Banks Waive Fees for Residents in Path of Hurricane Sandy
Anticipating a storm-related cash crunch and bill-paying delays, Chase and Citibank announced on Sunday that they would waive overdraft, ATM, and/or late fees for customers in New York, New Jersey, and Connecticut who will get hit by historic Hurricane Sandy over the next 72 hours. JP Morgan Chase — the nation’s largest bank — sent an e-mail to customers Sunday night informing them that all overdraft fees and late fees on credit cards and business and consumer loans would be waived through Wednesday, Oct. 31. Customers have until the end of business Thursday to make sure their accounts and balances are up-to-date to avoid a fee. (MORE: 11 Weirdest Election-Themed Products) Similarly, Citibank announced that fees would be waived for New York City residents who use another bank’s ATM, according to The Wall Street Journal. As of Sunday evening Bank of America had not announced any specific move that would eliminate fees for any of the estimated 50 million people in the path of Hurricane ...
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Bank earnings kick off with JPMorgan blockbuster
Friday, October 12, 2012 - 06:59 Spencer Platt/Getty Images People pass a sign for JPMorgan Chase & Co. at it's headquarters in Manhattan on October 2, 2012 in New York City. JP Morgan Chase, one of the bellwethers of the global financial system, has reported a record profit for the third quarter. The huge diversified bank headed by Jamie Dimon—the largest in the U.S. by assets—says it earned $1.40 per share, up 34 percent from the July-September period in 2011. Analysts polled by FactSet had predicted earnings of just $1.21 per share. And money coming in the door—that’s revenue—was up 6 percent, also outpacing forecasts. As the economy improves, JP Morgan is setting aside less money in loan-loss reserves, helping the bottom line. The bank had $1.8 billion on the books for potential loan losses in Q3 2012, down 26 percent from the $2.4 billion in loan-loss reserves one year ago. The upcoming wave of bank earnings--including Wells Fargo, Citigroup, Bank of America, and Goldman Sachs--will ...
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For a fee, Facebook will promote your posts
Thursday, October 4, 2012 - 15:28 Marketplace Ryan Hassett in Long Beach, N.Y., was kind enough to let us try promoting a post using his Facebook account to see how his friends reacted. Facebook now claims 1 billion members. It’s a nice milestone, but it doesn’t do anything about the enduring problem facing Facebook: how to make money off all those folks. This week Facebook is rolling out a new feature in America that will allow users to pay money to give their posts extra visibility among their friends. For a fee, Facebook will provide an extra large megaphone. It’s rolling out gradually, and my Facebook account doesn’t have the promote feature yet. So I hit up Marketplace’s Twitter followers to find people who can pay $7 to turbocharge their posts. We got some great responses, like this one from Jen Johnson in Columbus, Ohio. @ garrisonmark @ marketplaceapm Got the option today when posting a link for cat pics. BC the internet doesn't have enough already, I guess... — jen johnson ...
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BofA to Settle Mortgage Investors’ Class-Action
(NEW YORK) — Bank of America has agreed to settle a class-action lawsuit brought by investors who bought mortgage investments from Countrywide Financial, the California-based lender it acquired in 2008. The announcement came as the nation’s second biggest bank reported higher net income for the first quarter, but missed analysts’ expectations. Bank of America said Wednesday that it would pay $500 million to settle the lawsuit brought by the Maine State Retirement System and other pension funds who said Countrywide had misled them about the quality of the mortgages they bundled together and sold to investors before the crisis. The settlement is the latest reminder of the long fallout of Bank of America’s decision to buy Countrywide, which was known for making exotic loans. The purchase catapulted the bank into a spot at the top of the nation’s mortgage scene, but it’s been an albatross ever since, bringing lawsuits, regulatory investigations and quarterly losses. Bank of America ...
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Judge conditions $602 million SAC settlement on appeals court
NEW YORK - A judge on Tuesday signed off on a $602 million insider-trading settlement between a unit of SAC Capital Advisors and U.S. securities regulators, but he said final approval rests on the outcome of another high-profile case now on appeal.
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Reuters