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Banks Explain Why Fewer Offer Free Checking
Posted on January 29th, 2011 No commentsSixty-five percent of banks offered free checking in 2010, compared with 76 percent of banks in 2009, according to Bankrate.com. Why the disappearing act on free checking? The banking industry says banks are now losing money because of economic tough times and new laws that limit the fees that banks can charge. The average checking account costs banks about $300 a year, the American Bankers Association says. Read more at Channel3000.com. -
Payday Loan Rules Could Restrict Other Lenders
Posted on November 15th, 2010 No commentsNew rules regulating what critics have labeled “predatory lending” by payday lenders could also restrict the ability of banks, credit unions and other lenders to make small, short term loans. The Wisconsin Financial Services Association – which represents the consumer finance industry in the state, including subprime lenders – is calling into question rules being drafted by the state Department of Financial Institutions to carry out legislation passed by the state Legislature earlier this year. Read more in Milwaukee Magazine’s New Buzz. -
Americans’ Financial Knowledge Still Lacking
Posted on November 9th, 2010 No commentsAt a time when Americans are seeking financial security, their financial knowledge is no better than it was in 2006, according to the “Financial Matters” study commissioned by Northwestern Mutual Life Insurance Company Inc. The research revealed that 69 percent of respondents would receive a failing grade on a quiz about financial products and concepts. The good news in the study is that people seem eager to learn more. Read the Small Business Times article.
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Consumer Survey Results Released
Posted on November 7th, 2010 No commentsWhat’s the average credit card debt total per household in the United States? It’s $15,788, according to the 2010 Survey of Consumer Payment Choice of the Federal Reserve Bank of Boston. The average credit score? 692. Read more interesting facts from the report in a Sheboygan Press column. -
Wells Fargo Drops Gift Card Fees
Posted on September 9th, 2010 No commentsWells Fargo & Co. has eliminated monthly service fees and the expiration of funds loaded on Wells and Wachovia Visa gift cards, the Business Journal of Milwaukee reported.
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Rates Keep Declining for CD Savers
Posted on August 15th, 2010 No commentsSince August 2007, the average yield on a CD with a one-year maturity has shrunk from 4.5 percent to 1 percent – a low rate for those that rely on CD savings, and one that is likely to be around for a while. Read the Milwaukee Journal Sentinel article.
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Customers Opt for Spanish Statements
Posted on August 9th, 2010 No commentsChase has announced that nearly 400,000 of the bank’s customers nationwide have opted to receive their monthly checking and savings account statements in Spanish, according to the Business Journal of Milwaukee.
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Menards Looking at In-Store Banks
Posted on June 29th, 2010 No commentsThe Eau Claire-based operator of the Menards home improvement chain has signed an agreement with IBT Enterprises of Atlanta through which IBT will identify potential bank or retail partners to co-locate within Menards stores, The Business Journal of Milwaukee reported. -
$500K Unclaimed in Wisconsin WaMu Accounts
Posted on June 25th, 2010 No commentsWhen the FDIC closed Washington Mutual Bank two years ago, it deposited about $500,000 in Wisconsin’s unclaimed property account. The state treasurer’s office reports there are about 8,300 accounts belonging to Wisconsin customers – much of it still unclaimed, according to WTAQ 1360 AM.
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Chase Rolls Out New Mobile Banking Features
Posted on May 21st, 2010 No commentsJPMorgan Chase & Co. has rolled out two free mobile banking features to help customers manage their accounts. Customers can receive a low-balance alert via text message and transfer funds by sending a text-message reply, the Business Journal of Milwaukee reported.