Target Set To Upgrade To Safer Card TechnologyChanges are on the way for customers in the check-out line. After the Target data breach that impacted at least 40 million accounts, stores and banks decided to upgrade to chip-implanted credit cards.
Obama Wants More Workers Eligible For Overtime PayAn 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.
Survey: ATM Fees At Record High In AmericaConsumers 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 Faces 1st MN Lawsuit In Data BreachTarget 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.
Survey: TCF Tops List For Most Customer ComplaintsTCF 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.
Good Question: Why Are Mortgages Sold?After mortgage banker Alex Stenback of<a href="http://www.behindthemortgage.com"> Alerus Mortgage</a> 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.
Student Protesters End Sit-In At Minn. CollegeStudents protesting Macalester College's ties to Wells Fargo have ended their sit-in after the college president agreed to a meeting.
Man Pleads Guilty To Swindling Banks Of More Than $1.4 MillionA 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.
US Bancorp 1Q Profit Up 28 Percent On Loan GrowthU.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.
Foreclosure Activity Edges Higher In JanuaryBanks 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.
Good Question: How Are Banks, Credit Unions Different?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 Stand With OccupyMN Protesters Labor unions joined the front lines Saturday in what Occupy Minnesota has termed "the fight against corporate greed."
Good Question: Why Are Successful Banks Raising Fees?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?
Esme's Blog: Bank Of AmericaSo Bank of America is going to <a href="http://dealbook.nytimes.com/2009/12/10/bank-of-america-finishes-tarp-repayment/" target="blank">charge debit card fees</a> of $5 a month if you use your card for purchases.
ATM Fees Are Lower In Minnesota Than Most CitiesA national study finds that consumers are facing higher banking fees but those fees are lower in the Twin Cities than in most other cities.