Lisa Westermann News
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Creditors of bankrupt Residential Capital LLC asked a judge to let them probe, and possibly sue, bondholder trustees Wells Fargo & Co. and U.S. Bank NA, a move the creditors say could net “hundreds of millions” of dollars.
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Wells Fargo & Co., the bank with the most U.S. branches, ended free checking in six eastern states as it seeks to recover revenue lost under new financial rules.
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Wells Fargo & Co. , the bank with the biggest U.S. branch network, will no longer enroll customers in debit-card rewards programs following a proposed cap on interchange fees.
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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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Lucie Shell, an 84-year-old retired secretary in Crewe, Virginia, uses the rewards she earns by swiping her debit card for gift certificates for family.
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Wells Fargo & Co., the fourth- largest U.S. bank by assets, said its president of credit cards stepped down more than two months ago.
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Wells Fargo & Co., the fourth- largest U.S. bank by assets, canceled plans to charge a $3 monthly fee for using its debit cards after customers in a five- state pilot program opposed the charge.
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U.S. Senator Richard Durbin challenged Wells Fargo & Co.’s decision to charge new fees to debit-card customers, citing the record quarterly profit reported by the bank this week.
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Wells Fargo & Co., the fourth- largest U.S. bank by assets, canceled plans to charge a $3 monthly fee for using its debit cards after customers in a five- state pilot program opposed the charge.
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U.S. caps on debit-card transaction fees set to take effect in October are spurring the biggest banks to push consumers into credit products that will generate more than triple the revenue.
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