Retail

More than half of credit-card users don't understand their benefits

Regional issuers such as BB&T and PNC Bank outpaced national brands such as Capital One and Chase in a J.D. Power credit-card customer satisfaction study released Thursday.
By Dan Ennis • Aug. 23, 2019
Advocates seek 'unified voice' from regulators on small-dollar loans

U.S. consumers borrow nearly $90 billion every year in loans between $300 and $5,000, the Office of the Comptroller of the Currency said. But few banks are moving into that market.
By Anna Hrushka • Aug. 23, 2019
Wells Fargo may want to consider changing name, image adviser says

Consumers gave the bank a 91% negative rating long after its fake-accounts scandal. Plummeting stocks, a lengthy CEO search and a "mea culpa" campaign aren't helping.
By Anna Hrushka • Aug. 22, 2019
Capital One buys robo-adviser United Income

The acquisition comes a year after Capital One took a 10% stake in the wealth management platform.
By Anna Hrushka • Aug. 19, 2019
Closed Wells Fargo accounts charge customers overdraft fees: NYT

One employee in the bank's debt-collection department raised concerns after taking in an estimated $100,000 in overdraft fees over eight months.
By Anna Hrushka • Aug. 16, 2019
Capital One's hacker breached more than 30 organizations, prosecutors say

The servers found in Paige Thompson's bedroom held data from the bank and other entities, though the data is not personally identifiable information.
By Samantha Ann Schwartz • Aug. 15, 2019
Big-bank leadership lacks diversity, House panel says

The boards of directors of the nation's largest banks are composed of only 29% women and 17% minorities despite a U.S. population that is more than 50% female and 40% nonwhite.
By Anna Hrushka • Aug. 14, 2019
Banks' use of social media matures, ABA finds

More than 80% of respondents said they "agree" or "strongly agree" that social media are important, up from 76% according to a parallel study the trade association conducted in 2016.
By Anna Hrushka • Aug. 09, 2019
Fintechs lower high-yield interest rates following Fed cut

Despite the drop, Betterment, Wealthfront and digital banks are still offering some of the industry's highest interest rates for savings accounts.
By Anna Hrushka • Aug. 08, 2019
Wells Fargo boosts legal reserve for the third time in a year

The bank attributed the increase — to $3.9 billion — to a variety of factors, including the legal fallout related to its retail sales practices.
By Anna Hrushka • Aug. 07, 2019
How a Silicon Valley startup is using open banking to fight false declines

Incorrectly flagged or canceled transactions cost the market 10 times the amount credit card fraud does, the CEO of Deep Labs said, citing an Aite Group study.
By Anna Hrushka • Aug. 06, 2019
Walmart may tap unbanked market with cryptocurrency plan

The retailer filed a patent to develop a cryptocurrency as an end-run around credit card transaction fees.
By Dan Ennis • Aug. 05, 2019
Apple reduces Barclays rewards, touts Goldman-backed, app-based card

An interface on Apple's Wallet app will break purchases down into categories to better identify spending behaviors.
By Dan Ennis • Aug. 02, 2019
Barclays drops private prisons as more banks weigh reputational risks

The announcement follows in the footsteps of other large financial institutions turning away from the industry, as more banks make business decisions related to social issues.
By Anna Hrushka • Aug. 01, 2019
Digital bank Green Dot targets broader market with new high-yield savings account

The 3% yield puts it at the top of the high-yield savings account market, a rate that makes it 30 times the national average.
By Anna Hrushka • July 31, 2019
JPMorgan Chase bets on AI to generate marketing copy

Ads rendered by Persado's software received as much as a 450% lift in click-through rates — more than twice the boost of human-written ads, a pilot program showed.
By Peter Adams • July 30, 2019
Citigroup to cut hundreds of jobs, reports say

The news of job cuts follows reports Citigroup will combine its stock trading business with its prime brokerage unit. A source, however, told the Financial Times the cuts are not related to the bank’s reorganization plans.
By Anna Hrushka • July 30, 2019
Japanese online merchant Rakuten files for Utah bank charter

The online retailer is applying to be an industrial loan company, but U.S. trade groups are wary of the designation, calling the lack of oversight a consumer safety issue.
By Anna Hrushka • July 29, 2019
Women pay 18% more in bank fees per year, study shows

The pay gap between women and men is to blame, said the CEO of the investing app whose data was used in the study. But overdraft fees are at their highest level in nearly a decade.
By Dan Ennis • July 29, 2019
Capital One signs Taylor Swift, eyes an edge in cash-back market

The "Shake It Off" singer appears in a commercial highlighting the company’s Savor card.
By Anna Hrushka • July 26, 2019
Bank ties, new campaign push Zelle to big gains

The Zelle platform, which is owned by a consortium of the country's largest banks, could see continued growth as more financial institutions adopt the mobile app.
By Anna Hrushka • July 25, 2019
ICBA calls for national data privacy standard

Banks that serve two or three states could face hurdles if those states enact different privacy laws, an ICBA executive said.
By Anna Hrushka • July 23, 2019
Senate panel poised to hear pot banking challenges

Tuesday's hearing comes as the bipartisan Secure and Fair Enforcement (SAFE) Banking Act gains momentum in Congress.
By Anna Hrushka • July 22, 2019
Ally abandons credit card business for point-of-sale loan model

Ally Financial hopes its $190 million purchase of a medical lending company will push its point-of-sale capabilities to other retail sectors.
By Dan Ennis • July 19, 2019
BB&T, SunTrust reveal $60B community benefits plan ahead of merger hearing

News of the banks' Community Benefits Plan comes ahead of a House Financial Services Committee hearing July 24 where lawmakers will examine the proposed merger.
By Anna Hrushka • July 17, 2019