Archive for the 'Finance' Category...
Filed under Finance
Bank of America, which collected more than $22.4 billion from customers last year for everything from using a competitor’s ATM to paying a credit card bill late, is launching a new effort ostensibly to help customers avoid the pesky fees. It’s an ironic campaign for the nation’s second-largest bank since more than half its annual revenue comes from non-interest income that includes such fees. In the recently completed first quarter, growth in fees and other non-interest revenue sources helped the company post a 5 percent earnings increase.
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Original post by Tom Maliti and software by Elliott Back
Filed under Finance
Confused by the fees and terms of your credit card? The Federal Reserve wants to make your monthly bill and solicitations that arrive in your mailbox easier to understand. The Fed also wants companies to give people more than a month — 45 days — notice before making any changes to the terms of an account, including slapping on a higher penalty rate for missing payments or paying bills late. Under current regulations, credit card companies in most cases provide 15 days notice before making certain changes to the terms of an account, the Fed said.
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Original post by Jeannine Aversa and software by Elliott Back
