COLUMBUS, Ohio - (01/23/06) -- Alliance One, an ATM network managedby Corporate One FCU, announced last week it is waiving its $250annual membership fee this year for its credit union members thatrefer other financial institutions to the network. The network willalso wave the member credit union's participation fee through 2010if the credit union refers three or more financial institutionsthat join Alliance this year. Alliance One is a selective-surchargeATM network for credit unions and other financial institutions. Aselective-surcharge ATM network allows card holders to use ATMs inthe network for free if they have an account with a financialinstitution in the network. Costs to join Alliance One usuallyinclude a one-time $300 implementation fee and the $250 annual fee.The incentive program was introduced to grow membership,particularly in the South. About 800 of the network's approximately1,000 member financial institutions are in the Great Lakes region..Alliance One has more than 3,600 ATMs in 37 states, Puerto Rico andthe District of Columbia.
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Banking Circle US is the first company to use Connecticut's uninsured bank charter for wholesale and merchant activities. This kind of charter makes sense for payments firms, but questions persist about overall viability.
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The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
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Ant Group's Alipay is linking to Pakistan's NayaPay as part of a push to support tourism to China, Revolut has obtained a license from Mexico's National Banking and Securities Commission, and more.
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Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16 -
The Federal Reserve chair's comments coincide with the spring meeting of the International Monetary Fund and the World Bank Group in Washington. They also come as groups like the Basel Committee on Banking Supervision are being scrutinized.
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The Federal Home Loan Bank System stepped up advances by 37% or more to Silicon Valley, Signature and First Republic banks ahead of their failures, the GAO says in a post-mortem on last year's banking crisis. The findings add to the debate about whether the system should be a lender of last resort.
April 16