Banking News

Banking news provides the latest in the banking industry. Financial industries are constantly in flux, and any change in the economy may have effects on businesses, homeowners, or the average citizen at any time. Find out the most important and most relevant financial and Banking News here, and learn whether it will affect you and your finances.

Landmark Mortgage Industry Settlement

Thursday, February 9, state and federal officials announced a landmark settlement in the mortgage industry. The settlement, worth more than $25 billion, is with five of the largest national banks and is in regards to flawed and even fraudulent foreclosure policies. According to the settlement, some mortgage servicing companies and lenders have not been properly [...]

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Bank of America Offering Online Deals Service Through Online Banking Platform

Banking News

As America’s second-largest bank, Bank of America has a lot of demand to stay profitable and ahead of their competition. A recent foray into charging monthly fees for debit card use has caused the bank’s popularity to drop significantly over the last few months. In an attempt to drum up new business while still pleasing [...]

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Experts Indicating Bumpy Earnings Season Ahead for Major Banks

Banking News

The health of America’s major banks can be a good indication of the health of the economy. When banks report good earnings, it stands to reason that the economy is healthy as well. Experts indicate that the next bank earnings report could be a bit shaky.
On one hand, banks should be doing well. Consumers were [...]

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Mobile Bank Scams on the Rise

Banking News

Identity thieves are constantly looking for new ways to steal and then use the personal and financial information of unsuspecting individuals. Mobile phones have become a new source of this information for these thieves to use in bank scams.
Mobile banking scams appear to be on the rise. These involve text messages or phone calls that [...]

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Bank of America Ranks Last in Customer Satisfaction

Banking News

It seems the fallout from Bank of America customers who were upset about its attempt to charge a debt card fee is continuing yet again. In a recent survey posted by the American Customer Satisfaction Index, the four major banks, Citigroup, BofA, Wells Fargo, and JPMorgan Chase, were all ranked on a scale of 0 [...]

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Federal Lending to Banks Is Much Higher Than The Public Realizes

Banking News

Many people know of the recent trend in the federal government of lending to banks to help them through the current financial crisis, but many do not know the exact extent of this lending. A recent report shows that the lending to major banks may have reached close to $8 trillion.
This is far more than [...]

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Leading Banks Finding New Normal But Lower Profits

Banking News

Today’s struggling economy has sent many banking industry leaders scrambling to find a way to make ends meet. Layoffs and increased fees are common, yet today’s banking leaders are still finding their bank profits to be much lower than they have ever been. According to Bank of America Corp’s Chief Executive Officer Brian T. Moynihan, [...]

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Struggling Banks Drowning in Cash?

Banking News

We all know the story of struggling banks. Banks are suffering from the low interest rates that are supposed to drive up the economic situation in our country, yet the rates are starving banks of the income they need to succeed. In spite of these dire news reports, the New York Times recently reported that [...]

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Bank of America Payout to Debit Card Customers

Banking News

Bank of America is not anyone’s favorite bank right now, with its $5 debit card fee announcement and now a pending Bank of America payout to past debit card users. On Monday, a Miami federal judge approved a $410 million class action lawsuit settlement between Bank of America and around 13 million of the bank’s [...]

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No-Fee Debit Cards Still Possible

Banking News

In light of Bank of America’s recent announcements regarding charging a $5 fee for debit cards, many banks are highlighting the fact that they still offer no-fee debit cards to their customers. Central New York has several banks that are in this group.
Recently, a telephone survey of 17 banks with offices in central New York [...]

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BB&T Buyout of BankAtlantic

Banking News

BB&T Corp, a Winston-Salem based bank corporation, recently announced an intended buyout of BankAtlantic, a Florida lender and banking unit of the BankAtlantic Bancorp holding company. The BB&T buyout will cost BB&T about $301 million.
This buyout was seen as a way to help the bank corporation push its way further into Florida, boosting its market [...]

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Banks Struggling Because of Low Interest Rates

Banking News

It is becoming increasingly apparent that we are in a banking crisis. Banks are struggling to make a profit, and when they struggle, consumers struggle as well. Some analysts believe that the continuing historically low interest rates are what is contributing to this crisis.
Interest rates are what drive profits for banks. When they make loans, [...]

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