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GE Capital Purchasing MetLife Bank

Washington DC Might Divest from Bank of America, Wells Fargo

Miles By Discover Offers Relief to Noncommittal Travelers

Collection Agencies Resurrecting Old Debts Through Credit Card Offers

Treasury Doubles Purchase Limits on Electronic Savings Bonds

Cordray’s First Move as CFPB Head: Regulate Nonbanks

Weekly Wrap: Bank of America’s Worst Week Ever?

Dear U.S. Banks, Your Business Model Stinks

Shadow Banking Due for Some Time in the Spotlight

Weekly Wrap: Banking Slowly Dissolves?

Under the Roofs of Coffee Shops You’ll Find Your Online Bank

Brokerage Checking Still a Competitive Choice

Beware the Mirthful FOMC Meeting

Did ING Direct Customers Overreact to the Capital One Purchase?

No Balance Transfer Fee Offers Reappear But Hard to Exploit

Russell Simmons’ RushCard Lowers Fees, Is Still Bad

The Reason Why Freddie Mac Doesn’t Want to You to Refinance

New Bank Perks Cater to Tech-Savvy Customers

St. Louis Fed President: Raise Interest Rates

Whitney Warns: Banks to Banish Middle Class

Dime Savings Cites Regulations in Switch to State Charter

FDIC to Banks: Start Lending Again!

Weekly Wrap: Grey Days and a Sideshow

Weekly Wrap: Banking’s Spring Is Still Far, Far Away

American Express and Gen Y: BFF?

Weekly Wrap: Get Bullied, Get Rich
This week a heartbreaking and very strange video of an elderly bus monitor being verbally harassed by the students under her watch took over the Internet. A spectator decided that the bus monitor, Karen Klein, deserved a vacation, and launched an indiegogo campaign — sort of like Kickstarter, but a bit looser — to get her $5,000 toward a vacation. But donors have proved substantially more generous, giving Klein more than 100 times that amount, currently. She’ll have enough to retire comfortably, thanks to the kindness of strangers, because a kid filmed her being bullied by people decades younger than she is, and put it up on YouTube. Klein might go down in history as having earned the strangest half-million dollars in history. For the rest of us who are fortunate enough to not get bullied by teenagers, but unfortunate to not get $500,000 dropped in our lap, we’ll have to plan ahead. And with that in mind, here is everything you missed this week.

The fallout from the Durbin amendment to the Dodd-Frank Act continues, even though it went into effect nearly a year ago. Wells Fargo raised the monthly fee on its Value Checking account to $9, from $5 a month. Simon lamented the complete and utter lack of consumer savings from the Durbin amendment. Retailers might be saving on debit interchange now, but the loss of free checking probably hurts consumers’ wallets more than theoretical savings passed down from retailers.

Perhaps you’re angry with your financial institution? You probably should be! But you probably didn’t do anything about it when Bank Transfer Day rolled around last fall, according to a study by Javelin Research Group. We spoke with Javelin about their research, which found that, for most customers, convenience trumps fees. Even if megabanks might have infuriated customers with monthly fees, by offering things like mobile banking, large ATM networks and mobile deposit, they’ve been able to retain an otherwise dissatisfied clientele.

Speaking of mobile, Microsoft surprised the Apple-obsessed tech press with the unveiling of its surprisingly elegant Windows Phone 8. It should likely surprise no one, however, that the phone comes with a mobile wallet built in.

You’ll be able to pay for your groceries with the tap of your phone soon…but it takes three to five business days for your bank to transfer money, using computers. It’s a strange misallocation of technological prowess, that we seem to be putting hyper-efficient layers of solutions atop something so old and broken, but this week there was a ray of hope — from Iowa. Dwolla launched its FiSync program with Veridian Credit Union, meaning users will finally be able to transfer money instantly between bank accounts, without slow ACH wait times.

Over in Washington, we’ve had more of the same. The Consumer Financial Protection Bureau opened its credit card complaint database to the public, in an effort to keep the credit card industry honest — which, good luck. And the Federal Reserve announced that it will continue with ‘Operation Twist’ in order to keep interest rates low. Because, you know, this has been doing wonders for the economy and we’d hate to switch horses midstream.

And of course, some news just made us scratch our heads this week. Did you hear the one about the Karl Marx credit card? How about the ATM that doesn’t dispense cash? Or Facebook’s currency that never was? No? Tough crowd, we’ll see you next week.

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Weekly Wrap: Astrology is Bunk

Refinancing Your Mortgage Lines the Pockets of the Biggest Banks

Experian Unveils New Credit Score for the Underbanked

New Upromise Credit Card Gives 10% Cash Back at Major Online Retailers

The Best Experiences Your Credit Card Can Buy This Summer

Citi Offers New Way to Spend Rewards

Fed Study: CD Rates Are Less Attractive

Wells Fargo Raised Checking-Account Fee, Slashed Bill-Pay Fee

Weekly Wrap: Get Bullied, Get Rich

Taibbi: No Difference Between Banks and the Mafia

Why You Should Probably Raise Your Credit Limit, Especially When You Don’t Want the Money

Accounts Push Relationship Banking

Weekly Wrap: LIBOR Aside, You’re Still in Control

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Articles
Fed Report Shows Mobile Banking Empowers the Underbanked

Top Gas Credit Cards to ‘Refill’ Your Wallet

Prepaid Cards for Payroll Purposes: Fair to Workers?

Weekly Wrap: Mobile Banking’s Onward March

Banks Close Revenue Gap from Overdraft Fee Losses

Banks Lack Social Media Efforts… Oh Really?

SpringCoin: Out to Automate Credit Counseling

Could Student Loan Forgiveness Help the Economy?

Chase United MileagePlus Club Card Takes Flight

Caviar and Champagne With Your Checking Account?

Weekly Wrap: Cash Rules Everything Around You? Not For Long

SmarterBank’s Checking Account Helps Pay Off Student Loans

Chinese Furious Over Banking Fees

Banks Should Use Prepaid Cards to Hook ‘Em While They’re Young

Prepaid Travel Debit Card Provider Eyes U.S.

Sallie Mae Credit Card Helps Pay Back Student Loans

Post-CARD Act, Banks Shift to Prepaid on Campus

Weekly Wrap: Things Are Not as They Seem

Gen Y Eyes Retirement with Rose Tinted Glasses

Low Interest Rates: A Ticking Time Bomb?

Are Discover Partner Gift Cards Worth the Rewards Points?

Kony Solutions’ Branding Problem: Bank Software Firm Has Killer’s Name

Weekly Wrap: Fancy Gadgetry, No Money

Weekly Wrap: Millenials’ Big Day at the Races

UFB Direct Adds Money Market Account With 1.15% APY