Payments News

On The Web

nbsp;

Providers

Bank Deposits Could Drop for First Time Since World War II

“U.S. banks have a streak of increasing deposits as a group every year since at least World War II. This year could break it. Over the past two months, bank analysts have slashed their expectations for deposit levels at the biggest banks. The 24 institutions that make up the benchmark KBW Nasdaq Bank Index are […]
nbsp;

Providers

Goldman Sachs Advances Further Into Embedded Finance With GM Partnership

“Goldman Sachs is moving forward with its embedded finance strategy. Its recent deal with General Motors is the latest step. Goldman took over issuing the General Motors’ My GM Rewards card from Capital One; it converted the 3 million GM Rewards cardholders to its consumer business, Marcus, in late February. Today, these customers use the […]
nbsp;

Providers

Citi Poised to Become Largest Bank to Eliminate Overdraft Fees

“Citigroup is poised to become the largest U.S. bank to eliminate overdraft fees entirely. The New York megabank said Thursday that it plans to discontinue the controversial fees, along with two related charges, by this summer. Citi currently charges customers $34 when they overdraw their accounts. The action is part of Citi’s ongoing efforts to […]
nbsp;

Providers

Citigroup to Exit Mexico Consumer Banking Business

“Citigroup Inc. will exit its Mexico consumer banking business, the latest strategic shift by Chief Executive Jane Fraser. The bank said Tuesday it would exit consumer, small-business and middle-market banking in Mexico, a business best known as Banamex. Citigroup said the change was part of its continuing “strategic refresh.””
nbsp;

Providers

Bank of America Slashes Fees for Account Overdrafts | AP News

“Bank of America is slashing the amount it charges customers when they spend more than they have in their accounts and plans to eliminate entirely its fees for bounced checks. It’s the latest move by the nation’s biggest banks to roll back the overdraft fees they long charged customers, fees that often amount to hundreds […]
nbsp;

Providers

US banks move away from overdraft fees in a win for consumers

“As US shoppers count the cost of their last-minute holiday purchases, there is one thing they have to worry about a little less in 2022: overdraft fees. Consumer advocates said last year saw the most significant rollbacks and adjustments to how banks charge customers when their debit accounts fall below zero. Those fees “may be […]
nbsp; nbsp; nbsp;

Providers

Overdraft Fees Jump 40% YOY but Still Headed Lower From 2019 Levels

“Overdraft fees are rebounding, but remain well below 2019 levels as competitive and political pressures have many banks offering low-fee accounts. Banks booked $1.97 billion of overdraft fees in the second quarter, a 39.5% increase from the year-ago period. But fees are still 32.8% below the amount recorded in the 2019 second quarter. Overdraft fees […]

On The Wires

nbsp;

Providers

Chase Helps More Than Two Million Customers Avoid Overdraft Service Fees

“Increasing the cushion to $50 from $5 has helped many Chase customers who didn’t expect a check or electronic payment to post, or just don’t have enough money in their checking account. Customers value access to overdraft services so that they can avoid late fees when making payments on important bills like utilities and rent, […]