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Archive for the ‘Checking Accounts’ Category

Filed under: Banking – Checking Account

Bank of America is launching a new checking account that encourages customers to stick to banking online, through ATMs or over their mobile phones.

Called eBanking, the new account will be free to customers provided they do what is suggested in the title — stick with electronic banking. Should the customer use a bank branch, they will have to pay an $ 8.95 monthly maintenance fee. “But just for that month,” says Bank of America spokeswoman Anne Pace.

Bank of America tested the new account in Georgia and will make it available nationwide on August 6, according to Pace.

Continue reading Bank of America’s new checking account awards those who bank online

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WalletPop

Filed under: Banking, Retirement, Technology, Banking – Checking Account

Last month, I wrote about a big move by the Treasury Department to make all payments from the U.S. government electronically. In the announcement, Office of Management and Budget Director Peter Orszag called the change a “win-win for the American public.” Now, we’re hearing from others with a different opinion.

Consumer rights groups, including the Consumer Federation of America and Consumers Union, have stepped forward to say that the real winner here could be banks and payday lenders.

The issue at stake is that, while the Social Security Administration says that 83% of all Social Security and SSI beneficiaries receive their benefits by direct deposit, the elimination of paper checks may be forcing the rest into a situation that could put them at risk for expensive payday loans and high fees.

Continue reading Social Security’s electronic payment system criticized

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WalletPop

Filed under: Banking, Money College, Saving Money, Banking – Checking Account, Student Loans

A recent survey by Capital One Bank revealed that “nearly half of all high school seniors polled say they are unsure or uncertain about their ability to manage their banking and personal finances.” This is quite alarming considering the fact that they will likely be handling college and personal finances on their own in just a few short months. Pair this with the increased likelihood that students are vulnerable to unscrupulous credit card deals and identity theft, and it is clear that a high level of protection is greatly needed.

For this reason, most colleges have their own credit union, which offers credit cards to students at much lower interest rates, plus other services to help guide and protect students in their financial dealings. One such credit union for college students is Campus Federal Credit Union, which is available to students, alumni and employees of the Louisiana State University system, as well as their family members. Membership is also available to residents in areas of Baton Rouge, Shreveport, and New Orleans.

Continue reading Campus Federal Credit Union helps LSU students get financial footing

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