Advertisement
YOU ARE HERE: LAT HomeCollectionsDebit Cards
IN THE NEWS

Debit Cards

BUSINESS
November 23, 2011 | By Jim Puzzanghera, Los Angeles Times
The Justice Department is reviewing banks for possible antitrust violations related to their recent efforts to charge debit-card fees. The department on Tuesday said it was "reviewing the statements and actions by banks and their trade associations regarding possible increases in consumer fees for using debit cards," Assistant Atty. Gen. Ronald Weich wrote to Rep. Peter Welch (D-Vt.). "Please be assured that if it finds that individuals, banks or other parties may have violated the antitrust laws, the department will take appropriate action," Weich said in the letter, which was released by Welch.
Advertisement
NEWS
November 14, 2011 | By Tom Hamburger
The news program "60 Minutes" and Newsweek magazine made a big deal over the weekend of claims that former House Speaker Nancy Pelosi and current Speaker John A. Boehner may have benefited financially from trading stocks on insider information. The reports, which have been picked up by news organizations around the country, suggest that many members of Congress may be getting rich trading on information available exclusively to lawmakers. The specific allegations have been rejected completely by Pelosi, Boehner and other members who were cited in the reports.
BUSINESS
November 13, 2011 | By E. Scott Reckard, Los Angeles Times
The gig : Steven W. Streit is founder and chief executive of Monrovia-based Green Dot Corp., the nation's largest provider of prepaid debit cards. Customers, mostly people without bank accounts, buy the cards at retail outlets, load them with cash or direct-deposit paychecks and use them like bank-issued plastic. They are branded under the Green Dot name and also branded for Wal-Mart Stores. Past life : Streit was a disc jockey (Streiter with the Heater; the Ayatollah of Rock 'n' Rolla)
BUSINESS
November 4, 2011 | By Stuart Pfeifer and E. Scott Reckard, Los Angeles Times
When Kristen Christian learned that Bank of America Corp. planned to charge her a $5 monthly debit card fee, she did what many people do these days when they get mad: She ranted on Facebook. What followed was an illustration of the power of social media. Her Facebook post urging friends to abandon big banks unwittingly blossomed into a national campaign. More than 75,000 people have pledged to participate in "Bank Transfer Day" by moving their money from large U.S. banks to nonprofit credit unions by Saturday, Christian said.
BUSINESS
November 4, 2011 | Tom Petruno, Market Beat
Popular outrage forced Bank of America Corp. to drop the idea of a $5-a-month debit card fee. Now imagine what that outrage could achieve if it were let loose across the financial industry. How many mutual funds, if faced with that kind of people-power backlash, could justify the management and marketing fees they're charging investors? How many banks would find their deposits running out the door if savers really took the time to shop around for the best rates? How many company 401(k)
BUSINESS
November 1, 2011 | By E. Scott Reckard, Los Angeles Times
Bank of America abandoned plans to charge customers $5 a month to use their debit cards, marking a high-profile retreat for a fee that became emblematic of the current populist outrage against Wall Street. The nation's second-largest bank was broadsided by customer protests — and even criticism from President Obama — after announcing the charge in September. BofA's position was further weakened as rivals including JPMorgan Chase & Co. and Wells Fargo & Co. declared they would not impose similar fees.
NEWS
November 1, 2011 | By E. Scott Reckard, Los Angeles Times Staff Writer
Bowing to a national flood of protests, Bank of America Corp. is calling off its plan to charge customers $5 a month for using its debit cards to make purchases -- a strategy that proved a public relations disaster for what once was America's biggest bank. Analysts had believed the rest of the banking industry would follow BofA in imposing similar fees to make up for new rules restricting the fees banks charge merchants for accepting debit cards. But instead, the Charlotte, N.C., banking giant finds itself following the lead of a host of rivals who decided last week not to incur the wrath of the American public with debit-card fees.
BUSINESS
October 30, 2011 | By E. Scott Reckard, Los Angeles Times
Thinking of breaking up with your big bank? You're not alone. Bank of America's recent move to slap customers with a $5 monthly fee to use their debit cards has unleashed a torrent of ill will against the nation's financial giants. Fed up with enriching executives and shareholders, some account holders are vowing to shift their business to smaller banks or neighborhood credit unions. But before you march down to your branch to close your account, take a deep breath. Switching in haste could cost you if you skip the fine print or don't understand your own financial habits.
BUSINESS
October 29, 2011 | By E . Scott Reckard, Los Angeles Times
Bank of America Corp., battered by a public backlash over plans to slap a $5 monthly charge on debit cards, is considering more ways to enable customers to avoid paying the charge, according to a person familiar with the matter. The nation's second-largest bank is likely to allow customers to sidestep the fee if they use BofA credit cards in addition to debit cards, have certain direct deposits or maintain a minimum balance, said the person, who was not authorized to speak publicly.
BUSINESS
October 18, 2011 | By E. Scott Reckard, Los Angeles Times
Wall Street's message to Citigroup Inc. and Wells Fargo & Co.: Cost cutting and accounting gains don't substitute for growing your business. Investors sent shares of both banks sharply lower Monday after they reported third-quarter revenue — aside from special adjustments — dropped amid economic turbulence in the U.S. and Europe. Shares of Citi, the nation's third-largest lender, fell nearly 2%; Wells Fargo shares shed 8%. The results were announced on a bad day overall for financial stocks, which were hurt by comments from the German finance minister that there would be no speedy solution to the debt crisis in Europe.
Los Angeles Times Articles
|