Banking & Regulation Archives - Page 31 of 44

a woman sitting at a table looking at her cell phone

Federal law gives you 10 business days to move money out of an account a bank decides to close — but the bank isn’t required to tell you why it closed it unless an adverse credit mark triggered the decision

David Keller3 months ago3 months ago014 mins

Your debit card stops working on a Tuesday. By Friday, a letter arrives: your bank is closing your account. You have 10 business days to withdraw your funds. The letter offers no explanation. When you call, the representative reads from a script that restates what the letter already said. No reason. No appeal. No next…

a large building with columns on the front of it

The OCC’s new bank fee rule takes effect in 32 days — your state can no longer cap the swipe fees banks charge on tips, sales taxes, or tipped service charges

David Keller3 months ago3 months ago014 mins

On June 30, 2026, a federal preemption order will strip Illinois of the power to stop nationally chartered banks from collecting swipe fees on credit card tips and sales taxes. The state’s Interchange Fee Prohibition Act was supposed to take effect one day later, on July 1. That single-day gap is not a coincidence. The…

The sign for the Federal Deposit Insurance Corporation mounted on the exterior wall of a building. 550 17th Street NW, Washington, DC 20429.

Both FDIC and NCUA cap deposit insurance at $250,000 per person per bank — and naming a second owner on a joint account doubles the coverage to $500,000 with no extra paperwork

David Keller3 months ago3 months ago012 mins

A married couple keeps $400,000 in a savings account at a single bank, titled in one spouse’s name only. If that bank fails tomorrow, federal deposit insurance covers $250,000. The remaining $150,000 is exposed. Had both spouses been listed as co-owners on the same account, the entire $400,000 would have been insured. No second bank,…

Man hand holding credit card with smartphone in coffee cafe.

The OCC’s new bank fee rule takes effect in 34 days — your state can no longer cap the swipe fees banks charge on tips and sales taxes

Warren Cohen3 months ago3 months ago015 mins

Leave a 20% tip on a restaurant tab paid by credit card, and your server is not the only one collecting. The bank that issued your card takes a small cut of the entire transaction through what the industry calls an interchange or “swipe” fee. That fee is calculated on the full amount: the meal,…

beautiful business woman working at the computer

The average personal loan now charges about 12.5% APR — less than half the 22% credit card average, saving the typical $7,200 borrower roughly $1,000 a year in interest

Warren Cohen3 months ago3 months ago014 mins

A borrower carrying $7,200 on a credit card at 22 percent APR will pay roughly $132 a month in interest alone before a single dollar touches the principal. Move that same balance to a 24-month personal loan at 12.5 percent, and the monthly interest drops to about $75. That difference, compounded over a year of…

Group of diverse university students in a bright lecture hall, studying language education.

Student loan borrowers have 35 days to leave the SAVE plan — miss July 1 and the government auto-enrolls you in Standard Repayment by September

David Keller3 months ago3 months ago013 mins

The clock is ticking for roughly 8 million federal student loan borrowers still tied to the SAVE repayment plan. Starting July 1, 2026, loan servicers will begin mailing transition notices that give each borrower 90 days to pick a new repayment plan. Anyone who doesn’t respond will be automatically placed into Standard Repayment or a…

Male hand holding a cellphone to check his credit score to apply for a loan to the bank

The average American now carries 4.2 credit cards with a combined $7,200 balance — but closing the oldest account cuts credit scores by 30 points by shortening account history

Warren Cohen3 months ago3 months ago014 mins

Last spring, a borrower in Dallas called her credit card issuer to cancel a Visa she hadn’t swiped in three years. She had no balance on it, no annual fee, and no reason to keep the plastic. Six weeks later, when she applied for a mortgage, her FICO score had dropped from 741 to 709….

Content mature businesswoman sitting in chair and using smartphone and credit card while transferring money online

The average bank’s domestic wire-transfer fee climbed to $35 and international wires to $50 — even as Zelle, RTP, and FedNow move the same money instantly for zero

Warren Cohen3 months ago3 months ago013 mins

Try to wire $400,000 to a title company for a home closing in June 2026 and the bank will tack on a fee that has barely budged since the Obama administration. Chase charges $25 for a domestic outgoing wire and $40 to $50 for an international send, according to its most recent published fee schedule….

Hand Swiping Credit Card In Store. Female hands with credit card and bank terminal. Color image of a POS and credit cards.

The OCC’s new bank fee rule takes effect June 30 — your state can no longer cap the swipe fees banks charge, no matter what your legislature passed

Warren Cohen3 months ago3 months ago014 mins

Illinois restaurant owners spent months reprogramming point-of-sale terminals and renegotiating processing contracts, all to prepare for a state law that would have stopped banks from collecting swipe fees on the tax and tip portions of credit card transactions. That law was set to kick in on July 1, 2026. It will never apply to the…

The FDIC’s new “debanking” rule takes effect in 21 days — after June 9, banks can no longer close your account because of your political views

Warren Cohen3 months ago3 months ago015 mins

Twenty-one days from now, federal bank examiners will lose one of the quietest and most consequential powers they have held over American depositors: the ability to pressure a bank into shutting your account because someone in Washington decided your politics, your faith, or your perfectly legal business posed a “reputation risk” to the institution. The…

Category: Banking & Regulation

Federal law gives you 10 business days to move money out of an account a bank decides to close — but the bank isn’t required to tell you why it closed it unless an adverse credit mark triggered the decision

The OCC’s new bank fee rule takes effect in 32 days — your state can no longer cap the swipe fees banks charge on tips, sales taxes, or tipped service charges

Both FDIC and NCUA cap deposit insurance at $250,000 per person per bank — and naming a second owner on a joint account doubles the coverage to $500,000 with no extra paperwork

The OCC’s new bank fee rule takes effect in 34 days — your state can no longer cap the swipe fees banks charge on tips and sales taxes

The average personal loan now charges about 12.5% APR — less than half the 22% credit card average, saving the typical $7,200 borrower roughly $1,000 a year in interest

Student loan borrowers have 35 days to leave the SAVE plan — miss July 1 and the government auto-enrolls you in Standard Repayment by September

The average American now carries 4.2 credit cards with a combined $7,200 balance — but closing the oldest account cuts credit scores by 30 points by shortening account history

The average bank’s domestic wire-transfer fee climbed to $35 and international wires to $50 — even as Zelle, RTP, and FedNow move the same money instantly for zero

The OCC’s new bank fee rule takes effect June 30 — your state can no longer cap the swipe fees banks charge, no matter what your legislature passed

The FDIC’s new “debanking” rule takes effect in 21 days — after June 9, banks can no longer close your account because of your political views

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