All articles by Douglas Blakey
Douglas Blakey
Fed finalises credit card fees ruling
The Federal Reserve has approved a final rule designed to protect credit card users from what it considers to be unreasonable late payment and other penalty fees. The ruling also requires credit card issuers to reconsider interest rate increases imposed since the beginning of last year The new rules require that late payment and other penalty fees be assessed in a way that is fairer and generally less costly for consumers,” said Federal Reserve governor Elizabeth Duke.
Delinquency rates fall at biggest US card issuers
Credit card delinquency rates payments late by 30 days or more fell in May at all of the six largest US credit card issuers, boosting hopes that cardholders are regaining control of their debt repayments. Citi reported the biggest delinquency rate drop, down by 60 basis points from 9.02% in April to 8.42% Citis cards write-off rate also fell in May, by 7 basis points from 11.23% to 11.16%.
US Bank to launch P2P payments
US Bank, the sixth-largest US bank by assets, is to launch a person-to-person mobile payments service to customers via a partnership with payments vendor CashEdge US Bank will roll out CashEdge’s Popmoney service later this year to its mobile banking customers at www.usbank.com and the downloadable mobile banking application, the US Bank Mobile Wallet. The service will enable US Bank customers to send money directly from their bank account to anyone with an email address, mobile phone number and a bank account.
Yes Bank to open 100 new branches
Yes Bank has confirmed it plans to open 100 new outlets in the next year, expanding its branch network to around 250 units. I truly believe that this incremental branch expansion is a significant organisational imperative for the banks next phase of growth..it will further propel retail and SME banking initiatives, managing director and CEO Rana Kapoor said. Yes Bank will steadily enter into the retail banking segments, by offering a wide suite of competitive products while augmenting the pan-India branch presence, he added.
Citi launches 5% debit card cashback promo
Citigroup has launched a current account promotion offering a 5% cash back bonus until the end of November for signature-based debit card purchases The offer applies to customers opening a new Citi personal or business checking account before 9 July. During the six-month promotion, Citi will automatically deposit a cash bonus up to a maximum of either $250 for personal accounts or $500 for business and premier personal accounts directly back into the customers current account.
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Rabo, Agricultural Bank of China agree strategic deal
Agricultural Bank of China (ABC) and Rabobank have signed a Memorandum of Understanding (MOU) to establish a strategic partnership to co-operate in various areas of business The MOU will seek to provide mutual assistance and sharing of experience in wholesale banking, rural finance, asset management and leasing, as well as exploring ways to unlock joint business opportunities
RBS cost-cutting extends to media planning
State-controlled Royal Bank of Scotland (RBS) is reportedly reviewing its media planning and buying account, worth an estimated £132m ($193.1m), as part of its ongoing cost-cutting campaign, according to a report by marketing trade journal campaign The media account is currently held by WPP-subsidiary MediaCom and covers the RBS and NatWest brands as well as insurance subsidiaries Direct Line and Churchill.
TEB and Fortis Turkey agree merger
The newly merged entity will be branded TEB and form Turkey’s ninth-largest bank by assets, with 630 branches, 3 million individual customers, and 500,000 small business or corporate clients.
TEB rolls out MasterCard’s interactive debit card
Turk Ekonomi Bankasi (TEB), the Turkey-based subsidiary of BNP Paribas, has become the first bank to roll out MasterCards next generation debit card While the new payments card works like other debit cards, it is interactive and contains a small display window and touch-sensitive button.
Raiffeisen’s direct bank to launch as Zuno
Raiffeisen International has announced that its direct banking subsidiary will be branded Zuno Bank and will go online in Slovakia later this year, before rolling out the new brand across other countries in Central and Eastern Europe (CEE)