Payments News

On The Web

nbsp;

Providers

Yes Bank Crisis May Be Over for Its Depositors but India’s Banking Sector Won’t Recover Soon

“The worst is behind for India’s embattled Yes Bank, or so the country’s central bank has assured nervous depositors and investors. Yet, the recent feverish behaviour of the private lender translates into an epidemic-like scenario for India’s troubled banking sector. In a hurriedly-called press conference yesterday (March 16), Reserve Bank of India (RBI) governor Shaktikanta […]
nbsp; nbsp;

Providers

Lloyds Banking Group to Shut 56 Branches by October 2020

“Lloyds Banking Group confirmed that it will close 56 bank branches across the U.K., as customer preferences continue to move toward digital banking and reduced dependence on physical branches.  The group, which has more branches than any other financial institution across the U.K., includes Lloyds Bank, Bank of Scotland, Halifax and several other mortgage, auto finance and […]
nbsp;

Providers

This Bank Hired a Community Organizer and Here’s What Happened Next

“The coworking and event space is just one of several of Berkshire’s planned brick-and-mortar locations that aren’t banks at all. Internally, the bank calls them storefronts, but they could be coworking locations, retail stores, or other possibilities. They’re all branded as Reevx (“Reev-ex”) Labs. Berkshire is planning to open more of them across its seven-state […]
nbsp;

Companies

Goldman Sachs, the White-shoe Investment Bank, Launches Installment Loan Business With JetBlue

“Goldman Sachs is taking another step into the world of retail banking with an installment loan product that’s launching with JetBlue Airways . The bank quietly released a website for something called MarcusPay this week, allowing users to break up big-ticket purchases into monthly payments. Loans ranging from $750 to $10,000 are repaid over 12 or 18 […]
nbsp;

Providers

Stimulus Payments Slow Down Online Banking

“Customers at some banks across the country were temporarily unable to access their accounts online or through mobile apps on Wednesday, shortly after the first round of government stimulus checks started landing in bank accounts. Customers reported trouble accessing account information at JPMorgan Chase & Co., Citigroup Inc., U.S. Bancorp, PNC Financial Services Group and […]
nbsp;

Providers

Japan’s Biggest Banks Are Talking About Building a Digital Payments System

“Three of Japan’s largest banks are among major players joining a study group looking at developing a digital payment system that may address concerns about cryptocurrencies. Mitsubishi UFJ Financial Group (MUFG), Mizuho Financial Group, and Sumitomo Mitsui Financial Group – institutions that control more than $6.6 trillion in assets between them – will participate in […]
nbsp;

Providers

Banks Took $11 Billion in Overdraft Fees in 2019, Group Says

“Large U.S. banks took $11.68 billion in overdraft fees out of their customers’ accounts last year, even before the pandemic kicked off an economic crisis, according to research by the Center for Responsible Lending. Vulnerable people were by far the hardest hit: Nine percent of account holders paid 84 percent of the overdraft fees, according […]
nbsp; nbsp;

Providers

FDIC Considers Scrapping Quarterly Bank Reports

“The Federal Deposit Insurance Corp. is moving to boost the way it monitors for risks at thousands of U.S. banks, potentially scrapping quarterly reports that have been a fixture of oversight for more than 150 years yet often contain stale data. The FDIC on Monday is expected to kick off a competition among 20 data […]