Bank of America on Thursday launched something called the “SafeBalance” account, which costs $4.95 a month and comes with no paper checks. Its primary selling point: you won’t overdraw your account. But current bank regulations already protect consumers from overdraft penalties.
The online credit marketplace studied 10,000 companies and found that earnings of women-owned businesses shot up 54 percent in a year-to-year comparison. Average earnings for women-owned businesses surged to $54,114 in 2013, from $35,135 in 2012 — a huge 54 percent jump year-over-year.
After shedding more than $1.5 trillion in mortgage debt since the financial crisis, borrowers are taking on higher credit balances, covering both home financing and payment cards, according to the latest report from Equifax.
This is not the time to “turn away from innovations” that improve U.S. employment and the economy, the Bitcoin Foundation says in a letter to Sen. Joe Manchin, the Democrat from West Virginia who has proposed a ban on the virtual currency.
“The increase in popularity over the last month in SBA lending accounts for the rise in approval rates at small banks, which rely heavily on the SBA Express program (loans less than $350,000) and SBA 7(a) program (loans between $350,000 – $5 million).”
There’s plenty of competitive space in the small business lending arena, with the number of commercial loans under $1 million dropping 21.6 percent since 2007. The financial crisis of 2008 slowed capital to small businesses substantially.
Interest-bearing personal checking accounts pay as much as 106 percent to 504 percent higher rates on balances up to $50,000, compared to savings and money market accounts, according to WalletHub’s Banking Landscape Report for January 2014.
Business owners who said their credit needs are satisfied amounted to 32 percent of respondents, matching recent highs in November 2013 and September 2012.
T-Mobile announced Wednesday that it is now offering Mobile Money, a checking account service that promises zero fees for everyday banking-type services. Now, let’s see how long it takes for Verizon, AT&T and Sprint to follow T-Mobile’s lead again.
Three big U.S. banks, with others likely to follow, are getting out of the “deposit advance” business, in which consumers seeking short-term cash can be hit with high fees amounting to as much as 300 percent annual interest.