Frost Bank gives direct deposit customers early paycheck access

The product follows an overdraft grace feature the bank rolled out in April that gives direct deposit enrollees protection when they overdraw their checking accounts on transactions up to $100.

By Anna Hrushka • July 13, 2021

JPMorgan's Q2 profit more than doubles amid slight drop in revenue

The bank said its reserves for credit losses remain at $22.6 billion, an amount CFO Jeremy Barnum said reflects the remaining uncertainty around the COVID-19 pandemic and the shape of the economic recovery.

By Anna Hrushka • July 13, 2021

Explore the Trendline➔

The Banking Dive Outlook on 2022

Some narratives in 2022, such as office returns, will seem like a logical progression from the year before. Others, such as the regulatory sphere and shift toward smaller M&A, may mark a big shift from the previous 12 months.

By Banking Dive staff

Rethinking overdraft

While many stakeholders would agree banks need to revamp the fee-based model, it remains to be seen whether change will come through legislation or the market.

By Anna Hrushka • July 12, 2021

U.S. Bank boosts unit to advise local governments on asset management

The deal to acquire PFM Asset Management for an undisclosed sum is at least the second move in the past seven months aimed at bolstering the Minneapolis-based bank's noninterest income.

By Dan Ennis • July 12, 2021

Biden executive orders target bank mergers, financial data sharing

One measure requires the Justice Department and bank regulators to update guidelines to boost merger scrutiny, while another encourages the CFPB to issue rules giving customers greater access to their financial data.

By Anna Hrushka • July 9, 2021

Billie Jean King-backed de novo to open this fall

Chicago-based First Women's Bank said it raised more than $30 million through its private placement offering with the support of an investor group including Bank of America, Fidelity Investments and the tennis legend.

By Anna Hrushka • July 8, 2021

Chime customers file hundreds of CFPB complaints over locked accounts: report

In an attempt to root out fraud related to government-backed pandemic aid, the fintech may have inadvertently closed hundreds of legitimate customer accounts, ProPublica reported Tuesday.

By Anna Hrushka • July 7, 2021

Chime, Current lead US banking app downloads in first half of 2021: report

The top 10 digital-first banking apps in the U.S. recorded 16.33 million installs during the first half of 2021, according to a report that indicated European neobanks are lagging their U.S.-based competitors in market share gains.

By Anna Hrushka • July 6, 2021

Fintech Karat aims to become influencers' bank, raises $26M

The company plans to move beyond credit cards and offer a suite of tools, including bank accounts and tax preparation services, for the creator economy.

By Anna Hrushka • July 2, 2021

Banks prepare for 2021's second act with office-return, banker-pay pledges

Like any good drama, last week provided a recap of several long-running narratives in banking before the industry launches into 2021's latter half.

By Dan Ennis • July 2, 2021

Wealth management fintech gets boost from Florida community bank

A $2.5 million investment from Coral Gables-based Amerant Bank accounted for half of a Series A funding round for Marstone, whose CEO says the pandemic has accelerated every institution's digital roadmap.

By Anna Hrushka • June 30, 2021

JPMorgan Chase eyes 3rd fintech acquisition in the past year

The latest tie-up follows a busy year of deal activity for the U.S.'s largest bank, which is also eyeing growth opportunities in the U.K. and Brazil.

By Anna Hrushka • June 29, 2021

TD Bank introduces no overdraft-fee account, revises overdraft policy

The account comes with a $4.95 monthly fee. The bank, effective in August, will increase its overdraft threshold to $10 and reduce the number of times a customer can be charged an overdraft fee from five per day to three.

By Anna Hrushka • June 28, 2021

Neobanks expand, add products for US immigrant market

Majority secured $19 million in seed funding to help it expand nationally. Remitly's Passbook debuted a series of new features. And Fair officially launched.

By Anna Hrushka • June 25, 2021

Timing is right for overdraft legislation, lawmaker says

Rep. Carolyn Maloney, D-NY, who has introduced the Overdraft Protection Act every Congress since 2009, said the COVID-19 pandemic has highlighted the need for more transparency in banks' overdraft practices.

By Anna Hrushka • June 24, 2021

HSBC to sell French retail banking operations to Cerberus-backed entity

Europe's largest lender expects to take a $3 billion hit as part of the deal, which is set to close during the first half of 2023.

By Dan Ennis • June 21, 2021

Verizon targets Gen Z market with new digital banking app

For a $5.99 monthly fee, Family Money lets parents monitor and cap their children's spending, block certain spending categories and set up allowances.

By Anna Hrushka • June 18, 2021

Grocer Hy-Vee rolls out checking, savings accounts for shoppers

The newly launched financial services program also offers car, home and pet insurance and home and consumer loans through Midwest Heritage, a bank owned by the Iowa-based chain.

By Sam Silverstein • June 18, 2021

JPMorgan to buy robo-adviser Nutmeg to bolster UK footprint

The deal, for an undisclosed sum, comes months after the bank acknowledged it would launch a digital banking platform in the country this year, and after the two companies partnered on a product in November.

By Dan Ennis • June 17, 2021

Neobank Better Financial aims to cushion financial shocks for gig workers

The startup uses account holders' current payroll data and past payroll history to underwrite low-interest emergency loans.

By Anna Hrushka • June 17, 2021

Capital One launches early access to direct deposit

The McLean, Virginia-based bank joins Fifth Third in offering the feature, which is already commonplace among neobanks.

By Anna Hrushka • June 16, 2021

Goldman's Marcus finds its next CFO within

Liz Ewing, who most recently served as chief of staff for Goldman CFO Stephen Scherr, joined the bank in 2011 and has co-managed its regulatory policy team.

By Dan Ennis • June 16, 2021

Morgan Stanley, Bank of America CEOs break relative silence on office returns

"[By] Labor Day, I'll be very disappointed if people haven't found their way into the office and then we'll have a different kind of conversation," James Gorman said at a conference.

By Dan Ennis • Updated July 26, 2021

National banks outpace regionals in digital satisfaction: J.D. Power study

Bank of America bested JPMorgan Chase in mobile app satisfaction among national banks. Regions Bank and Huntington Bank took the highest marks among regionals in online and mobile app satisfaction, J.D. Power found.

By Anna Hrushka • June 14, 2021

Citi's new 5% cash-back card adapts to users' changing spending habits

Days after Wells Fargo launched a product to compete with the world's top card issuer, Citi rolled out its own offering in a signal that the card space is ready to rebound from a relatively muted 2020.

By Anna Hrushka • June 11, 2021