | FT Yet, if you talk at length to traders – or senior bankers – it seems that few truly believe that fundamentals alone explain this pattern. Instead, the real trigger is the amount of money that central bankers have poured into the system that is frantically seeking a home, because most banks simply do not want to use that cash to make loans. Hence, the fact that the prices of almost…

  • Is the utility bank/ risky bank model workable?

    Colin Henderson
    22 Oct 2009 | 10:51 pm
    Martin Wolf makes a persuasive argument that regulatory division between financial utilities and risk takers (casinos in his words) is impossible. Why curbing finance is hard to do | FT Martin Wolf First, the border between utility and casino banking is impossible to draw. For Mr Kay, the utility is the payment system and protection of deposits. This would leave all lending – including to households and businesses – inside the casino. For those in the US who hark back to the Glass-Steagall Act, the distinction is between commercial and riskier investment banking. … … Mr…

  • Bank of Canada joins other Central Banks is calling for caution

    Colin Henderson
    22 Oct 2009 | 8:35 pm
    In the regular Monetary Policy Report the Bank of Canada keeps their focus on a low interest rate environment right through 2010. On inflation the view is mixed … The main upside risks to inflation relate to the possibility of a stronger-than anticipated recovery in the global economy. A stronger global recovery would be transmitted to Canada via trade, financial, confidence, and commodity price channels. There is also the risk that Canadian domestic demand could be more robust and have a more sustained momentum than projected. On the downside, a stronger-than-assumed Canadian dollar,…

  • A succint comparison of exiting 1980 recession, and 2009 recession

    Colin Henderson
    20 Oct 2009 | 8:30 pm
    I thought this a particularly succinct view of the next 10 years view prospects for banks and their business planning. The view from New York | Buttonwood/ Economist The bearish view came from Josh Rosner of Graham-Fisher. Mr Rosner was one of the first analysts to spot the potential havoc caused by the interaction between subprime mortgages and structured products like CDOs. He thinks the economy will not rebound as it did in the 1980s. Demographic trends are not as favourable (the baby boomers were entering their prime earning period in the 1980s; now they are retiring); while credit card…
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    BankerVision

  • A window into Microsoft

    jagardner
    4 Nov 2009 | 9:51 pm
    One of the most interesting things to read on the web these days is the comment stream on a blog from Microsoft insider Mini-Microsoft. This is a blog based on the premise that Microsoft has grown too big, having hired too many people that don’t do very much except “play Microsoft”. Mini asserts this as the reason that many feel MS is unable to lead the market any more. Naturally, one takes this insiders perspective with a grain of salt, and even more salt is needed when reading the comment stream: as you’d expect, it attracts the disaffected in the company, those with an axe to…

  • Hiring a walk-on-water chief architect

    jagardner
    2 Nov 2009 | 10:38 pm
    So, things are moving along here at the DWP. So many people have asked me why I moved across from the private sector to here, and I have a simple answer: there are few IT organisations around that match the scale of things we do here. Practically every citizen in the UK is in our databases. We’re 25% of the UK government’s IT bill. There are thousands of technology professionals working for us directly, and thousands more permanently assigned to us from the supplier community. And we’re running a portfolio of IT assets that go beyond the department, servicing a range of cross-government…

  • Everything for nothing part 2

    jagardner
    28 Oct 2009 | 11:42 pm
    I seemed to have caused some heat a few days ago when I suggested the future of corporate IT was “everything for nothing”. My point was that commoditisation of technology inputs would reduce their price to a point where they would, effectively, be “too cheap to meter”. Since then, many people have written to me privately saying they “don’t get” the argument I’m making, though most have been polite enough to stop short of telling me I’m wrong. So I thought I’d better explain myself a bit better, perhaps with the aid of some of the public comments on this blog. Let me start…

  • Personalisation dynamics

    jagardner
    27 Oct 2009 | 12:00 am
    So yesterday, again, I got some more CVs stuffed into my inbox from a recruiting company that’s pushing its latest hot candidate. The candidate was a “high level sourcing strategist” with years of experience in banking and financial services. Apparently, this candidate was especially good with cards, and had led massive cards transformation programmes. The thing is, I don’t do cards anymore. Interestingly, this email arrived to by government inbox, and correctly identified me as the CTO at DWP, so they must have at least a little bit of a clue. That is just so annoying to me. Firstly,…

  • Everything for nothing

    jagardner
    21 Oct 2009 | 11:46 pm
    I was once in Egypt, and got harangued by all these street vendors selling stuff. “Everything for nothing!” one cried, in an attempt to get me to approach his stall. Highly humorous, and I laughed with the vendor and bought something I-don’t-even-know-what-it-is just because I liked his approach “Everything for nothing” is clearly a joke in the real world of atoms, but it isn’t in the IT world of bits.  Sooner or later, all the commodity technology stuff we use is going to be free, or so nearly so it won’t matter. The question going through my brain now, though, is whether…
 
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    Commercial Banking News

  • FDIC seizes United Commercial Bank

    6 Nov 2009 | 10:17 pm
    Federal regulators closed San Francisco’s troubled United Commercial Bank — one of the nation’s largest banks serving the Chinese-American community — and sold the bank and its $6.5 billion in deposits to East West Bancorp. (EWBC)

  • Prosperan Bank fails; Alerus Financial buys deposits, branches

    6 Nov 2009 | 5:40 pm
    In the swiftest demise yet of a local bank, Oakdale-based Prosperan Bank was shuttered Friday by state regulators.

  • Freddie Mac will not make Treasury draw

    6 Nov 2009 | 2:35 pm
    A day after Fannie Mae said it would tap the Treasury Department for another $15 billion, Freddie Mac reported another quarterly loss but said it does not currently need more government aid. (FRE) (FNM)

  • Rainier Pacific gets NASDAQ warning

    6 Nov 2009 | 2:23 pm
    Rainier Pacific Financial Group Inc. said Friday that it has received a warning notice from the NASDAQ stock exchange that it could be delisted because the minimum bid price on its common stock was below $1 for 30 consecutive days. (RPFG)

  • United Security Bank of Sparta fails

    6 Nov 2009 | 2:17 pm
    Regulators seized tiny United Security Bank of Sparta, Ga., Friday, making it the state's 21st failure of the year, as Georgia’s banking crisis shows no sign of abating.
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    Investment Banking News

  • FDIC seizes United Commercial Bank

    6 Nov 2009 | 10:17 pm
    Federal regulators closed San Francisco’s troubled United Commercial Bank — one of the nation’s largest banks serving the Chinese-American community — and sold the bank and its $6.5 billion in deposits to East West Bancorp. (EWBC)

  • Prosperan Bank fails; Alerus Financial buys deposits, branches

    6 Nov 2009 | 5:40 pm
    In the swiftest demise yet of a local bank, Oakdale-based Prosperan Bank was shuttered Friday by state regulators.

  • Freddie Mac will not make Treasury draw

    6 Nov 2009 | 2:35 pm
    A day after Fannie Mae said it would tap the Treasury Department for another $15 billion, Freddie Mac reported another quarterly loss but said it does not currently need more government aid. (FRE) (FNM)

  • Rainier Pacific gets NASDAQ warning

    6 Nov 2009 | 2:23 pm
    Rainier Pacific Financial Group Inc. said Friday that it has received a warning notice from the NASDAQ stock exchange that it could be delisted because the minimum bid price on its common stock was below $1 for 30 consecutive days. (RPFG)

  • United Security Bank of Sparta fails

    6 Nov 2009 | 2:17 pm
    Regulators seized tiny United Security Bank of Sparta, Ga., Friday, making it the state's 21st failure of the year, as Georgia’s banking crisis shows no sign of abating.
 
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    Bankinfosecurity.com

  • Five Banks Closed on Nov. 7

    2009 Tally Now Stands at 139 Failed InstitutionsFive more banks were closed by state and federal regulators on Friday, Nov. 7 - the largest of them being United Commercial Bank, an $11.2 billion institution, which now has been acquired by East West Bank.

  • United Commercial Bank Closed

    $11.2B Institution Acquired by East West BankUnited Commercial Bank, San Francisco, California, was closed today by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with East West Bank, Pasadena, California, to assume all of the deposits of United Commercial Bank. This agreement included all U.S. branches of United Commercial Bank, the Hong Kong branch of United Commercial Bank, and the subsidiary of United Commercial Bank…

  • DISA Job Fair Targets Cybersecurity Students

    For students seeking employment, the federal government seeks interns and entry-level candidates within IT and cybersecurity. Job positions including program management support, technical support engineers, policy review professionals, network security support engineers and IT specialists are open for immediate hire within the Defense Information Systems Agency (DISA).

  • East West Bank, Pasadena, California Assumes All the Deposits of United Commercial Bank, San Francisco, California

    United Commercial Bank, San Francisco, California, was closed today by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with East West Bank, Pasadena, California, to assume all of the deposits of United Commercial Bank. This agreement included all U.S. branches of United Commercial Bank, the Hong Kong branch of United Commercial Bank, and the subsidiary of United Commercial Bank headquartered in Shanghai, China, United…

  • Central Bank of Kansas City, Kansas City, Missouri, Assumes All of the Deposits of Gateway Bank of St. Louis, St. Louis, Missouri

    Gateway Bank of St. Louis, St. Louis, Missouri, was closed today by the Missouri Division of Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Central Bank of Kansas City, to assume all of the deposits of Gateway Bank of St. Louis.
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    Moreover Technologies - Banking news

  • Pakistani c.bank buys 85.40 bln rupees of govt paper

    7 Nov 2009 | 2:46 am
    KARACHI, Nov 7 (Reuters) - Pakistan's central bank bought back 85.40 billion rupees ($1.02 billion) of treasury bills and government bonds on Saturday in 7-day reverse-repo contracts at 12.13 percent to inject funds into the money market.

  • Your high-rate CD in a failing bank won't stay high-rate

    7 Nov 2009 | 2:46 am
    Filed under: Banks, Investing More than 100 banks have failed this year, and even the government acknowledges that many more will probably fold before 2009 draws to a close. In most cases, ordinary citizens who have accounts are protected by FDIC

  • HSBC slashes prize money of Women's Champions

    7 Nov 2009 | 2:46 am
    Slideshow: Full Photo Coverage: Business & Economy SHANGHAI (AFP) - – Global banking giant HSBC said it was renewing its sponsorship of the Women's Champions tournament for the next three years, but prize money would be slashed. The tournament

  • 2.00-2.30% Apply Online - Sponsored Link

    7 Nov 2009 | 2:46 am
    Ad - From AA+ GE Capital Corporation. Not An Offer Of Securities For Sale.

  • United Commercial Bank 120th bank to fail in U.S.

    7 Nov 2009 | 2:45 am
    LOS ANGELES, Nov. 7 (Xinhua) -- The San Francisco-based United Commercial Bank reopen Saturday as branches of East West Bank after it was shut down by regulators Friday night and immediately sold to the Pasadena-based East-West Bancorp. The California
 
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    Moreover Technologies - Commodities news

  • 2.00-2.30% Apply Online - Sponsored Link

    7 Nov 2009 | 3:08 am
    Ad - From AA+ GE Capital Corporation. Not An Offer Of Securities For Sale.

  • Going High On The Bullion

    7 Nov 2009 | 3:08 am
    What was the rationale behind the RBI’s buying 200 tonnes of ? Muthukumar K TEXT SIZE : A A A TOOLS addthis_pub addthis_options 'aim, aolfav, ask, blinklist, blogmarks, bluedot, buzz, delicious, digg, diigo, facebook, feedmelinks, friendfeed, furl,

  • WV rice yield seen to offset low prodn of Luzon farmers

    7 Nov 2009 | 3:02 am
    Department of Agriculture Assistant Secretary Salvador Salacup is counting much on the yield of farmers here in Western Visayas to meet the country’s rice production next year after Luzon was hardly hit by two typhoons. Salacup said it is time for the

  • POSCO and Dongkuk Steel increase output on strong demand

    7 Nov 2009 | 2:55 am
    It is reported that POSCO and Dongkuk Steel have increased their output due to strong demand from local shipbuilding industries. Even though they raised output, their supply cannot meet increasing demand from local shipbuilding industries. It is said

  • DGCX gold futures at all-time high

    7 Nov 2009 | 2:54 am
    Gold futures contracts (DG) on Dubai Gold and Commodities Exchange (DGCX) reached an all-time high of $1096 per ounce yesterday, surpassing previous high of $1072 per ounce recorded on October 14 this year. The gold futures contract is likely to touch
 
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    Banking News

  • Brown proposes tax on financial transactions

    7 Nov 2009 | 3:21 am
    British Prime Minister Gordon Brown called on the G20 to consider a tax on financial transactions among other measures to make banks more accountable to society. However, Mr Brown stressed a need to ...

  • How Tech Killed Finance

    7 Nov 2009 | 3:14 am
    BURLINGAME, Calif. -- A little over a year ago, the world financial system collapsed. We don't like to admit it, since things recovered quickly, thanks to several trillion dollars in spending on the ...

  • British treasury chief urges climate agreement

    7 Nov 2009 | 3:13 am
    (AP Photo/Martin Cleaver)British Treasury chief Alistair Darling, Left, walks with an unidentified official at the venue of the G20 Finance Ministers meeting in St. Andrews, Scotland Saturday Nov. 7, ...

  • UK urges divided G20 to reach climate finance deal

    7 Nov 2009 | 3:06 am
    ST ANDREWS, Scotland (Reuters) - British finance minister Alistair Darling urged his G20 counterparts on Saturday to work toward a $100 billion deal on tackling climate change as developing nations he...

  • British Treasury chief urges world officials to reach agreement on climate change costs

    7 Nov 2009 | 3:02 am
    British Treasury chief Alistair Darling, Left, walks with an unidentified official at the the G20 Finance Ministers meeting in St. Andrews, Scotland. (THE ASSOCIATED PRESS/Martin Cleaver)
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    Bank Lawyer's Blog

  • Looking For Lessons in the Madness

    Kevin Funnell
    5 Nov 2009 | 7:25 pm
    While most of the press focused on the FDIC's use of the cross-guaranty provisions of FIRREA, a couple of other interesting tidbits floated to the surface near the shipwreck that occurred last Friday when the OCC sank, and FDIC took control of, nine banks owned by FBOP. One of those tidbits was the fact that earlier last Friday, Tim Geithner, who had flown to Chicgo, announced that the FBOP's community banking arm, Park National Bank Initiatives, had been awarded $50 million in tax credits. No one told Tim that the bank was being closed later that day. While the FDIC keeps the closing…

  • The Man In The Mirror

    Kevin Funnell
    4 Nov 2009 | 7:22 pm
    We have met the enemy, and he is us. ---Walt Kelly A former client, Pat Dalrymple, who for many years was the president of a savings banks headquartered in Greenwood Village, Colorado (a suburb of Denver), and before that one located is Aspen, wrote an opinion piece that was published in yesterday's Glenwood Springs Independent (Glenwood Springs is located on the Western slope of Colorado, near where Pat resides) in which Pat takes a sober look at the causes of the mortgage meltdown and tells it like he sees it. He doesn't spare "greedy lenders and lax regulators." However, he also doesn't…

  • LOAN MODIFICATION GUIDELINES: BANK LIFELINE OR LICENSE TO LIE?

    Kevin Funnell
    3 Nov 2009 | 7:36 pm
    The following is a guest post by John M. Walker, Jr., an attorney and business executive with over 30 years of experience in finance and real estate. It’s been an interesting few days for those who follow commercial real estate and banking. Friday (October 30), Bloombergquoted billionaire Wilbur L. Ross Jr. as saying that the U.S. is in the beginning of a “huge crash in commercial real estate.”He also said he’d use “extreme caution” before putting money in commercial real estate, and that, “All of the components of real estate value are going in the wrong direction…

  • Much Too Little, Way Too Late

    Kevin Funnell
    2 Nov 2009 | 7:14 pm
    Six months ago, knowledgeable observers were moaning about unreasonably arbitrary and harsh examinations of community banks by examiners who seemed eager to choke off bank credit at a time when it was desperately needed. Last week, Congressional leaders finally caught on to the problem.Democratic representatives Barney Frank and Walt Minnick of the House Financial Services Committee sent a letter to the federal bank regulators that complained about "over-zealous regulatory actions" not based "on wrong-doing by community banks, but on changes in the economic environment and toughening…

  • Regulators to Private Equity: Take It Elsewhere

    Kevin Funnell
    1 Nov 2009 | 7:12 pm
    A couple of articles on Friday's The Deal.com focused on how difficult it is for "private equity" investor groups to help the FDIC address the needs of commercial banks and thrifts for more capital and to increase the pool of bidders for failed banks. The first article is an excellent discussion of the problems that private equity firms have encountered not merely in successfully bidding on failed bank transactions with the FDIC, but with getting approval from the Federal Reserve Board to purchase solvent banks. "What does private equity even mean to them?" says one annoyed private equity…
 
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    Wallet Pop: Banks

  • The plight of the unbanked: Why 50 million Americans don't use a traditional bank

    Gina Roberts-Grey
    6 Nov 2009 | 10:30 am
    Filed under: Banks, Banking-checking-account, Banking-savings-accountMillions - possibly billions - of dollars are homeless, lacking a warm, dry bank account providing a roof over their heads. Although it might seem hard to imagine a day where we're stuffing mattresses with money instead of depositing paychecks in the bank, analysts say that scenario isn't too far fetched. According to Directo, a company providing paycards to unbanked workers, the recession has sent the number of unbanked Americans soaring to about 50 million. That's up from the estimated 28 million unbanked consumers in…

  • Your high-rate CD in a failing bank won't stay high-rate

    Martha C. White
    6 Nov 2009 | 10:00 am
    Filed under: Banks, InvestingMore than 100 banks have failed this year, and even the government acknowledges that many more will probably fold before 2009 draws to a close. In most cases, ordinary citizens who have accounts are protected by FDIC insurance. Yes, there's certainly a hassle involved, especially if you have bills set up on auto-payment with the failed bank, but the FDIC guarantees that they'll make good on your money up to $250,000. Unfortunately, this guarantee doesn't extend to the interest rates on long-term savings vehicles like certificates of deposit. As this article…

  • Bad actors continue to prey on seniors

    Amy Pyle
    4 Nov 2009 | 2:00 pm
    Filed under: Banks, Borrowing, Home, Insurance, Real Estate, Retire, Fraud, MortgagesBad actors have solidly shifted their attention to reverse mortgages, causing a top consumer organization to warn seniors to choose such loans carefully. A new report by the National Consumer Law Center likens the aggressive lending practices in today's reverse mortgage lending to those common in the sub-prime mortgage heyday -- featuring some of the same players. "Well-funded marketing campaigns and perverse incentives to brokers are targeting seniors' home equity and using reverse mortgages as their tools,"…

  • Suze Orman says: Switch to a credit union!

    Zac Bissonnette
    4 Nov 2009 | 10:30 am
    Filed under: BanksIn an interview with KMBC's Donna Pitman, First Lady of Personal Finance Suze Orman trashed the big banks for inexplicable fee and interest rate hikes on consumers -- and offered a ringing endorsement of credit unions. "Don't get me started with these credit card companies, these banks -- it's like, 'What are they thinking?'" Orman said. "Here's the answer: Credit unions," she said. "They are different than banks. Most banks are owned by their shareholders. They're responsible to these shareholders and it happens to be on the stock exchange, so anything to increase earnings…

  • Mortgage rates may be rising, thanks to Bernanke

    Charles Feldman
    3 Nov 2009 | 2:30 pm
    Filed under: Banks, Real Estate, MortgagesPremature withdrawal could prove painful -- to your pocket. Federal Reserve Chairman Ben Bernanke is apparently set to stop the central bank's purchase of mortgage-backed securities in a few months, which could contribute to a full percentage point increase in the rates of 30-year mortgages. Talk about shooting the alleged economic recovery in the foot before it has a chance to really get going. Seems that Bernanke feels strongly, says a Bloomberg report, that by March it will be time for private investors to step in and start making the purchases in…
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    AOL: Credit

  • Best Credit Cards

    30 Oct 2009 | 11:50 am
    With the help of two credit card experts, WalletPop sifted through oodles of cards to ferret out the best and the worst when it comes to rates, fees, rewards and perks. First, the best-in-show. Break out the noisemakers; these cards rise to the top when it comes to all the stuff you want.

  • Credit Card Offers 79.9% Rate!!

    16 Oct 2009 | 9:10 am
    Yes, it's true. It's not a joke or a misprint. First Premier Bank is offering a "Premier Card" credit card with a 79.9% APR. That's right, 79.9. And it's not just the interest rate that's outrageous. The fees are pretty hideous, too.

  • The Credit Crunch, Vol. 1: Five Useful Links

    8 Oct 2009 | 2:41 pm
    "Prepaid, but Not Prepared for Debit Card Fees": The New York Times "Credit Cardholder’s Bill Of Rights: Sooner Would Be Better": The Wall Street Journal "Investigating Old or Inaccurate Addresses on Your Credit Report and Why You Should": MasterYourCard.com "How to Improve Your Credit Score When Paying Down Debt": NoDebtPlan.net "Gen Y Faces Credit Hurdles": The Sydney Morning Herald

  • The Pitfalls of Prepaid Debit Cards

    7 Oct 2009 | 10:40 am
    Prepaid debit cards have stepped into the market for consumers who can't get a credit card, don't have a bank account and want the convenience (or the status) of whipping out a card. But beware, the fees on these cards will gobble up your cash.

  • Send Cash on Facebook With Facecard

    6 Oct 2009 | 8:07 am
    A new Facebook app from Facecard.com, a prepaid credit card company that caters mainly to parents of teens, could put the hurt on PayPal and on Facebook's million dollar virtual gift industry! Find out more.
 
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    Capital Solutions Bancorp Blog

  • Natural Gas May Last up to 30 Years

    Capital Solutions Bancorp
    6 Nov 2009 | 7:27 am
    In a speech at the University of Texas at Dallas, T. Boone Pickens says that we have enough natural gas to last for about 30 years before it dries up. We'll need to find another solution like fuel cells or battery. It doesn't have to be bad news for companies in the natural gas business.read more

  • Stall Your Way to Better Cash Flow

    Capital Solutions Bancorp
    4 Nov 2009 | 1:23 pm
    Make this your cash flow mantra: "Take your time paying your bills while sending out invoices as soon as you can." You might ask if paying late will affect your credit rating. The timing of when you pay your vendors has no impact on your credit score. Rather, you'll hurt yourself worst if you don't have available cash flow to pay taxes or use up all of your line of credit.read more

  • Keep Your Online Reputation Clean

    Capital Solutions Bancorp
    30 Oct 2009 | 8:31 am
    What does online reputation have to do with cash flow? If it's poorly managed, then you could lose loan and client opportunities leading to reduced cash flow. You don't have to become a regular participant in social networks or anything -- although it can help bring in new clients. Nonetheless, the key is to monitor your reputation.read more

  • Piping Hot News from Marcellus Shale

    Capital Solutions Bancorp
    22 Oct 2009 | 4:52 pm
    Marcellus Shale Committee Responds to Newspaper's Claims The Marcellus Shale play, a source of natural gas in the Appalachian Basin, has lots of goings on. First, the Pittsburgh-Post Gazette wrote a story that Marcellus Shale had something to do with toxic alien algae found in Dunkard Creek.read more

  • Why Bother with a Business Plan?

    Capital Solutions Bancorp
    17 Oct 2009 | 8:11 am
    Whether you've just started your business or have been doing it for a while, you have it in your head what you want to do with your business and your business goals. Of course, you want to grow your business. If you don't have a business plan, it's time to make one. They don't have to be pages long—in fact; one-page business plans work very well.read more
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    HomeATM Blog

  • Problem Solved...

    6 Nov 2009 | 4:02 pm
    "Criminals operate based on a risk-versus-reward equation. If they find a way to make or steal money that has low risk and high reward they will expand in that market, invest more time and hope for a return on investment," said Steve Santorelli, ex-Scotland Yard detective and director of global outreach at Team Cymru, a nonprofit Internet security research company. For many criminals, it has become easier to exploit the computers of users of online banking services than to try to hack into the systems of banks, which may have invested heavily in security software. "Why spend months trying to…

  • MasterCard Inc. Financials

    6 Nov 2009 | 3:44 pm
    View: Annual Data | Quarterly DataAll numbers in thousands PERIOD ENDING30-Sep-0930-Jun-0931-Mar-0931-Dec-08 Total Revenue1,364,275  1,279,889  1,156,102  1,224,834   Cost of Revenue -   -   -   -   Gross Profit1,364,275  1,279,889  1,156,102  1,224,834   Operating Expenses Research Development -   -   -   -   Selling General and Administrative648,285  686,482  563,822  726,428   Non Recurring6,245  500   -…

  • Research and Markets: Global Digital Economy – E-Commerce & M-Commerce Trends & Statistics

    6 Nov 2009 | 3:17 pm
    DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/f5a939/global_digital_eco) has announced the addition of the "Global Digital Economy - E-Commerce & M-Commerce Trends & Statistics" report to their offering. This annual report offers a wealth of information on the worldwide development of digital economy in terms of e-commerce and m-commerce. It offers analyses, statistics, forecasts and key trends for the e-payment, e-banking, m-payment and m-banking services. It provides insight into the most popular online and mobile content and services. An…

  • Retailers Beware: 63% of Consumers Plan to Spend Less on Holiday Gifts this Year

    6 Nov 2009 | 2:03 pm
    Growing Economic Concerns among Women Leads to 3.2 Point Drop in the Discover® U.S. Spending MonitorSM A Cause for Concern for Retailers: Nearly 63% of Consumers Anticipate Spending Less Than Last Year on Holiday Gifts RIVERWOODS, Ill.--(PIN Payments News Blog)--Nov. 2009-- The Discover U.S. Spending Monitor fell 3.2 points in October to 85.8 (based out of 100). The decline was primarily due to a rising number of consumers concerned about the state of the economy. Overall, 56 percent of consumers rated the economy as poor, a 4-point increase from September. Forty-six percent of consumers…

  • WorldPay Founder Wants it Back from RBS

    6 Nov 2009 | 1:04 pm
    WorldPay founder moves to buy business back from RBS Former WorldPay founder says wants to buy RBS WorldPay RBS WorldPay could be worth about 1.5 billion pounds RBS forced to sell business by European regulators WorldPay, a separate business founded by Nick Ogden, was taken over by RBS through a hostile takeover for about 40 million pounds in 2002. Finextra: The founder of online payments operator WorldPay, Nick Ogden, has formally approached the Royal Bank of Scotland about buying the business back. The WorldPay business was one of the assets RBS was told to dispose of by the EU competition…
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    About.com: Banking

  • FDIC Insurance on 529 Plans

    4 Nov 2009 | 11:56 pm
    529 college savings plans allow you to save for higher education, and you may qualify for some tax benefits. Most parents invest in mutual funds, hoping they'll be able to earn enough (combined with their contributions) to create a healthy college fund.  However, those accounts can also lose money. For a government guarantee, you'll need FDIC insurance on your 529 savings.  This is hard to find, but Virginia's 529 program recently added an FDIC insured option for conservative savers.  You don't have to live in Virginia to use the program, but you should investigate your home state's…

  • Convert Bank Data - CSV to QIF

    3 Nov 2009 | 10:09 am
    If you download bank transactions into any program or online service, you know that you have to use specific file types.  What if your bank doesn't give you what you need? Geeky Chick describes her struggle to convert CSV to QIF ("when your bank is too lazy or stingy to do it for you").  By using an Excel add-in, you can get your data into the right format. With all the bank failures, mergers, and changes going on, you may find this information handy.  Banks sometimes transition your account to a new system, and you may have to adapt.  You can also use conversion tools to slice and dice…

  • Banks Crack Down on Reward Checking "Abusers"

    29 Oct 2009 | 6:08 am
    Banks with reward checking accounts are taking a closer look at customers to see if they're profitable.  Bankdeals shares a recent example, where a bank asks customers to get with the "spirit" of the program. Reward checking accounts can pay more than a savings account or CD.  To qualify for the rate, you have to meet some requirements.  Generally you have to use your debit card 10 or more times per month.  If not, you earn little or no interest that month. Banks earn money when you use your debit card for purchases.  That money helps them pay the above-average rates found in reward…

  • Taxes Don't Pay for Bank Failures

    27 Oct 2009 | 4:59 am
    In the wake of 2009's 100th bank failure, the FDIC is trying to get the word out:  taxpayer money does not cover FDIC insured deposits. Sheila Bair stressed yesterday that FDIC insurance funding comes from contributions of member banks.  FDIC insured banks pay into the fund in case other FDIC insured banks fail. While money doesn't come directly from the US Treasury, somebody pays for it.  As insurance premiums erode banks' returns, they'll pass it on to us in the form of higher loan rates or lower deposit rates.  Also, the FDIC technically has the backing of the US government - so if…

  • Over 100 Bank Failures in 2009

    25 Oct 2009 | 6:58 am
    We reached the unfortunate milestone of 100 bank failures for the year on Friday. The count valuted to 106 after 7 banks went under. Given predictions made last year, that's not as many as I'd have expected by now.  Experts still predict we have several hundred more to come as a result of the financial crisis. It seems there's a reason for the low number.  The Associated Press suggests that the FDIC is moving slowly.  They're hoping for economic recovery, finding buyers, and trying not to create a panic.  Of course, if you understand the nature of FDIC insurance, there's no need to panic…
 
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    BankInnovation.net

  • Congress Breached via P2P Filesharing…AGAIN!

    Robert Siciliano
    Robert Siciliano Identity Theft Expert Congress is still considering the Informed P2P User Act, a law that would supposedly make it safer to use peer-to-peer file sharing software, an effort that is similar to banning mosquitoes from sucking blood. It just isn’t happening. The only foolproof way to prevent accidental data leaks via file sharing programs is for IT administrators to lock down networks and prevent the installation of rogue software. Congress suffered another embarrassing P2P breach last week, after a confidential memo regarding an ethics investigation into the conduct of…

  • BofA Breaking the Law?

    Jada Brazell
    A blog by Liz Weston confronts this question. "[Odysseas Papadimitriou] calls Bank of America’s actions a marketing bait and switch, and says if the bank proceeds with its plan to implement annual fees it will in effect be raising the costs on existing balances–something that’s prohibited under the credit card reform act now scheduled to go into effect next year." Evidently, BofA promised to stop raising interest rates, and in the same breath announced it would introduce annual fees. Papadimitriou summarizes in his blog: "At the end of the day, all of this points to incompetence on the…

  • Product Innovation: Emerging Reality for Banks

    Rajashekara V. Maiya
    Banking customers are diverse indeed! From the HNWI to the upstart, the teenager to the 70 something, from the big corporate house to the neighborhood mom n pop setup, they’ve all got to bank! Truly, do retail banks need reasons more compelling than these to innovate in terms of their offerings? After all, they must deliver on mandates that differ vastly across the demographic and economic spectrum. From simple savings accounts and credit cards to complex corporate accounts, insurance, mutual funds and loans, the takers want them all. While conceptually the proposition is acceptable, I…

  • Financial services industry embracing social media channels.

    Rekha Vatsa
    Young customers today expect financial institutions to communicate using social media or online outlets. This is the conclusion drawn from a survey conducted by KRC Research that queried on what steps banks could take to regain customers’ trust. The trust of young customers in banks and other financial services firms went for a tailspin ever since the economic crisis worsened late last year, which culminated in the bailout of AIG and other banks. Thereafter, financial services firms are seeking ways to overcome this distrust and use technology solutions to build lasting relationship with…

  • Target Niche Markets with Enhanced Online Experience

    Michael Gibb
    BOSTON -- How many different market segments should banks target? How high can you count? Banks should be slicing and dicing their customer segments and offering tailored products and services, said a pair of speakers at BAI's Retail Delivery conference today. Simply tailoring products to consumers, small businesses, and micro-businesses is not enough, said Nate Wehunt, director of eCommerce for Harris Bank, Chicago. Professional services companies, retailers, and sole proprietorships each have their own banking needs, and their online banking experience should reflect their uniquness, he…
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    The Financial Brand

  • BofA taking Twitter to next level with CRM

    Editor
    5 Nov 2009 | 8:45 am
    Bank of America has been working on a CRM solution to monitor and manage its Twitter-based customer service efforts. It appears the bank has teamed with Salesforce to deploy the customer-service computing company’s Service Cloud 2 product that was introduced earlier this year. You can see a rather bizarre looking exchange of test “tweets” between a temporary account (@aobtest) and BofA’s VP of Social Spaces. The CRM package automatically creates “service cases” whenever someone says something on Twitter matching a set of pre-defined keywords. A support agent can search an…

  • Q&A: Kent Credit Union rebranding

    Editor
    5 Nov 2009 | 8:42 am
    The Financial Brand sat down with Kathy Hammond, VP/Business Development, Kent Credit Union earlier this year to talk about their rebranding project. The credit union rolled out a new logo, website and brand slogan, “We Make Banking Better.” While the rebranding is mostly cosmetic in nature, it’s a major image upgrade. There are plenty of credit unions with a lot more than Kent’s $38 million in assets and 6,300 members that don’t look this good. What was the purpose or motivation behind the rebranding? We wanted to re-evaluate what Kent Credit Union meant to our…

  • Convicted bank robber shares branch security insights

    Editor
    4 Nov 2009 | 3:21 am
    [Note: If The Financial Brand covered another industry, we probably wouldn’t spend so much time talking about security. But robbers rob financial institutions because “that’s where the money is.” Security impacts the consumer's experience more so at financial institutions than just about anywhere else (except the airport). So The Financial Brand figured who else would be better to talk to about branch security than a convicted bank robber. Enjoy!] When you’re in prison, you’ve got plenty of time to learn some things. For instance, guys convicted for armed robbery quickly learn…

  • Creative Showcase: Integrity, Camcorders & Sperm

    Editor
    3 Nov 2009 | 12:09 pm
    [Note: If you've seen creative work from a retail bank or credit union that you'd like to share with The Financial Brand's readers, please send an email to the editor. Recent work, projects from years past, and even concept work will be considered.] HSBC – “Integrity” In this minute-long TV spot, a member of the paparazzi stalks Alex, a celebrity, to a nursing home. The photographer snaps a series of exclusive photos capturing his prey in vulnerable intimacy, weeping over her ailing father. The announcer kicks in: “For many people integrity is as important as money. At HSBC, we…

  • In Brief: Snapshots of stories you may have missed

    Editor
    3 Nov 2009 | 12:09 pm
    Click on the hotlinked summaries to read the full story. On Hold: ING Direct’s entertaining pre-recorded phone messages You Suck: Which U.K. bank gets the most complaints? Freeze! FBI’s 2009 Q2 robbery data for financial institutions Yucky Trend: Image of banks continues to plummet eStatements: Raddon breaks down why consumers say ‘no’ Sausage & Mash: Who said ATM screens have to be boring? Blog & Tell: Credit union contest seeks 225-350 word articles on anything Shoptimism: Chase banking on shoppers with new Sapphire card Prime + 14%: BofA’s new “Basic” credit…
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    Bank News, Bank Deals, My Bank Tracker

  • CD Rate Averages Continue to Slide Despite Economic Developments

    MyBankTracker.com
    6 Nov 2009 | 10:36 am
    The past few days have brought on a smattering of welcome news, not only for the US economy, but also for consumers and businesses which need good news the most. First, after months-long debate, the Senate finally passed the bill on jobless benefits extension and expansion of tax breaks for homebuyers. Then, the latest economic data released shows that new jobless claims drop to the lowest level for this year, while the retail industry saw its second straight monthly sales gain after a year-long decline. Could consumers perhaps be opening their wallets again, finally ushering in much…

  • Top Online Tax Return Software Programs for 2009

    MyBankTracker.com
    6 Nov 2009 | 8:29 am
    Tax season is fast approaching, and with all of the financial troubles of last year, your tax filings may be more confusing than usual.  If you’ve never used tax software, or are looking for an easier program to help you with your forms, than you might find this list useful. We’ve looked at a few of the major online tax software programs, and rated them according to a set of criteria that we thought would be most important to our users. Here are the 8 programs that in our opinion offer the best tax filing services: Turbo Tax Rated: 4.5/5 This is one of the better know tax return…

  • Chase Blink $10 Promotion

    MyBankTracker.com
    6 Nov 2009 | 4:44 am
    If you are a Chase member and you find yourself constantly blinking, then signing up for this small promotion to earn $10 when  you blink only makes sense. Chase Blink Now, wait, its not quite as easy as it seems; a “blink” is the term used to describe any contactless purchase made by holding your Chase Debit Card up to a secure reader instead of swiping your card.  Blinking makes it just that much easier to use your Chase Debit, and the capability has been popping up in more and more places lately.  To qualify for the $10 cash award promotion, your card must first be enrolled in blink…

  • Mark Your Calendars: Federal Banking Holiday Schedule for 2009-2010

    MyBankTracker.com
    6 Nov 2009 | 4:33 am
    Don’t let the holiday season find you unexpectedly locked out of your bank this year.  While most people know to expect that their bank won’t be open on the “big ones,” there are other lesser holidays that some people will overlook, leaving them frustrated and confused when they try and visit their local branch only to find the doors locked. Closed for Holiday Here is a brief list of the upcoming holiday dates on which the majority of banks most likely will be closed. This list could also be useful if you are wondering why your relatives seem to be calling you an awful lot on…

  • California Ups Its Withholding Tax Rate

    MyBankTracker.com
    6 Nov 2009 | 4:11 am
    For many people living in California it must be very hard to get by, considering that the state has one of the highest foreclosure percentages, there is an unemployment rate higher than the national average and the state is expected to possibly have a deficit of at least $20 billion for the next year. by 1Flatworld Necessary Changes However, it may be about to get even harder because there is now a 10% increase in the withholding tax rate that will last through 2010. Now this is technically not a tax increase, it just withholds more money from your paycheck while keeping your annual tax…
 
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    Obamanomics

  • Can Apple mark a Lifestyle return?

    zyakaira
    19 Oct 2009 | 11:07 pm
    The Advantage zyaada analysis follows later Here is the result and comparisons from Marketwatch.com Apple Inc. on Monday reported a 46% increase in its fiscal fourth-quarter earnings as the company posted higher revenue than a year ago led by better-than-expected sales of iPhones, Mac computers and iPods. Apple (AAPL 202.40, +12.54, +6.61%) said it earned $1.67 billion, or $1.82 a share, on revenue of $9.87 billion. During the same period a year ago, Apple earned $1.14 billion, or $1.26 a share, on $7.9 billion in sales. Apple’s results topped the estimates of analysts surveyed by…

  • A leg of tweets .. Holiday season in the US 2009 & Bank results

    zyakaira
    15 Oct 2009 | 1:03 am
    Barack Obama is learning testimonial marketing on the ground for healthcare, clunkers are away and superbowl is already 2/3rds sold with Red Sox and Cardinals falling away to give a sticky brand even with fat expenses for Yankees, Phillies and both the LA franchises ( Dodgers – NLCS and Angels – ALCS, for the newbies) In Asia, IPL has taken root, Champions League has shown the other Cricket brands in the Commonwealth and probably US has a couple of teams switching from Soccer to T20 Cricket this time :) Closer to where it hurts, Apple is redesigning Disney retail ( one last time?)…

  • The new USA with new infrastructure

    zyakaira
    14 Oct 2009 | 9:56 pm
    Obama’s stimulus plan has funded more than 300 billion for US cities while an additional $820 billion is funding healthcare ( hopefully, in just a few weeks) not counting any of the bailouts for the banks and the Car companies How the Dems have caused a new hole? - Infrastructure spending is sacred, countries aren’t Infrastructure spending is supposed to reach $35 trillion ( that’s 10 China’s or maybe 5 including the future growth) in the next 20 years according to CIBC World Markets and thus the deficit we have been running in infrastructure spending will soon…

  • Will Buffet’s GE get rid of NBC?

    zyakaira
    1 Oct 2009 | 7:32 am
    NBC Universal executives declined to deny a report Wednesday night that Comcast, the cable giant, is in talks to buy the television and movie company from General Electric.Comcast also did not deny the report that bankers for the two sides discussed a possible deal Tuesday in New York. Such talks often lead nowhere, but rumors have circulated for months that GE might be looking to unload the news and entertainment company. NBC is stuck in fourth place among broadcast networks, and Universal Studios is enduring a rough movie season.”We have no comment,” NBC Executive Vice President…

  • Limited Sale of Toxic Assets | Marketwatch

    zyakaira
    30 Sep 2009 | 7:13 pm
    zyakaira notes: You would have also noted the change in IMF estimates bringing the potential industry losses to $2.8 trillion of which less than half have been recognized as of yet in hope of recovering asset prices. European Banks are as usual the bigger perpetrators, not having recognized these losses. Needless to say, Private investors stayed away as use of government capital, provisioning and IFRS are being put into limited use by the global banks not used to disclosures and public vilification..retail interest is almost non existent, much like the early years of debt markets in Asia and…
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    Amongst the Stars

  • The Calculus of Duration

    Joshua Wong
    5 Nov 2009 | 6:42 am
    We have been discussing bonds and spot rates in finance as a fairly "simple" investment vehicle (no default risk for government bonds and steady and predictable cash flows).While I had technically learned the math behind bond duration, it was after the homework assignment that we were assigned in finance that I began to get a better understanding of exactly what this means and why it's important.As I had mentioned before, duration is defined as the percent change in price for a given change in yield. You'll notice that the definition of the formula is strikingly similar to elasticity…

  • Capital Markets Technical Prep

    Joshua Wong
    4 Nov 2009 | 10:10 pm
    "They" have always said that preparing for recruitment is like taking another class. That was certainly the case this morning as the CCC prepared a morning session entitled: "Capital Markets Technical Overview". The session was fully booked and Heather-Anne Irwin was teaching us about how to ramp up our learning for capital markets beyond what we were taught in our classes.She gave us the opportunity to try to discuss complex finance terms in layman's terms appropriate for a technical interview scenario as well as a quick review of key financial indicators and what the implications were for…

  • Tell Me The Story

    Joshua Wong
    1 Nov 2009 | 5:03 pm
    In preparing to enter the business world, we were told that it would be a good idea to read the paper daily. We were promised that it would become natural and, even in the extreme, that there are some people that look forward to that morning paper.As of today, I'm am now in that place. I've been regularly reading the paper to understand the key business stories of the day, but I'm starting to feel a sense of withdrawal since there was no Sunday paper today at Rotman. I actually find myself craving reading tomorrow's paper to see what has been happening in the business world and around the…

  • Porter's Five Forces and Basic Economic Theory

    Joshua Wong
    1 Nov 2009 | 5:28 am
    In our strategy class last week, we were discussing Porter's Five Forces by extending the idea beyond just a static analysis of the industry as is, but looking at the trends in movement for each of the five forces.I suspected that there would be a pattern that industries with forces which have a rating of "low" would naturally have a trend of "increasing" whereas forces with "high" ratings would have trends of "decreasing" assuming efficient markets. While not a perfectly isomorphic, I would expect this relationship to at least have a high correlation coefficient in terms of regression if you…

  • GBC Leadership Conference

    Joshua Wong
    31 Oct 2009 | 8:18 am
    Yesterday was the GBC's inaugural NSITE Leadership conference, hosting such fantastic speakers as Michael Lee Chin, Don Morrison from RIM (my old boss), Robert Deluce from Porter Airlines and a host of other tremendous speakers. Topics ranged from entrepreneurship to social responsibility.Each speaker had their own individual flair and unique experiences for how they got to be where they are now. They talked about the challenges they faced, the frameworks they relied on and how there is a constant struggle against complacency caused by success.The event was hosted at the Hyatt on King in…
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    Payments Views

  • PayPal Adaptive Accounts

    Russ Jones
    4 Nov 2009 | 5:34 pm
    I’m attending the PayPal Developers Conference this week and want to share some initial impressions about the Paypal platform and what it might mean in the world of payments. First off, the combined weight of the new products, partner demonstrations, and new applications is almost overwhelming. There’s a lot here competing for our collective attention. Do we start with the rollout of the “adaptive” platform, or the new 2010 pricing model? Should we focus on PayPal’s push into B2B payments with SAP as a launch partner? Or do we drill down into third-party…

  • Amazon PayPhrase – One Size Doesn’t Fit All

    Russ Jones
    29 Oct 2009 | 4:53 am
    Amazon.com fancies itself, with some justification, as a trialblazer in eCommerce. We spoke with Amazon recently to get a better sense of PayPhrase and how it might be used by today’s consumers. Amazon PayPhrase is a new checkout concept that is designed to provide consumers with a convenient way to use the payment and shipping details on file with Amazon. You’re probably thinking this sounds a lot like Checkout by Amazon. It does. Substitute some names and it also conceptually sounds like PayPal Express Checkout. Heck, it even conceptually sounds like Google Checkout! But…

  • Customer Engagement Through PFMs [ATM, Debit & Prepaid Forum 2009]

    Jacqueline Chilton
    28 Oct 2009 | 6:54 pm
    I am a strong proponent of using Web 2.0 to develop relevant offers. For a bank it can mean finding a relevant context to present offers to customers; moving from intrusive selling to customer goal realization.  Web 2.0 also allows for collective learning and an increased sense of engagement that transforms passive customers to advocates. At the ATM, Debit & Prepaid Forum 2009 conference, Wesabe, Mint (recently Acquired by Intuit) and Billeo shared a panel to discuss their value proposition for consumers and banks. These latest incarnations of personal financial management tools and…

  • Merchant Funded Rewards – Retailer, Bank and Rewards in Concert [ATM, Debit & Prepaid Forum 2009]

    Jacqueline Chilton
    20 Oct 2009 | 8:12 am
    I was particularly interested in the merchant funded rewards session put on by Jonathan Silver of Affinity Solutions and John MacMillan from Comerica Bank. Having listened to several discussions point to debit card rewards as important to consumers, this session focused on how to develop compelling rewards programs. First of all, rewards need to be compelling with an advertisable value proposition. This is very different from the now common online mall. Rewards programs should include everyday spend and ideally cover up to 15% of the customer spend at the point of sale where they want to…

  • Investments in the Payment Sector [ATM, Debit & Prepaid Forum 2009]

    Jacqueline Chilton
    20 Oct 2009 | 8:05 am
    Of the Monday morning sessions at ATM, Debit & Prepaid Forum 2009, I was particularly interested in the analysts’ views of the payments sector.  The session included perspectives on transaction volumes, impact of consolidation and potential for new M&A activity, and areas the analysts are watching for investment and regulatory changes.  On the panel were representatives of Morgan Stanley, J.P.Morgan, Keefe, Bruyette & Woods and the moderator was from Oliver Wyman. [Editors note: it goes without saying that Glenbrook Partners, LLC is not a licensed investment adviser!]…
 
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    ChexSystems and Second Chance Banking

  • A Great New Second Chance Bank — Probity Financial Services

    admin
    5 Nov 2009 | 1:59 pm
    Finding a good second chance bank that gives you a real checkbook and has all the features you need in a bank account has always been difficult (and it has been getting more difficult in recent years due to the banking crisis). We are very excited to have found a great new bank that has some amazing features for anyone looking for a new bank account. Probity Financial Services is a company based in Texas that came up with a great idea — provide great checking accounts with no hidden fees, and provide them to almost anyone (even people on the ChexSystems list). Their checking accounts…

  • Why a Prepaid Debit Card May be Better Than an Checking Account

    admin
    21 Sep 2009 | 8:44 am
    The problem with being on the ChexSystems list is that it makes it hard (if not impossible) for you to open a new checking account for several years. But what if checking accounts were not as useful as they used to be? If that were the case, being on ChexSystems might not be so bad after all. Here’s news about a trend that may make you rethink whether you really need a new checking account. There’s a great article in the Los Angeles Times, which discusses a recent trend among large grocery stores — the refusal to accept personal checks for purchases. One large grocery chain…

  • Overdraft

    ChexSystems Editor
    14 Sep 2009 | 4:13 am
    Overdraft – instant extension of credit from a lending institution, a person can be said “overdrawn” when an individual withdraws from a bank account exceeding to the amount of his or her savings account. For example when a person have a savings account into a certain bank amounting to P5,000.00 and he or she withdrawn P6,000.00 to his or her saving account that is called over-drafting. If you have an overdraft account, your bank will cover checks which would otherwise bounce. As with any loan, you pay interest on the outstanding balance of an overdraft loan. Related posts:Overdraft…

  • Online Banking

    ChexSystems Editor
    8 Sep 2009 | 4:08 am
    Online Banking – basically a banking transaction performed via internet. Online Banking is also known as Internet Banking, it allows an individual or customer to conduct banking transactions via internet. Online banking solutions offers lots of features that help an individual do it’s banking transaction without hassle on falling in lines or whatsoever. Locally, online banking is being used for paying bills such as internet bills, electric bills, water bills and payment for credit cards. Online Banking is primarily made in order big companies such as manufacturers, online media…

  • Office of the Comptroller of the Currency

    ChexSystems Editor
    7 Sep 2009 | 4:06 am
    Office of the Comptroller of the Currency – is federal agency of the United States of America it was established under national currency act of 1863. Its priority function is to regulate, supervise and charter all national banks and federal branches and agencies of foreign banks in the United States. Its headquarters is located in Washington D.C and has four district offices in New York, Chicago, Dallas and Denver. This office is created to ensure safety and soundness of all banking institution in the United States. Related posts:Office of Thrift Supervision Office of Thrift supervision –…
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    [Mobile] Commerce Insights

  • Indian Payments Card market analysis

    Manju Murthy
    13 Oct 2009 | 3:07 am
    In recent times, mention of the Indian economy evokes images of growth, opportunities and a new gold rush. However, when it comes to electronic payments systems, India is yet to break out. Payment card volume in India is a fraction of that of Singapore (KPMG Report). Let's take a look at the 2008-09 (April 08 - March 09) statisticsA few observations on the above stats:Though debit cards have higher circulation (as they double as ATM cards as well), their usage is significantly lower (even by India's standards) [less than 1 transaction per card per year!]Credit card transaction volumes are low…

  • If the US does not go down the EMV road...

    Manju Murthy
    1 Oct 2009 | 7:51 pm
    The debate over whether US should deploy EMV infrastructure or not has been intensifying of late. Some estimate the cost of deploying EMV in the US at $30B. Ms Baxley, retail payments management consultant, observed that Javelin Strategy estimates US EMV transition at a lower $5.5B. She also noted that, in lieu of EMV, leveraging contactless cards and readers [presently being deployed in the US] would adequately meet the payment card security needs while costing significantly less (even lesser than Javelin's estimates). As you might recall, contactless infrastructure being deployed in the US…

  • When selling shovels is more lucrative - Another look at Trusted Services Managers

    Manju Murthy
    6 Sep 2009 | 7:39 pm
    It has been a year since I last wrote about TSMs (Sep 14 '08). As you might be aware, TSM is a third-party Trusted Service Manager. This organization would secure manage the card data in a mobile wallet on behalf of a card issuer. In some markets, a TSM is also referred to as a TTP (Trusted Third Party). Since the last I posted about TSMs, some water has flowed under the bridge.No visible signs of progress in deployment of NFC in the USSubtle changes in the go-to-market strategies of TSMsIncumbents are showing their preferences for roles in the post-NFC worldI came across Carol Coye Benson's…

  • P2P use cases will get NFC started in the US

    Manju Murthy
    1 Sep 2009 | 8:44 pm
    I came across an interesting post by Celent on Mobile NFC. This report claims that cash displacement is the main motivation behind Mobile NFC deployment. The report claims that there will be an annual revenue increase of $1.83 per debit card for banks.I agree that cash displacement is a major driver. For small-value transactions, e.g., at a fast-food restaurant or at a drug store, both the merchant and the consumer would like to get thru' the checkout lines quickly. Eliminating cash handling, doing away with signatures for payment card authorizations are definitely desirable.If banks stand to…

  • Impact of Nokia Money on India's mobile commerce landscape

    Manju Murthy
    31 Aug 2009 | 7:26 pm
    In light of the announcement of Nokia Money, I would like to analyze this development in the context of mobile commerce in India.Nokia Money is an attempt by the world's largest mobile phone vendor to deploy mobile commerce commercially. Before we dive deep into this post, let's have a quick background on this topic. Nokia invested $70 million in Obopay (analysis). Leveraging their investment in Obopay and the infrastructure that Obopay offers, Nokia brings Nokia Money to market. Also, you may recall that Obopay powers MasterCard Mobile MoneySend (link).I suspect that Nokia Money will be…
 
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