The cryptocurrency hype train obviously has no brakes. But could it eventually replace cash in the US? According to the thinking of economists cited by the Bank for International Settlements, it just might. And to the chagrin of the anti-establishment types that fueled bitcoin’s early rise, it will likely be run by the Federal Reserve.
Continue reading… “Will cryptocurrencies trash cash? ‘Fedcoin’ could do it”
With ultra-loose monetary policy coming to an end, it is best to tread carefully
Continue reading… “Asset prices are high across the board. Is it time to worry?”
At $1.1 trillion, student debt eclipses all other forms of household debt, except for home mortgages.
The U.S. government is forecast to turn a record $51 billion profit this year from student loan borrowers, a sum greater than the earnings of the nation’s most profitable companies and roughly equal to the combined net income of the four largest U.S. banks by assets.
Continue reading… “U.S. government student loan policy reaping $51 billion profit”
The fastest growing form of electronic payment in the U.S. are prepaid debit cards.
Continue reading… “Why prepaid debit cards are the fastest-growing form of electronic payment”
The free checking account will soon be gone.
According to a survey released by Bankrate.com only 45% of non-interest bank checking accounts are free, down from 65% in 2010 and 76% two years ago. Fees, meanwhile, are rising: The average monthly fee for a non-interest account is $4.37, up 75% from a year ago.
Continue reading… “Prepare to say goodbye to the free checking account”
Credit rating agencies have been criticized for fueling the 2007-2009 financial crisis.
The Federal Reserve said on Monday that Banking regulators expect to release proposals for replacing the work of credit rating agencies in their regulations later this year when comprehensive tougher capital standards are unveiled.
Continue reading… “Banking agencies working to find credit rating alternatives”
The smell of corruption is offending more than few nostrils
Futurist Thomas Frey: Recent attempts by Congress and the Federal Reserve Board to curb the excessive fees being charged by credit cards, banks, and finance companies have resulted in a punitive industry response with interest rates and fees climbing in almost every category. This action has resulted in nothing short of a full-scale revolt by a victimized-feeling public.
Continue reading… “The Great Bank & Credit Card Backlash”
The Fed rule on debit card fees could have far-reaching effects on how consumers spend and save.
The debit card battle between retailers and banks has reached epic proportions. The plan by lawmakers is to slash the fees retailers pay banks every time a shopper uses a debit card. Both sides are spending millions of dollars to convince lawmakers that they’re looking out for average Americans.
Continue reading… “What Effect Will the Cut in Debit Card Fees Have on Consumers?”
Americans paying more for food and gas.
U.S. consumer inflation rises as Americans are paying more for food and gas. This trend that could slow economic growth in the months ahead according to a new report.
Continue reading… “Rising Food and Gas Prices Could Slow Economic Growth”
Reloadable prepaid debit cards represent one of the fastest-growing segments of the financial services industry.
Last year, Michael Abukhader’s 12-year-old son, Jacob, received a $30 NASCAR prepaid Visa card from an aunt who thought it would provide a convenient way to give him cash for birthdays and other events. But once Abukhader, who lives in Queen Creek, Ariz., reviewed the terms of the card, he closed the account.
Continue reading… “Consumers Beware – Reloadable Prepaid Debit Cards Loaded with Fees”
A device attached to an iPhone to scan credit cards
You have won a bet, but the loser does not have enough cash on him to settle it. If he has a credit card, and most people usually do, there is finally a solution. A number of big and small companies — including eBay’s PayPal unit, Intuit, VeriFone and Square — are creating innovative ways for individuals to avoid cash and checks and settle all debts, public and private, using their cellphones.
Continue reading… “Cellphone Payments – An Alternative to Paying with Cash”
Gift card rules take effect Aug. 22.
The Federal Reserve has issued new rules to protect Americans from getting stung by unexpected fees or restrictions on gift cards. Gift cards have grown in popularity — with more than 95% of Americans having received or purchased them, the Fed said.
Continue reading… “Federal Reserve Issues New Rules To Protect Consumers Against Gift Card Abuses”
