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Friday, 3 July 2009
Will you be my new daddy if I'll be you best friend?


Posted by Bruen at 12:01 AM PDT
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Banks still deciding whether to accept IOUs
As of Wednesday, a number of local community banks and financial institutions were still making up their minds whether to honor the IOUs the state plans to issue today. And a number of bankers are angry at the state and Legislature, saying their irresponsibility has shifted the burden on Californians and their banks.

As of Wednesday afternoon, President/CEO Richard Smith said the decision about IOUs has not been made at Tri Counties Bank.

"We're trying to get enough information to make a decision. Once the information is available the decision will be made quickly."

Bankers like Smith are waiting for details on the interest rate, whether they're tax deductible, what form they'll take and other issues.

"I'm extremely disappointed in the state government for behaving this way and not doing its job. Now the state's asking citizens of California and banks to accept warrants in place of fulfilling their obligations."

Pointing out that IOUs are going to individuals on government assistance and seniors, Smith called the state's inability to pay its debts to disadvantaged citizens like that "embarrassing."

"There are people out there who can't afford to hold warrants through October. [Read story at
OrovilleMR.com/by Laura Urseny].


Posted by Bruen at 12:01 AM PDT
Updated: Thursday, 2 July 2009 11:54 AM PDT
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Is free checking on its way out?
Bank customers used to the perks of free checking accounts — unlimited check writing, online banking, debit card use and ATM access, to name a few — might have to recalibrate their expectations soon. That’s because overdraft fees, which banks use to subsidize the expense of free checking accounts, have been under fire by consumer advocacy groups. (A quick primer: You spend $8 on lunch at Burger King and pay with your debit card. But there’s only $5 in your checking account. The transaction is still approved, but the bank slaps you with a hefty overdraft fee for the privilege.)

There have already been some changes to the way banks must disclose overdraft fees on statements, but now there’s a bigger push to require institutions to obtain accountholders’ permission before charging them overdraft fees on debit card purchases and ATM withdrawals. President Obama’s proposed Consumer Financial Protection Agency would likely address overdraft fees in some way.

That spells trouble for banks already hurting from the financial crisis. The bulk of revenue in bank retail deposits comes from penalty fees; economic research firm Moebs Services estimates that banks will rake in a total of $38.5 billion in overdraft revenue this year. In fact, a 2008 FDIC study concludes that 74% of all service charges on deposit accounts come from overdraft and insufficient fund fees, which typically range between $35 to $40 per incident. But there’s a small amount of consumers who shoulder most of the fee load: According to a May report from consulting firm Oliver Wyman, 68% of those fees come from just 5% of banking customers (who pay, on average, $1,614 each year). Meanwhile, 74% of customers pay no overdraft fees at all. [Read story at
CNNmoney.com/by Ismat Sarah Mangla].


Posted by Bruen at 12:01 AM PDT
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Thursday, 2 July 2009
Can you guess the name of this credit union?

The logo and webdesign elements are the clue.

 credit union


Posted by Bruen at 12:01 AM PDT
Updated: Wednesday, 1 July 2009 4:41 PM PDT
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I hate this jacket!


Posted by Bruen at 12:01 AM PDT
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OmniAmerican Bank plans to change into a publicly held company and sell shares to depositors
OmniAmerican Bank, a credit union turned mutual savings bank, said Tuesday that it will try to morph again, this time into a publicly held company that will sell shares to depositors.

The change requires approval from a majority of depositors, who will receive a ballot on the issue as well as a stock purchase form in the latter part of fall, said Eric Luse, an attorney for the Fort Worth institution.

"They are doing it to raise capital," said Luse, of the Washington-based firm Luse, Gorman, Pomerenk & Schick.

OmniAmerican, founded in 1956 as Carswell Federal Credit Union, has $1.06 billion in assets. It changed its name to OmniAmerican in 1992, and on Jan. 1, 2006, it became a mutual bank with $1.6 billion in assets.

The board decision to go public follows the June 15 lifting of a cease and desist order by the Office of Thrift Supervision related to incident about 15 months ago when cyberbandits hacked into accounts, forcing OmniAmerican to issue 40,000 new debit cards and reimburse customers for undisclosed losses.

Eventually, a company the size of Omni would be listed on a national securities exchange." [Read story at
Star-Telegram.com/by Barry Shlachter].


Posted by Bruen at 12:01 AM PDT
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Coastway becomes RI's newest bank tomorrow
Tomorrow the credit union signs come down and Coastway steps into its role as Rhode Island’s newest bank.

“July 1 is our target date,” Coastway President and CEO William White said in an interview last week.

While seemingly not much else other than the sign will change, the transition will enable Coastway to expand its loan portfolio. White said he anticipates putting $25 million of new business loans on the books over the next six months. Already over the last seven months as a credit unit Coastway made $11 million in loans to 30 to 35 businesses that either created or saved more than 100 Rhode Island jobs, White said.

The success story that has gotten the greatest publicity is Jamiel’s Shoe Store in Warren that was threatened with closing when the family had difficulty raising the capital to purchase inventory and continue operations. A Coastway loan saved the company from locking the doors.

“Now we have more room to do things like that,” White said. [Read story at
WarwickOnline.com/by John Howell].


Posted by Bruen at 12:01 AM PDT
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Wednesday, 1 July 2009
Let me say this about that ...


Posted by Bruen at 12:01 AM PDT
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New pay-at-the-pump hold charges have drivers seeing red
CHARLESTON, SC (WCSC) - If gas prices haven't caused enough pain at the pump, some debit card users are now dealing with hold charges of up to $75. If you don't have that money in your account, you could be facing overdraft fees.

Paying at the pump is a convenient way to pay for gas, but for Mastercard debit customers it's a pricey inconvenience. Mastercard says its US debit customers may now see a $75 hold charge on their bank accounts no matter how much gas they pump.

Beth Jaskiewicz from South Carolina Federal Credit Union says their debit card members are affected and the hold can mean fees, for people who aren't really overspending. [Read story at
KTRE.com/by Nicole Johnson].


Posted by Bruen at 12:01 AM PDT
Updated: Tuesday, 30 June 2009 12:59 PM PDT
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Really good photo of this female robber and employees with hands raised
Spokane Valley credit union robbed

SPOKANE VALLEY, Wash. - Spokane Valley police are looking for a white female who held up the Progressions Credit Union at 1507 N. Pines Road about 3:30 p.m. Thursday.

The woman entered the credit union, displayed a black pistol and demanded cash. She ran from the bank and was last seen entering the Willowbrook Apartments complex at 12202 E. Maxwell. [Read story at
MSNBC.com].


Posted by Bruen at 12:01 AM PDT
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Tuesday, 30 June 2009
Yuck #2


Posted by Bruen at 12:01 AM PDT
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The Bite of Bank Fees - Customers Pay More as Institutions Seek Ways to Cope With Revenue Squeeze
Your bank wants more of your money, and it's found a way to get it: by jacking up the fees on your account.

Customers are paying more to maintain a checking account and withdraw cash from an out-of-system ATM, and when they bounce a check. To make up for declining revenue, many banks are boosting fees and are requiring higher minimum balances for many accounts.

The institutions also have made it easier for customers to spend more than is in their accounts -- and then hit them with substantial fees, a practice so vexing to consumer advocates that the Federal Reserve is thinking of regulating it.

Bank revenue has plummeted on the back of foreclosures and rising credit card delinquencies. Now Congress has passed a law cracking down on arbitrary and excessive credit card fees. So the banks have been fighting back.

"There is an economic storm that has made revenue fall," said Michael Moebs, an economist and chief executive of Moebs Services, an economic research firm in Lake Bluff, Ill. "Fee income is basically where banks and credit unions can offset both loan- and investment-related losses." [Read story at
WashingtonPost.com/by Nancy Trejos - Jonathan Starkey].


Posted by Bruen at 12:01 AM PDT
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Posted by Bruen at 12:01 AM PDT
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America's Bank Collapses Accelerate

Statements posted on the website of the Federal Deposit Insurance Corporation listed the failures.

The collapses follow three the previous Friday.

The 45 failures for the first half of 2009 are 11 times more than the number for the first half of 2008.

In 2008, 25 U.S. banks were seized by officials, up from only 3 in 2007.

In fact in the year to this month, 66 US banks have failed, including the largest failure in US history, Washington Mutual.

The financial crisis has taken a heavy toll on small banks across the nation as losses in the housing market mount and unemployment dents household wealth. Analysts expect the trend to continue even as larger banks stabilize and the overall economy begins to recover.

So far this year, nine banks in Georgia have failed and California has had five banks fail so far this year.

The cost of the 45 failures so far this year is $US11.89 billion. That compares with $US17.6 billion in all of 2008.  [Read story at IBTimes.com/by Aireview].


Posted by Bruen at 12:01 AM PDT
Updated: Monday, 29 June 2009 12:07 PM PDT
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Monday, 29 June 2009
We're both unhappy campers!


Posted by Bruen at 12:01 AM PDT
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