Archive for August, 2009
USAA Now Offers iPhone Check Depositing
Mobile banking is expected to really take off, and one of the leaders in that sector is a privately held company named United Services Automobile Association (USAA), which will launch an iPhone application which will allow users to deposit their checks directly via their iPhone. The practicals of it are you can take a photograph [...]
Wells Fargo Ramps Up Home Loan Modification Effort
Wells Fargo announced last week that is has modified more than 220,000 home loans over the first seven months of 2009. 20,219 of those loans are trial modifications being executed under the government’s Home Affordable Modification Program (HAMP). The bank said now that the details of the HAMP program are clear that it plans to [...]
Are Credit Unions Better than Banks for Consumers?
As consumers, we are doing all we can to make ends meet and start saving more cash. Interestingly, the one place people fail to notice they are losing cash is the exact same place they store their cash. Banks have been raising their fees and lowering their interest rates, leaving customers unsure of what to [...]
Large US Banks Record Huge Profits for Second Quarter
Many US banks continue remain under pressure as the recession rolls on, but some of the larger banks reported strong second quarter earnings, although many banks still are fighting to survive, as the numerous bank closings this year continue. While many large banks are also struggling, the majority of banks battling to survive are the [...]
Banks Cutting Home Equity Credit Lines; 5 Tips To Deal With It
The fallout from the slumping real estate market has taken a new twist as thousands of U.S. homeowners have seen their home equity line of credit either cut or frozen by their bank without warning. The kicker is it’s all completely legal. Homeowners across America who may have planned to access their home equity lines [...]
Blood in the Streets: Three More Banks Fail Friday
Banks are continuing to drop like flies as another three regional banks failed on Friday, bring the total bank failures in 2009 to 72, according to the Federal Deposit Insurance Corp. Florida has been hit hard with bank closures recently, and two of the three regional bank closings involved were from Florida – Community National [...]
Account Reviews: Allstate’s High Yield Savings
Any person should have a savings plan in place in order to build up a cash reserve against emergencies or possible loss of job. With that in mind I do like Allstate’s High Yield Savings because it motivates consumer to keep a minimum balance of $500 in it at all times or you get a [...]
Arvest Bank to Acquire Harrington Bank
irwsaz2fnv Harrington Bank, which is based in Mission, Missouri, will be acquired by Arvest Bank, which is owned by relatives of the founder of Wal-Mart – Sam Walton. Arvest Bank has its home in Fayetteville, Arkansas. Arvest Bank has been managing assets worth $10.7 billion as of the end of June. “We are excited to [...]
Judge Forces SEC, Bank of America to Disclose Details of Agreement
Citing the serious nature of the charges and allegations made by the SEC about bonuses promised to employees of Merrill Lynch last year, Judge Jed S. Rakoff refused to sign off on the $33 million settlement reached by the SEC and Bank of America over the issue. Now a hearing is scheduled for Monday to [...]
Fannie Mae Posts $15.2 Billion Loss, Seeks $10.7 Billion In Gov’t Aid
Fannie Mae announced plans Thursday to access another $10.7 billion in government aid. The move follows a second quarter earnings report that showed the mortgage giant lost $15.2 billion during the period. Last year, the government said it would make up to $400 million in aid available to Fannie Mae and Freddie Mac. The two [...]
Daniel Sontag Leaving Bank of America
Chief Executive Officer at Bank of America Kenneth Lewis has been under pressure to shuffle leadership in the company, made several moves which could prove unwise, especially in the replacing of Daniel Sontag by Sallie Krawcheck. A day after the announcement of the hiring of Krawcheck, Sontag said he’ll be leaving Bank of America, which [...]
UBS AG Losses Add Up
UBS AG has reported a net loss of $1.32 billion for its most recent quarter, adding to concerns it may not be able to get back into the lucrative areas of investment banking and wealth management. When Oswald Grübel took over as CEO last February, he said the financial institution go back to its conservative [...]
China Top Priority for HSBC
HSBC Holding Plc has the largest network of branches of a foreign company and China, and they have no thought of slowing down as they look to add more branches and employees throughout 2010. “We certainly expect to continue with our existing rate of expansion,” Richard Yorke, chief executive officer of HSBC (China) Ltd., said [...]
U.S. Banks Barely Active In Home Loan Modification Program
A report released by the U.S. Treasury Department showed that the nation’s nine largest banks have not been very active in conducting loan modifications under the Obama Administration’s “Making Home Affordable Program.” The program, which is funded by $50 billion in government aid, is aimed at reducing foreclosures throughout the country by modifying a borrower’s [...]
Online Savings Account Review: ‘HSBC Direct’
Update 9/23/2009: HSBC Direct has dropped their interest rates to 1.35% APY Opening an online savings account with HSBC is easy and quick, and if you want to apply for other types of accounts with HSBC, the process is the same, and with HSBC Direct you can also apply for an Online Payment Account during [...]
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