Retail: Page 30
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Courtesy of KeyBank
KeyBank to cut overdraft charge to $20, eliminate NSF fees
The bank also will cut — from five to three — the maximum number of times per day a customer can be charged an overdraft fee. It is also instituting a $20 negative account balance threshold.
By Robin Bradley • April 29, 2022 -
Permission granted by Frost Bank
Frost Bank: 'Build over buy' expansion plan is paying off
The San Antonio-based bank opened 25 branches in Houston over the past four years, and is in the midst of a similar expansion in Dallas, where next quarter it plans to open its third of 28 new locations.
By Anna Hrushka • April 29, 2022 -
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TrendlineTop 5 stories from Banking Dive
Everything old is new again. One year after Citi’s reorganization, progress comes in “fits and starts.” Meanwhile, a contentious proposed rule is generating “voluminous” feedback after 14 months.
By Banking Dive staff -
Delmaine Donson via Getty Images
Wisconsin credit union targets Illinois bank in 6th such tie-up of 2022
Financial terms of CoVantage Credit Union's proposed acquisition of LincolnWay Community Bank were not disclosed. The deal is expected to close in the fourth quarter.
By Robin Bradley • April 28, 2022 -
TD Bank targets South Florida tech talent pool
The Toronto-based lender on Tuesday announced the launch of a hub in Fort Lauderdale, adding it intends to hire 200 tech workers in the area over the next two years.
By Anna Hrushka • April 26, 2022 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo starts layoffs in home lending unit
The bank did not put a number to the job cuts. Wells Fargo saw a 33% year-over-year decrease in mortgage origination volume. Interest rates accompanying 30-year fixed mortgages have climbed to a 12-year high.
By Dan Ennis • April 25, 2022 -
Chris Hondros via Getty Images
Goldman Sachs expands Marcus checking account beta tests to all US-based employees
The bank is expected to release the product to the public this year. The fee-free accounts will include a physical debit card and offer a competitive interest rate, but a Goldman spokesperson did not detail the specific rate.
By Robin Bradley • April 22, 2022 -
David McNew via Getty Images
Bank of America wants its cards made of 80% recycled plastic by 2023
The bank estimates it will produce 235 fewer tons of single-use plastics with the transition.
By Robin Bradley • April 21, 2022 -
Patterson, Richard. Retrieved from Flickr.
Banks face 'tight deadline' under new cyber notification rule
The May 1 cutoff to comply with the rule comes as the Biden administration has warned U.S. businesses about the increasing risk of Russian cyberattacks.
By Anna Hrushka • April 21, 2022 -
:Weatherman1126. (2007). "Logo of The Goldman Sachs Group, Inc." [Image]. Retrieved from Wikipedia Commons.
Marcus brand, marketing exec leaves to join real estate investment startup
Dustin Cohn, who has taken at least partial credit in naming Goldman Sachs' consumer arm, said the departure — to become chief marketing officer at Cadre — was "completely amicable."
By Dan Ennis • April 20, 2022 -
Sean Gallup via Getty Images
CFPB focuses on rural banking access
Rural Americans visit bank branches nearly twice as often as urban and suburban customers, yet are more likely to be in a banking desert, generally have less internet access and submit fewer complaints on the agency's portal.
By Anna Hrushka • April 20, 2022 -
Courtesy of USAA
USAA revamps mobile app
With a new predictive search function, users can transact with fewer taps, said the company, which also reduced load times and added fingerprint, face and voice recognition log-in capabilities.
By Robin Bradley • April 19, 2022 -
Permission granted by Truist
Truist posts flat Q1 profit, completes transition to 'one brand'
The bank completed its largest merger-related conversion during the quarter, transitioning nearly 7 million customers to the Truist ecosystem and rebranding more than 6,000 branches and ATMs, CEO Bill Rogers said Tuesday.
By Anna Hrushka • April 19, 2022 -
David McNew via Getty Images
Bank of America sees 12% Q1 profit dip
The bank, however, saw a 9.5% surge in equity trading revenue and set aside far less than its competitors — $30 million — to cover potential Russia exposure.
By Dan Ennis • April 18, 2022 -
Permission granted by Revolut
Revolut, Cross River link up to offer US consumer loans
Customers who use the personal loan offering, which will be available in the coming months, won't be subject to late fees, origination fees or prepayment penalties, the neobank said.
By Anna Hrushka • April 18, 2022 -
Permission granted by Citigroup
Citi sets aside $1.9B to counter Russia exposure
The bank said it now risks a $3 billion loss at most over its Russia entanglements. Profit at the third-largest U.S.-based lender dropped by 46% in the first quarter, Citi said Thursday.
By Dan Ennis • April 14, 2022 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo sees 21% Q1 profit drop amid weaker home lending
The home lending results came a day after the bank pledged $210 million in two programs aimed at narrowing a much-publicized mortgage refinancing gap along racial lines.
By Anna Hrushka • April 14, 2022 -
Permission granted by U.S. Bank
U.S. Bank profit dips 31% on buildup for credit losses
At the same time, the bank reported a 2.3% jump in revenue year over year, and 6.5% growth in loans and average total deposits.
By Robin Bradley • April 14, 2022 -
Jeff Swensen via Getty Images
BBVA addition gives PNC earnings a dual picture
Profit either dropped 21% or jumped 9%, depending on the vantage point. The deal, as inflation swells and interest rates rise, came at the right time for the bank — at least for year-over-year optics.
By Dan Ennis • April 14, 2022 -
Chris Hondros via Getty Images
JPMorgan Chase sees 42% drop in Q1 profit
The bank reported a $902 million net build in credit reserves tied to potential Russia losses and trepidation over inflation. It also took $524 million in losses related to commodities trading and further Russia exposure.
By Dan Ennis • April 13, 2022 -
Permission granted by Fifth Third Bank
Fifth Third CEO Greg Carmichael to step down in July
Carmichael, who joined the bank in 2003 as executive vice president and chief information officer, will be replaced by Fifth Third President Tim Spence.
By Anna Hrushka • April 12, 2022 -
H. Armstrong Roberts via Getty Images
Bank deposits could decrease for the first time in 80 years
Businesses and consumers alike have been depositing at a greater clip since the COVID-19 pandemic began. And, according to a Barclays analysis, the banking industry has $8.5 trillion more in deposits than loans.
By Robin Bradley • April 12, 2022 -
Permission granted by Step
Neobank Step to launch crypto, stock investing product for users under 18
The teen-focused challenger bank claims the new offering will make it the first financial app to enable customers under the age of 18 to buy, sell, hold and receive crypto.
By Anna Hrushka • April 12, 2022 -
Courtesy of Wells Fargo multimedia resources
NYC halts new account openings with Wells Fargo, citing mortgage race gap
The city removed Wells from its designated banking list in 2017 over concerns about the bank's lending practices but re-added it last year after its CRA rating improved.
By Robin Bradley • April 11, 2022 -
Justin Sullivan via Getty Images
AGs: Why can't you be more like Citi (on overdrafts)?
Top lawyers in 17 states and D.C. urged JPMorgan Chase, Bank of America, Wells Fargo and U.S. Bank in letters this week to adopt the same timeline as Citi to eliminate the fees.
By Dan Ennis • April 7, 2022 -
Citi spins off Bahrain retail-banking footprint
Financial terms of the deal, expected to close in the second half of this year, were not disclosed. Bahrain is the 10th market from which Citi has solidified its retreat in the past 12 months.
By Dan Ennis • April 5, 2022
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