VIENNA, Va. - (03/30/06) Navy FCU said it has contractedwith Financial Technologies Inc. to process paper deposits usingFTIs QuickPost deposit and payment forwarding service. Theservice allows members to forward deposits or payments overnightthrough any one of 4,100 domestic locations of The UPS Store. Termsof the deal were not disclosed. Members take their check andcompleted deposit slip to the nearest location of The UPS Store.Once there, they place their item in a QuickPost envelope fordelivery. All QuickPost envelopes are then consolidated and sentvia UPS Next Day Air delivery to a state-of-the-art deposit andpayment processing center. There, the deposits are processed andthe funds are electronically routed to the member's bankaccount.
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After passing the Federal Reserve's stress tests with high marks, large banks announced dividend increases. In some cases, they also said the Fed had conceded that certain prior calculations needed to be revised.
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A team of ex-First Republic private bankers hopes to serve entrepreneurs who once worked with Silicon Valley Bank.
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The National Credit Union Administration, operating with just one board member, has liquidated two credit unions that were recently put into conservatorship. The failures are the first credit union failures since Democrats on the board were fired, leaving Republican Chair Kyle Hauptman.
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In a joint letter signed by over 50 bank trade groups, leaders in the banking industry urged regulators to revise bank regulatory thresholds upward to keep up with inflation.
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Dime Community Bancshares, which has added dozens of bankers over the past two years, is now ready to consider expanding its geography.
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The conviction of a fraud ring mastermind highlights growing risks in home equity lines of credit as equity-rich borrowers become prime targets.
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