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Updates about the company, our research, and the industry.

Free Checking Still Exists

By BankFoxStaff -- Posted October 3, 2010

When the financial reform bill was being debated in congress earlier this year, many argued that the restrictions on banks would lead to the end of no-minimum balance free checking accounts. But since the bill barring hidden overdraft fees went into effect on August 15th, banks still seem to be offering such accounts, although in a few cases with some catches.

To preserve a no-minimum-balance, no fee checking account, Bank of America introduced its new eBanking Checking Account. The catch ...

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ShoreBank Fails And Raises Rates

By BankFoxStaff -- Posted September 4, 2010

Bank failures have become pretty routine over the past two years, so much so that they hardly make news anymore. But the failure of Chicago-based ShoreBank made more headlines than usual, both because it was a fairly large regional bank, but also because the financial institution was famous for its unique pioneering of socially-responsible lending.

It's no secret that ShoreBank had been in financial trouble. Several articles had noted its shakiness before the failure, and BankFox had given ShoreBank ...

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The End of Overdraft Fees

By BankFoxStaff -- Posted August 6, 2010

Last month congress finally passed new financial regulations meant to address the problems that led to the 2008 financial crisis. Although much of the bill is dedicated to trying to curb risky behavior of financial institutions, some of the legislation addresses issues that will directly affect how consumers interact with their banks.

One such issue is that banks will now have to explicitly get a consumer's permission to sign them up for overdraft protection, a service that lets consumers ...

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Wire Transfer Fees Differ

By BankFoxStaff -- Posted July 4, 2010

Every once in a while, we like to survey banks on a particular topic and report back to our readers on how much the banks differ. This month we decided to compare how much banks charge their consumer customers for sending or receiving domestic wire transfers.

We surveyed ten different banks with the goal of getting a mix of large and small, and both branch-based and online-only banks.

In general, it appears fees for sending a domestic wire transfer are ...

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Silly Bank Password Policies

By BankFoxStaff -- Posted June 3, 2010

Ever since online banking was first introduced more than 15 years ago, security of financial data has been a concern. And as hackers have become increasingly sophisticated at stealing information, banks have been forced to continually develop new ways to stop them.

Although many of the advances in security technology are needed, some policies surrounding passwords have increasingly become a pain in the neck for consumers. And now, a new study from researchers at Microsoft concludes that some of these ...

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