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13 May 2010 20:59

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Biz, U.S.: The Senate wants to take the bite out of debit-card “swipe fees”

  • 64 senators voted to add the amendment to the financial reform bill
  • 65% of debit transactions
    will be affected by
    the changes
  • yes the bill will allow incentives for those who pay with cash source
  • » The addition, explained: Banks and other financial institutions charge fees for consumers to use debit cards. The fees aren’t significant for big-ticket retail chains but can hurt the bottom line of small businesses or those that specialize in selling lots of inexpensive items (say, 7-Eleven or McDonald’s). These fees can get passed down to the consumer as a result. The bill limits how much those fees can be, but leaves exceptions for banks with less than $10 billion in assets. Credit unions, by the way, are complaining loudly about these changes, in particular.
Posted by Ernie Smith • 0 Comments • Permalink

18 Apr 2010 11:17

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Biz: Banks still full of failure nearly five months into 2010

  • eight banks were seized on Friday, bringing the total up to 51 this year
  • 9% of all U.S. banks are listed by the FDIC as “troubled banks” source
Posted by Ernie Smith • 0 Comments • Permalink

13 Apr 2010 20:29

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World: Microfinance: Once a charitable goal, now a big business

  • $60B the size of the microfinance industry, which offers small, easy-to-pay, loans to the third-world poor
  • 60% the percentage of the industry run by the banking industry, not non-profit charities (which run 35 percent)
  • $74M the amount CARE USA,
    an American charity, made when it sold its microfinance business to a bank source
Posted by Ernie Smith • 0 Comments • Permalink

13 Mar 2010 12:32

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Biz: Bank closings didn’t stop just because of a new year!

  • 140 number of banks that closed in 2009, that’s a depressing record
  • 30 number of banks that have closed already in 2010, which is high
  • 152 number of banks that could close this year if that rate keeps up source
Posted by Ernie Smith • 0 Comments • Permalink

09 Mar 2010 21:36

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Biz: Taking the first step: Bank of America ditching overdraft fees

  • good Bank of America, which has made millions of dollars in profit off of people not having much in their bank accounts, will end the often-pricey practice of automatically charging fees at retail this summer.
  • better Consumers will have more flexibility when deciding when to accept overdrafts elsewhere – they have to accept the charge at ATMs and can still set it up for automatic payments or checks. source
Posted by Ernie Smith • 0 Comments • Permalink

22 Jan 2010 16:29

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Biz: The stock market is hyperventilating due to bank regulation fears

  • 5% 3-day dip in stocks thanks to Obama’s regulation plan source
Posted by Ernie Smith • 0 Comments • Permalink

15 Jan 2010 08:52

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Biz: Banks say screw populism, increase bonuses by 18% for 2009

  • $145 billion in dollar-shaped middle fingers source
Posted by Ernie Smith • 0 Comments • Permalink
 

13 Jan 2010 11:07

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Biz, U.S.: Obama has a plan to get back TARP funds: Tax the bastards

  • 20 of the biggest banks will now bail out the government source
Posted by Ernie Smith • 0 Comments • Permalink

11 Jan 2010 21:32

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Biz: Obama’s thinking of charging Wall Street service fees. Hm.

  • That’s one way to get our money back from the banks. A year after being handed one of the worst financial crises to ever hit the U.S., Obama’s considering his options for making something back on that $700 billion investment that George W. Bush made back in the day. The one that’s standing out? Charging fees to companies like AIG and Bank of America. The nature of that fee hasn’t been decided yet, but we bet taxpayers might enjoy the just desserts. source
Posted by Ernie Smith • 0 Comments • Permalink

11 Jan 2010 09:56

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Biz: Higher salaries, fewer bonuses: Banks change up the mix a little

  • 65% of banks increased basic salaries for workers in the wake of the financial crisis
  • 88% cut back on bonuses – which had been vilified more than anything else source
Posted by Ernie Smith • 0 Comments • Permalink
 
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