Banks Testing New Tech To Speed Up Transactions

Banks are experimenting with a tool that could shorten your wait times in the teller line or at the ATM: your smartphone. The technology, called “pre-staging,” would let you start a transaction on your phone and complete it at a teller line or an ATM. “It’s one of the next innovations from a banking perspective,” said Miranda Hill, the Seattle-based manager for Wells Fargo’s digital innovation lab. Earlier this year, the San...

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Consumer Confidential: How to Avoid the Fees That Bring Billions in Revenue to Big Banks

To hear big banks tell it, this is a great time to be a bank customer. Most Americans — 61 percent — pay no monthly fees for things like checking accounts and use of automated teller machines, according to a recent survey by the American Bankers Association. “We’ve seen tremendous innovations to bank services over the last decade that have allowed our customers to bank in the way that is most convenient for them and at little or no...

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Five Banks Admit Guilt, To Pay Fine

Washington — They called themselves the Cartel, and that turned out to be an appropriate name. Traders and sales agents used electronic chat rooms, prosecutors said, to conspire to manipulate prices in the $5 trillion-a-day foreign currency markets. They secretly marked up transaction costs, telling customers they hadn’t. “If you ain’t cheating,” said one trader at British bank Barclays Plc, “you ain’t trying.” The Justice Department,...

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Consumer Confidential: Bank of America’s $12 Charge for Depositing a Check That Bounces Is Another Spurious Bank Fee

The road to corporate greed is paved with nickel-and-dime bank charges. Want a paper statement? That’ll cost you a few bucks. Not making enough deposits or withdrawals? That’ll result in an inactivity fee of as much as $10. Don’t meet minimum balance requirements? Here’s your monthly $25 account maintenance fee. But the returned-check fee might take the cake. Brian Baltow recently received a check from a client for $120....

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Stephen Theroux: A conversation with the president and CEO of Lake Sunapee Bank
Apr28

Stephen Theroux: A conversation with the president and CEO of Lake Sunapee Bank

Over a lunch of fresh lobster club and crisp fries, Stephen Theroux, president and CEO of Lake Sunapee Bank, explains why he wants to make sure that, as the community bank he leads gets bigger, it must also remain small. With just 16 to 18 percent of the banking industry’s assets, community banks account for more than 46 percent of all loans to farms and small businesses in America. As Stephen Theroux and I settle down to lunch at...

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