Betty Riess News
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JPMorgan Chase & Co., Bank of America Corp. and American Express Co. are among credit-card lenders retreating from a $2.4 billion market as regulators seek curbs on deceptive marketing of products including debt cancellation.
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Bank of America Corp., the biggest U.S. lender by assets, sent some customers new debit cards this week after accounts may have been compromised at a merchant.
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The four biggest U.S. banks are encouraging their most creditworthy customers to take on more debt, mailing credit-card balance-transfer offers with rates as low as zero percent even as they add fees for other services.
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The Federal Reserve Board’s decision to cap debit-card swipe fees at 21 cents trims the amount of revenue banks would have lost under an earlier proposal, while roughly halving what retailers pay the banks each year.
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Credit cards offered online by the 12 largest U.S. banks have eliminated some of the most troublesome practices for consumers, the Pew Charitable Trusts said.
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Bank of America Corp., the biggest U.S. debit-card issuer, may face pressure to scrap plans to impose a monthly fee on some card users after its largest competitors abandoned the strategy amid a consumer rebellion.
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Jeff Rose, a 33-year-old financial planner, is trying to improve his credit score even though it’s 780, which is 69 points above the median score.
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Bank of America Corp. is pushing some of its brokerage clients who want to keep their debit rewards to switch to credit cards following U.S. caps on debit- card transaction fees.
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