Last week the Federal Reserve said that it was leaving its benchmark interest rate near zero where it's been for the past 16 months. Given that interest rates have been so low for more than a year and that the economy has finally started to improve, some analysts have started to wonder whether the fed will soon change its policy and start raising rates to more normal levels.
We at BankFox wish we could predict the future – it would ...
A recent viral video created by the Huffington Post as part of their Move Your Money campaign has consumers reconsidering whether they should do business with large banks that received federal bailout money.
The video, which has been viewed almost a half a million times on YouTube, overlays headlines and news segments from the current financial crisis with clips from It's a Wonderful Life, a movie about a depression-era community banker who makes personal sacrifices to keep his town ...
About 18 months ago, bank failures were at the center of the news as storied financial institutions like Washington Mutual, Wachovia, Lehman Brothers, and Merrill Lynch all disappeared as standalone organizations. Media outlets were abuzz with news of these epic failures or last-ditch mergers.
Today, although bank failures continue to happen, they have become commonplace and less newsworthy, especially as there have been fewer large banks in the mix.
But that doesn’t mean that banks are out of the ...
Over the past few weeks, three large banks announced that they launched a new service called PopMoney, a technology that allows consumers to send funds to the mobile phones or email accounts of friends. The service is now available to PNC Bank, FNBO Direct, and First Hawaiian Bank customers, and is similar to a service that Paypal has offered for a while.
The way PopMoney works is that customers login to either their bank web site or mobile phone application ...
With all of the turmoil in the banking sector in the past year, many have considered switching banks because they’re either worried that their bank will fail, or they’re upset with their bank because it took taxpayer money and yet still awards its managers with large bonuses.
However, it’s often the banks that are least healthy (many of which have been the recipients of government loans) that are willing to offer the highest interest rates to savers ...
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