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Recent Blog Posts
The chip card drama continues. Last year retailers were squabbling about having to install card readers at their cash registers to accommodate the wave of chip cards that banks were flooding the universe with. It’s ATM owners time to whine and crack open their wallets to meet the October 21 deadline by MasterCard to equip their ATMs with card readers capable of reading the computer chip embedded in newer debit and credit cards. They can choose not to comply, but doing so comes with a pricetag – liability shifts...Continue Reading
Bank of America is a banking behemoth, with operations in more than 35 countries throughout Europe, the Middle East, Africa, Asia Pacific, and the Americas. It is the third largest financial institution in the U.S. with $1.66 trillion in assets, more than 148,000 employees, and some 72 million accounts.
Bank of America offers a suite of banking, investing, asset management, and other financial and risk management products and services. The Charlotte, North Carolina-based bank had its beginnings in 1904 when it was founded as the Bank of Italy in San...Continue Reading
Wells Fargo & Company, with $1.7 trillion in assets, as of September 30, is currently the second largest bank in the U.S., and one of the world’s most valuable banks by market capitalization ($223 billion).
Its history is long. Founded in 1852 in San Francisco, the institution known for its iconic stagecoach logo, provides banking, insurance, investments, mortgage, and consumer and commercial financial services through more than 8,600 locations, 13,000 ATMs, online (wellsfargo.com), and mobile devices. Wells boasts some 70 million customers and one in three U.S. households who are...Continue Reading
While America is no doubt a most litigious society, guess who it’s getting harder to sue? Your bank. According to The Pew Charitable Trust, many account agreements restrict the legal recourse available to consumers who have disputes with their banks.
You may not have even been aware of the clauses in contracts that can be hard to find in all the fine print. But often, whether you’re signing on for a credit card, payday loan, or student loan, you give up your right to participate in a group lawsuit if...Continue Reading
This is the ninth in a series of articles on companies behind online banking. Last week we profiled Envestnet/Yodlee. This article features FIS (Fidelity National Information Services).
FIS: Where Banks Turn For Help
There are rewards for doing the dirty work. Just ask FIS. It touts the fact that it can save financial institutions 20% to 25% in operating expenses from year one by taking on core tasks, such as processing checks, handling electronic payments, and ensuring that ATMs are dispersing money like they are supposed to. For their...Continue Reading