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Banks have increased fees for overdrafts and out-of-network ATM transactions in the past year, according to data released Monday by Bankrate.com.
September 29 -
California Gov. Jerry Brown signed the Electronic Benefits Transfer Protection and Empowerment Act, AB 1614, on Sunday. The law includes a requirement that recipients of the California Work Opportunity and Responsibility to Kids welfare program must receive information that helps prevent ATM fees being charged against them when accessing their benefits.
September 29 -
Peer-to-peer lenders, cryptocurrency services and providers of tech-based services for cash-heavy users are all out to syphon business away from mainstream banks. The challenge for banks is figuring out if the threats are legitimate then trying to decide whether to beat them or join them.
May 16 -
The Wells Fargo Digital Lab, which opened in late September, offers a glimpse of what banking could look like in years to come.
October 23
FreeATM has launched its first set of surcharge-free automated teller machines across the New York metropolitan area.
The ATMs have been installed at 25 locations in Manhattan, Brooklyn and Queens. FreeATM expects to have 55 ATMs deployed by the end of 2014.
Customers can use these ATMs for free, provided they watch an advertisement from a retailer. The ATMs also broadcast national and local news through a partnership with Metro.US.
FreeATM has secured partnerships with three ATM operators Everything ATM, ATM Access, and ATM Money Machine. They will beta-test 250 machines in the tri-state New York region, then expand to Boston, Philadelphia and Washington, D.C., FreeATM said in a Tuesday press release.
"Any customer from any bank can use our FreeATMs and save $1 to $3 by simply watching an advertisement from a targeted brand," Clinton Townsend, co-founder and chief executive of FreeATM, said in the release. "We hope that our customers, in turn, spend locally within their communities."
