checking account

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'Free' Checking Accounts: Not So Free Anymore

Plus, credit card companies not passing on low interest rates

(Newser) - Free checking accounts were the norm in the 1990s, but not so anymore: Today just 39% of noninterest checking accounts are free to everyone, down from 76% in 2009 and 45% last year, a new Bankrate survey finds. Some banks are doing away with free checking accounts entirely; some are... More »

Cost of Closing Your Bank Account: Up to $55

Big banks often charge for wire transfers, etc: Consumers Union

(Newser) - It could cost as much as $55 to close your bank account. That's the finding of the advocacy group Consumers Union, which surveyed the 10 largest banks in the country, including JPMorgan Chase, Bank of America, Citibank, and Wells Fargo. It found that people who want to close their... More »

Banks Still Raising Under-the-Radar Fees

So you may not want to cheer the $5 debit card fee you're not paying

(Newser) - You may want to stop celebrating over Bank of America’s scrapped $5 debit card fee , because the bank has been quietly adding or increasing other fees to make up for it. Think $5 to replace your debit card, or $12 per month for a basic checking account—up more... More »

Kiss Your Free Checking Account Goodbye

Banks raise fees to make up for lost overdraft bonanza

(Newser) - The free checking account could soon be a thing of the past, as Bank of America and other banks introduce a pile of new fees, telling the Wall Street Journal that they need to replace revenue lost because of new regulatory rules protecting consumers from surprise overdraft fees. To avoid... More »

UK to Scrap Paper Checks in 2018

Opponents argue that infirm, elderly will be disadvantaged

(Newser) - The UK plans to phase out the paper check in 2018. Officials say they'll use the next 8 years to push for innovation in payments in the country, especially electronic methods. There is robust opposition to the plan, the Telegraph reports, but the Payment Council—a semi-governmental UK entity made... More »

Jon, Kate Will Go to Arbitration Over Cash Dispute

Mercurial couple may avoid emergency hearing over inappropriate withdrawals

(Newser) - Jon and Kate Gosselin may avoid an emergency hearing over disputed withdrawals from their joint bank account: The two will meet with a court-appointed arbitrator tomorrow in hopes of resolving the dispute privately. Kate filed court papers requesting the emergency hearing over Jon's $230,000 withdrawal; Jon has shot back... More »

Best iPhone Apps to Manage Money

(Newser) - Many banks are now developing iPhone applications to let you manage your accounts, but several free apps can help you keep your finances straight. The Wall Street Journal looks at some of the best.
  • Mint—links all of your accounts, from checking and savings to loans and investments, into one
... More »

Troubled Banks Have a New Benefactor: You

Industry hikes fees on checking accounts, overdraft transactions

(Newser) - Your children aren’t the only ones who think you’re an ATM: Your bank does, too. Facing declining revenues and smacked with tough, new credit card legislation from Congress, banks are hiking overdraft, ATM, and checking account fees, the Washington Post reports. The average bounced check fee rose 2.... More »

FDIC May Need Its Own Bailout

Agency lacks funds to insure present level, much less proposed raise to $250K

(Newser) - The Federal Deposit Insurance Corporation has quietly and effectively done its job safeguarding Americans’ money since 1933, but the financial crisis will thrust the agency into the spotlight, reports Big Money, Slate’s financial offshoot. The bailout bill increases the amount the FDIC insures, from $100,000 to $250,000,... More »

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