New data from automated clearing house governing body NACHA reaffirm the continuing gains of electronic bill payment and the long-term decline in consumer check writing to pay bills. NACHA’s report for 2011’s fourth quarter says that transactions under the so-called WEB standard entry class code for Internet bill-payment debits grew 6.9% to 685.9 million from [...]
Tag Archives: Banking
Tue 11/08/2011 - 04:19
Release Date: Wednesday, November 02, 2011 Equifax’s latest National Credit Trends Report shows that Total consumer debt now stands at $11.2 trillion, nearly equivalent to the $11.1 trillion posted pre-recession in 2006 according to the most recent Equifax National Credit Trends Report. Consumer debt outstanding peaked in October 2008 at $12.4 trillion. In addition the report [...]
Fri 09/30/2011 - 04:23
Posted by Chad Davis on September 30, 2011 at 9:05am As expected another big bank announced new fees associated with debit card usage. Bank of America recently announced a $5 per month fee for all customers who use their debit card fee—with exception to ATM usage and certain special accounts. This new fee [...]
Sun 04/10/2011 - 12:00
More than eight months after it introduced same-day settlement for automated clearing house transactions, the Federal Reserve has attracted only a handful of banks for the service. “It’s been a long struggle,†Steven Cordray, retail payments project manager at the Atlanta Fed’s Retail Payments Office tells Digital Transactions News. Speaking on Monday at Payments 2011, [...]
Fri 01/21/2011 - 07:41
Crooks have stolen more than $150,000 from a US business after embedding malware into an e-mail replying to an online job posting. The FBI is warning small firms about the scam, which sees computers infected by malware contained in attachments to e-mails sent in response to job ads on employment Web sites. In one recent [...]
Tue 11/09/2010 - 08:15
Digital Transactions – November 3, 2010 Secure Vault Payments (SVP), a method of e-commerce payment that relies on the automated clearing house, secured its first big-bank supporter on Wednesday with the announcement that U.S. Bank has agreed to offer the service to both consumer and merchant clients. The fifth largest bank in the country, the [...]
Wed 09/29/2010 - 09:58
Credit unions in Utah and across the country are facing higher insurance premiums — the result of federal regulators late last week seizing three wholesale credit unions that were financially hobbled by losses on sub-prime mortgage bonds. The three wholesale credit unions, in Connecticut, Illinois and Texas, were seized by regulators of the National Credit [...]
Mon 05/31/2010 - 04:24
Cross posted from American Banker by Daniel Wolfe The best thing about mobile payment apps is not the speed of transactions made with phones, but how the apps let people manage their accounts on their own instead of wasting time at the register, according to early results from retailers. Bankers have been promoting the mobile [...]
Fri 05/28/2010 - 03:16
Between 2000 and 2010, the number of households that use online banking increased more than six-fold, and the number that use online bill payment increased nearly eight-fold. Online bill payers now represent a wide cross-section of the U.S. population, and women have edged out men as the primary users of the service. A comprehensive overview [...]
Sat 04/24/2010 - 09:15
Cross-posted from Bank Fraud Forum by Shirley Iscoe According to the 2009 ABA Deposit Account Fraud Survey Report, debit card losses totaled $788 million in 2008, compared to $1.024 billion lost to check fraud. On the surface, clearly check fraud is a larger problem. Surprisingly, however, more banks reported experiencing debit card fraud losses than [...]
Mon 04/19/2010 - 09:25
Cross posted from Finextra The poll of 687 community bankers shows 89% are considering some form of enhancement to their existing platform. That includes 54% looking to design a mobile application for a smartphone, such as an iPhone, and 35% planning to add some type of functionality to their existing platform. Of those already offering [...]
Wed 04/14/2010 - 03:02
Cross posted from Bank Fraud Forum April 09, 2010 by Shirley Inscoe Recently several bankers I’ve spoken with stated they “don’t have a check fraud problem†or that they have check fraud “under controlâ€. These comments puzzled me, especially in light of the release of ABA’s most recent Deposit Account Fraud Survey Report. The report, [...]
Fri 04/09/2010 - 11:35
Posted on: 6 April 2010 Posted by: Cormac Flanagan on TheFutureofBanking.org Here is a launch description for a bank’s new mobile banking offering. What year do you think this is from? (scroll down for answer) Customers will be able to check their balances before making a purchase, transfer money between current and savings accounts, and [...]
