Consumer banking
The North Carolina company will also eliminate nonsufficient-funds fees as it aims to keep pace with larger rivals, including Bank of America, that have revised their overdraft policies.
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The expenses jumped 33% last quarter, which was generally in line with trends elsewhere in the credit card industry. The battle for new customers is “intense,” CEO Richard Fairbank told analysts.
January 26 -
After regulators signaled their intention to crack down on banks that lean on the controversial charges, First National Bank Texas adopted a reform. A bank spokesperson said the move was unrelated to any pressure from Washington.
January 25
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The Alabama company continues to explore buyouts of add-on businesses, part of a strategy that has already helped recoup dollars lost as a result of reforms to its overdraft practices.
January 21 -
Executives predict a 5% to 6% bump in lending this year, and they also say they'd be comfortable if up to a third of the Cincinnati company's excess cash migrates away.
January 20 -
The government has become more skeptical of mergers, but the Minneapolis company expressed confidence it can maintain its original timeline for the $8 billion acquisition. Separately, it announced substantial changes to its overdraft program that will, among other things, eliminate fees for nonsufficient funds.
January 19 -
The Rhode Island bank estimated that its revised overdraft practices will cost $40 million each year, but it noted that complaints to call centers are down 40% since the policy change.
January 19 -
The nation’s sixth-largest bank will offer a $750 line of credit to customers who need short-term liquidity, and will gradually become less reliant on older accounts that charge the controversial fees. With the plans, Truist is moving in the same direction as many large and midsize banks.
January 18 -
A group of community banks and two major trade associations have formed a partnership with and invested in the fintech NYDIG to offer the service on the banks’ mobile apps by midyear. The banks say it will help them generate revenue and retain customers interested in cryptocurrency.
January 18 -
Citigroup CEO Jane Fraser is nearing the end of her organizational overhaul after deciding to cut loose retail-banking operations in Mexico. She will make the case at an upcoming investor day that the company is on the verge of producing stronger shareholder returns.
January 14
