Banking News

Bank of America said Wednesday that it plans to ditch overdraft fees on debit card purchases this summer.

The Federal Reserve recently announced new requirements that are slated to go into effect in July. But the Charlotte, N.C.-based lender’s move goes one step further.
continue

Bank tax designed to recoup taxpayer bailout funds used to stabilize the financial system, would be passed along to consumers says a leading Republican lawmaker said on Thursday, citing a nonpartisan budget analysis.
continue

Metrobank is the latest UK bank soon to hit the high street. The City regulator has effectively given one of a new breed of British high street banks the go ahead to open its doors to customers.
continue

Bad debt caused a drastic 24% fall in pre-tax profits to $7.1billion, reported HSBC, Britains biggest bank. Higher loan impairment charges took the shine off a strong performance by its investment banking arm and a narrowing of losses from its US business.
continue

Bad debts have contributed to a staggering £6.3bn pre-tax loss announced by Lloyds Banking Group today.

Part-nationalised, Lloyds Banking Group, which is 41% owned by the taxpayer, made losses of £24m on bad debts – much higher than those reported by RBS on Thursday.
continue