An estimated 90,000 Minnesota workers, and about six million across the country, could soon be able to get overtime pay under a new proposal by President Obama. Right now, salaried workers making less than $23,660 get overtime pay under federal law.
Consumers are now paying record high ATM fees, according to a new survey by Bankrate.com. The average cost for using another bank’s ATM nationwide is $4.35 per transaction. As for the Twin Cities, the survey shows the area has the nation’s 12th-highest average ATM fee at $4.44
Target now faces its first Minnesota lawsuit following the massive data breach that’s believed to have compromised up to 110 million customers’ information. Five rural banks in southern Minnesota have reportedly joined together to file a lawsuit against the retailer.
TCF Bank customers have the most to complain about, according to a new consumer study. Research from the Federal Consumer Financial Protection Bureau says that the Wayzata-based bank was at the top of the list when it comes to the number of complaints they get.
After mortgage banker Alex Stenback of Alerus Mortgage helps people buy a new home, he sells off the mortgage. “We sell everything that we do here,” Stenback said. “When we sell them, it’s one by one.” About 80 percent of home loans are eligible to be sold. Stenback says it can happen for a couple of reasons. “One is there is $10 trillion in outstanding mortgages right now in the country and there’s simply not enough deposits in all the banks to make that many mortgages,” he said.
Students protesting Macalester College’s ties to Wells Fargo have ended their sit-in after the college president agreed to a meeting.
A Lakeville man pleaded guilty Wednesday in federal court to swindling more than $1.4 million in loans from multiple banks, the U.S. Department of Justice said.
U.S. Bancorp said Tuesday its first-quarter profit jumped 28 percent, as the bank set aside less money for bad loans and got a boost from jumps in income from both loans and fees.
Banks took back more U.S. homes in January than in the previous month, the latest sign that foreclosures are accelerating after slowing sharply last year while lenders sorted out foreclosure-abuse claims.
Anger over bank profits and fees have some lining up behind a movement to transfer their accounts to credit unions. So, what is the difference between a bank and a credit union?
Labor unions joined the front lines Saturday in what Occupy Minnesota has termed “the fight against corporate greed.”
Wells Fargo is imposing a $3 monthly debit card fee for customers in five states, a move that comes after Bank of America increased its debit-card fees to $5 a month. So, why are banks raising fees even after reporting record quarterly profits?
A national study finds that consumers are facing higher banking fees but those fees are lower in the Twin Cities than in most other cities.
Regulators on Friday shut down a total of six banks in Alabama, Georgia, Minnesota and Mississippi, boosting the number of U.S. bank failures this year to 34. There were 157 bank closures in 2010 amid the shattered economy and piles of bad loans.
With the possible theft of millions of consumer email addresses from an advertising company, several large companies have started warning customers to expect fraudulent emails that try to coax account login information from them.
The Federal Reserve on Friday cleared the way for some major banks to boost stock dividends, prompting announcements from JPMorgan Chase, Wells Fargo and U.S. Bancorp.
Luke Weimert thought he was just giving a 70-year old woman a helpful lift to the bank. Imagine his surprise when police pulled over his car, ordered him and Sandra Bathke to the ground and said he was driving the getaway car in a bank robbery.