Payments News

On The Web

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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 […]
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Providers

US banks ramp up spending on pay and technology

“Costs at the top US banks jumped more than $6.6bn in the most recent quarter, as the intensifying battle for talent and the growing threat from new fintech rivals forced executives to step up spending.  The 10 per cent increase in costs compared with last year at JPMorgan Chase, Goldman Sachs, Morgan Stanley, Bank of […]
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Providers

These 10 Banks Are Rethinking Overdraft Fees. Here’s Why and How.

“The recent changes, which are being led by regional banks, range from eliminating overdraft fees altogether to introducing new products that will offer less expensive options to customers who live paycheck to paycheck. These moves could be bellwethers for an industry that is under pressure to change . They are coming as overdraft-free startups continue […]
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Providers

Two More Regional Banks Are Rethinking Overdraft Fees

“Regions Financial and Citizens Financial Group are rethinking their overdraft policies after other regional banks took steps to deemphasize or eliminate the revenue generated from customers who spend more money than they have. The two banks do not plan to stop charging overdraft fees, but executives with both firms said Tuesday that they expect those […]
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Providers

HSBC Exits Loss-making U.S. Retail Banking As Part of Asia Pivot

“HSBC (HSBA.L) announced it is withdrawing from U.S. mass market retail banking by selling some parts of the money-losing business and winding down others, a long-awaited move as the lender steps up a shift in focus to Asia, its biggest market. Europe’s biggest bank has for years been trying to shrink its presence in some […]
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Providers

Santander to Pump up Payments Business in Bid to Boost Valuation

“Santander (SAN.MC) expects to triple revenues in its payments business PagoNxt to around 1 billion euros ($1.2 billion) in the next few years as it moves to compete with major players in the business such as Apple Pay and Stripe. Spain’s biggest bank is targeting payments as part of a wider strategy to boost its […]

On The Wires

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Providers

U.S. Bank Launches Industry-leading Video Banking Options for Customers

“U.S. Bank has launched an enhancement to our popular cobrowse feature: live video of the banker – a first in the industry. Cobrowse allows customers to share their screen with a banker so they can view and navigate online and mobile banking together, particularly helpful for those times when you need spur-of-the-moment guidance.  And now, […]
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