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Checking Accounts

Welcome to the News View for "Checking Accounts".

Here, on these archive pages, you'll find all of the articles on Payments News for Checking Accounts listed in date sequence beginning with the most recent article at the top of the page.

Click here for a complete listing of what's available in the Payments News Archive - organized by both posting date and subject category.

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April 02, 2014

Headline News from PaymentsNews.com - April 2, 2014

On the Web:

On the Wires:

Updates from Glenbrook:

March 06, 2014

Headline News from PaymentsNews.com - March 6, 2014

On the Web:

On the Wires:

Updates from Glenbrook:

March 03, 2014

Headline News from PaymentsNews.com - March 3, 2014

Glenbrook's Payments Insight Workshop series this spring focuses on three key topics for payments professionals: Bitcoin - Basics and Beyond (March 26), Data in Payments (April 22) and Innovation in Payments (May 8).

On the Web:

On the Wires:

Updates from Glenbrook:

February 27, 2014

Headline News from PaymentsNews.com - February 27, 2014

Glenbrook's Payments Insight Workshop series this spring focuses on three key topics for payments professionals: Bitcoin - Basics and Beyond (March 26), Data in Payments (April 22) and Innovation in Payments (May 8). Offered in a small group setting in the San Francisco Bay Area, registration is now open for each of these workshops!

On the Web:

On the Wires:

Updates from Glenbrook:

February 12, 2014

Headline News from PaymentsNews.com - February 12, 2014

The second edition of our book "Payments Systems in the U.S." has just been published. It's available in print from Amazon.com and in an ebook version for your iPad.

On the Web:

On the Wires:

Updates from Glenbrook:

February 06, 2014

Headline News from PaymentsNews.com - February 6, 2014

The second edition of our book "Payments Systems in the U.S." has just been published. It's available in print from Amazon.com and in an ebook version for your iPad.

On the Web:

On the Wires:

Updates from Glenbrook:

January 20, 2014

Headline News from PaymentsNews.com - January 20, 2014

Next Glenbrook Payments Boot Camps: Feb 4-5 in Palo Alto, CA; March 18-19 in New York City. Alternatively, you can request a private Payments Workshop held on-site at your location.

On the Web:

On the Wires:

  • McDonald’s Launches McD App for Smartphones Throughout Northern Nevada Area - "McD App utilizes location-based services to provide consumers with deals and offers accessible direct from their mobile device and has the ability to tailor future offers and deals based on a user’s preferences and purchasing behaviors."

Updates from Glenbrook:

January 17, 2014

Headline News from PaymentsNews.com - January 17, 2014

Next Glenbrook Payments Boot Camps: Feb 4-5 in Palo Alto, CA; March 18-19 in New York City. Alternatively, you can request a private Payments Workshop held on-site at your location.

On the Web:

On the Wires:

  • Retailers Urge Appeals Court to Make Federal Reserve Follow the Law - The Merchants Payments Coalition, a group of merchants fighting for a more competitive and transparent bank-card industry, said today: “Judge Leon struck a blow for fairness with his original ruling. We think the evidence will also prove as compelling to the appeals court. We look forward to that court reaffirming the Durbin Amendment as passed and sending the Federal Reserve back to the drawing board to ensure it actually follows the law.”
  • "NRF Asks Appeals Court to Uphold Order for Lower Swipe Fee Cap - "The National Retail Federation today asked an appeals court to uphold a judge’s ruling that the Federal Reserve set its cap on debit card swipe fees far higher than intended by Congress and that the cap needs to be recalculated at a lower level."
  • Retailers Comment On The Data Security Act - "PIN-and-chip cards are widely used across the globe, and it’s time for the bankcard industry in the United States to adopt that technology to better protect our consumers. We must transition away from 1960s technology and adopt a 21st century system that will help reduce and prevent fraud and protect customers from the threat posed by sophisticated cybercriminals, hackers and data thieves."
  • U.S. Bank Announces Plan to Wind Down Checking Account Advance - "U.S. Bank will begin to wind down its short-term, small-dollar deposit advance product, Checking Account Advance, to align with final regulatory guidance issued by the Office of Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC)."
  • FinCapDev 2014 Opens Call for Proposals - “Mobile technology has the potential to expand access to critical financial services and support, improving consumer financial health,” said Jennifer Tescher, President & CEO of the Center for Financial Services Innovation. “That’s what FinCapDev is all about: leveraging that potential and enabling innovators to build products for consumers who want and need better access to high-quality tools and information.”
  • Acculynk Gains Ground in Europe with Secure PIN-Based Authentication Patent Grant - "Acculynk, the first global PIN-debit authentication gateway, announced today that the European Patent Office granted Acculynk patent protection for the company’s propriety process for PIN based authentication over the Internet."

Updates from Glenbrook:

December 19, 2013

Federal Reserve Releases New 2013 Payments Study of U.S. Payment Trends

FedThe Federal Reserve has published the 2013 Federal Reserve Payments Study that examines noncash payment trends in the United States. The 2013 Study has been expanded to include new information related to various payment initiation methods and unauthorized payments. To provide perspective on consumer and business payment trends over the past decade, the results are compared to previous payment studies conducted in 2004, 2007, and 2010.

The 2013 study shows that card payments--credit and debit--now account for more than two-thirds of all noncash payments, while the number of checks paid continued to decline. Other highlights include:

  • The total number of noncash payments, excluding wire transfers, was 122.8 billion, a growth rate of 4.4 percent annually from 2009 to 2012. The rate of growth was down slightly from the previous 10 year (2003-2012) growth rate of 4.7 percent. The total value of noncash payments grew from $72.2 trillion in 2009 to just under $79 trillion in 2012.
  • The number of credit card payments, which had shown a decline in the 2010 Study, grew at an annual rate of 7.6 percent from 2009 to 2012. Debit card payments grew at a rate of 7.7 percent over that same period.
  • Automated Clearing House (ACH) growth slowed to 5.1 percent annually from 2009 to 2012, down from the average annual growth of 10.9 percent over the previous 10 years. From 2009 to 2012, the number of ACH payments as a percentage of total payments increased less than 1 percent while the value of ACH as a percentage of total noncash payments rose almost 10 percentage points, from 51.5 percent to 61.3 percent.
  • The number of checks paid continues to decline, falling to 18.3 billion, less than half the number a decade earlier (37.3 billion). Checks are increasingly being deposited as images, with 17 percent being deposited as an image at the bank of first deposit versus 13 percent as reported in the 2010 Study.
  • The 2013 Study estimates that there were 31.1 million unauthorized payment transactions in 2012, with a value of $6.1 billion.
The study was made possible by broad-based industry support and information sharing.

December 10, 2013

The Impact of Debit Card Regulation on Checking Account Fees

Kansas city fed logo 140x60pxThe Federal Reserve Bank of Kansas City has published a new article by Richard J. Sullivan which explores the effect that reductions in debit card interchange fees have had on consumer access to free checking accounts. He finds that while some large banks are charging more, many smaller banks are charging less - and on net, consumer access to free checking has increased.

November 13, 2013

Headline News from PaymentsNews.com - November 13, 2013

On Twitter:

On the web:

  • Stress Test Prepares VisaNet for the Most Wonderful Time of the Year - Visa Viewpoints - "This year’s “mug number” – as we like to call it – is 47,000 transaction messages per second, which is a huge step forward from 2012’s peak capacity of 30,000 transaction messages per second!"
  • No plastic, no problem: Square does away with deposit limits for U.S. businesses - GigaOm - "Square is eliminating holds on funds taken from payments where no physical card is present."
  • How Big Banks Killed a Plan to Speed Up Money Transfers - American Banker - "The plan, known as Expedited Processing and Settlement, may not have been a step into 21st Century..."
  • EMV: America, What Took You So Long? - Emerging Payments Strategies (FIS) - "So why has the U.S. not embraced EMV sooner? Part of the reason is because our fraud problem, while significant, has typically been among the lowest rates in the world among highly developed economically mature countries."
  • What Android's KitKat means for NFC - Mobile Payments Today (Cherian Abraham) - "HCE means a lot more for private label issuers — who have a very inspired base of merchants looking to bridge the gap between private label cards and mobile — and now there is an alternative to clumsy, costly and complex orchestrations for provisioning cards."
  • The power of love - TMG Blog - "When I switched credit cards recently, I started feeling love the first time I logged into my personal account page. I noticed that things I had purchased only minutes before were already listed, which was something I’d never seen with my previous provider."
  • The challenge of being a Bitcoin trader - Financial Services Club Blog - "There is not attainable indication that the government understands Bitcoin correctly."

On the wires:

Updates from Glenbrook:

  • Looking for consulting help from Glenbrook? Let us know your needs here - and we'll get right back to you!
  • Join Glenbrook's Carol Coye Benson and Scott Loftesness for our Glenbrook Payments Boot Camp on December 10-11th in Palo Alto, California!
  • Glenbrook's Jacqueline Chilton will be speaking social media and payments at the W.net Northern California LINC Networking event being held November 14 at Google.
  • Join our mailing list for updates about Glenbrook events. Follow us on Twitter: @paymentsnews and @paymentsviews

August 29, 2013

Headline News from PaymentsNews.com - August 29, 2013

On the web:

On the wires:

Updates from Glenbrook:

July 01, 2013

Headline News from PaymentsNews.com - July 1, 2013

On the web:

On the wires:

  • Intuit Announces Next Phase of Structural Moves; Organizational Foundation Now in Place - "The divestiture of Intuit Financial Services reflects Intuit’s strong commitment to intensify its focus on small business and consumer tax. As a result, the company signed a definitive agreement to sell IFS to Thoma Bravo for $1.025 billion, pending regulatory review."
  • Thoma Bravo to Acquire Intuit’s Financial Services Business - "Thoma Bravo’s acquisition of IFS is consistent with our strategy of buying great technology franchises with significant recurring revenue,” said Orlando Bravo, managing partner at Thoma Bravo."
  • TSYS Completes Acquisition of NetSpend - "This is a transformational day for everyone at TSYS and NetSpend, as this deal brings together two companies with a shared vision and purpose that focuses on meeting the needs of people. It also takes TSYS closer to the consumer than we have ever been before..."

Upcoming from Glenbrook:

  • Summer Camp! - A special summer session of our popular Payments Boot Camp - in Half Moon Bay on August 6th and 7th... Also, an optional half day course on Data In Payments - August 8th, also in Half Moon Bay. Join Carol, Scott and Russ for lively, interactive sessions - register now!
  • Follow Glenbrook Partners on LinkedIn! -

June 18, 2013

Headline News from PaymentsNews.com - June 18, 2013

On the web:

On the wires:

Upcoming from Glenbrook:

  • Summer Camp! - A special summer session of our popular Payments Boot Camp - in Half Moon Bay on August 6th and 7th... Also, an optional half day course on Data In Payments - August 8th, also in Half Moon Bay. Join Carol, Scott and Russ for lively, interactive sessions - register now!
  • Follow Glenbrook Partners on LinkedIn! -

June 11, 2013

CFPB Explores Bank Overdraft Fees, Questions Overdraft Protection

Cfpb logo 140x60pxThe US Consumer Financial Protection Bureau (CFPB) has published a new report on bank and credit union overdraft practices that it says "raises concerns about whether the overdraft costs on consumer checking accounts can be anticipated and avoided."

The bureau found big differences across financial institutions when it comes to overdraft coverage on debit card transactions and ATM withdrawals, and said that drew into question how banks sell this account feature. The report also finds that consumers who opt in for overdraft coverage end up with more costs and more involuntary account closures.

Consumers need to be able to anticipate and avoid unnecessary fees on their checking accounts. But we are concerned that overdraft programs at some banks may be increasing consumer costs,” said CFPB Director Richard Cordray.

“What is often marketed as overdraft protection may actually be putting consumers at greater risk of harm.”

The report titled "CFPB Study of Overdraft Programs" is available here. A fact sheet about financial institution overdraft practices is also available from the CFPB.

June 10, 2013

Headline News from PaymentsNews.com - June 10, 2013

On the web:

On the wires:

SEC Filings:

Upcoming from Glenbrook:

  • Summer Camp! - A special summer session of our popular Payments Boot Camp - in Half Moon Bay on August 6th and 7th... Also, an optional half day course on Data In Payments - August 8th, also in Half Moon Bay. Join Carol, Scott and Russ for lively, interactive sessions - register now!
  • Follow Glenbrook Partners on LinkedIn! -

June 03, 2013

Headline News from PaymentsNews.com - June 3, 2013

On the web:

On the wires:

August 29, 2012

December 15, 2011

Chase Makes Checking Accounts Easier to Understand

Chase logo 140px Chase has unveiled a revised summary guide for Chase Total Checking that makes its terms and conditions easier to understand for consumers. Chase collaborated with the Pew Health Group’s Safe Checking in the Electronic Age Project to develop a simple disclosure form.

““Our research shows the median length of the checking account disclosures at the nation’s ten largest banks is 111 pages. This volume of highly technical information makes it difficult for consumers to know how their checking account operates,” said Susan Weinstock, director of Pew’s Safe Checking in the Electronic Age Project. “We applaud Chase for being the first large bank to adopt our model disclosure box and are urging other financial institutions to do the same.”

Chase’s new disclosure form can be found at www.chase.com/clearbanking. The Pew Health Group also issued a related announcement.

April 27, 2011

Pew Finds Checking Accounts Contain Risky Terms and Conditions

Pew 150"One hundred eleven pages. That is the median length of the checking account disclosures consumers are supposed to read and understand before opening an account at any of the 10 largest banks, according to documents analyzed in a new report from the Pew Health Group's Safe Checking in the Electronic Age Project."

April 26, 2011

U.S. Treasury to "Retire" Paper Check for New Recipients of Social Security and Other Federal Benefits

Treasury logo 80pxThe U.S. Department of the Treasury has announced that it is retiring the paper Social Security check for millions of baby boomers and others applying for federal benefits, "a move that will save taxpayers $1 billion over the next 10 years. Beginning May 1, 2011, anyone newly applying for Social Security, Veterans Affairs or other federal benefits will need to choose an electronic payment method – paper checks will no longer be an option."

March 01, 2011

February 24, 2011

Study Says Free Checking is Alive and Well at Credit Unions

Bankrate logo 140pxBankrate's 2nd annual Credit Union Checking Study reveals that free checking accounts are alive and well at many of the nation's top credit unions.

"Bankrate.com found that 96% of the nation's largest credit unions offer a checking account that is free, or can become free with minimal effort," said Greg McBride, CFA, senior financial analyst for Bankrate.com. "Even with continued declines in the prevalence of free checking, it remains within the grasp of most Americans and credit unions are a viable option."
The results of the study can be found here.

August 16, 2010

A Look at Retailer Bounced Check Fees

According to a recent study by Moebs Services, merchants are now charging $30 as a median fee in comparison to $25 in 2009, surpassing what banks charge for NSF fees.

“This is the highest percent increase we have ever seen national retail merchants charge consumers for writing a bad check,” said Michael Moebs, CEO and economist at Moebs $ervices, a national economic research firm based in Lake Bluff, IL. “Retailers’ fees now surpass those of banks and credit unions median fee of $27 for an NSF.”
READ MORE »

July 29, 2010

Internet Crooks Craft Creative Counterfeiting Scam

Check fraud seems so old fashioned these days. But as this story points out, "these hackers got the account information in an unusual way: They broke into three websites that specialize in a little-known type of business — archiving check images online."

May 19, 2010

Chase Adds New Alerts for Low Balance in Checking, Funds Transfer

ChaseChase has announced rolling out two new free mobile banking features: "customers now can receive a text message the moment their checking account balance falls below a pre-selected amount – and then instantly transfer funds by sending a text-message reply as short as four keystrokes." Chase says it is currently sending out 725,000 low-balance alerts each week. READ MORE »

May 10, 2010

New Overdraft Pricing at US Bank Takes Effect This August

U.S. Bank has announced a new overdraft policy that includes a reduced fee of $10 for overdraft transactions that are $20 or less. The pricing change takes effect this August. READ MORE »

March 12, 2010

New on PaymentsViews.com - Threats to Deposit Accounts

In an article titled "Under Attack! Threats to Deposit Accounts: an Interview with FICO Fraud Solutions", Glenbrook's Jacqueline Chilton talks with Mike Urban, FICO Senior Director of Fraud Solutions, about how criminals are enhancing their margins in ATM and debit card fraud.

March 10, 2010

Bank of America Plans to Change Debit Card Overdraft Practices

Bank of America has announced that "beginning this summer it will only authorize single debit card transactions at the point of sale if a customer has enough money in their account at the time. This change will help customers by reducing the likelihood they may inadvertently overdraw their account and thus eliminate unexpected overdraft fees on these transactions. Customers will still have the choice to link their checking account to another account through Overdraft Protection to cover these types of transactions." READ MORE »

January 26, 2010

USAA's Deposit@Mobile Available on Android-powered Phones

USAA has announced that its bank customers using mobile devices on the Android platform now can deposit checks using their phones. USAA’s Mobile App for Android, introduced over the weekend to the Android Market, offers access to banking, insurance and stock-trading services as well as USAA’s popular Deposit@Mobile feature. That feature allows eligible members to instantly deposit checks simply by submitting an image of the front and back of an endorsed check via the phone. READ MORE »

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