Personal finance
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: Millenials’ Big Day at the Races
As Mark Zuckerberg rang the opening bell at the NASDAQ, plenty of people like me likely shared the same thought: my asinine thoughts, likes, dislikes and photos are now worth millions, and owned publicly. Fantastic! What was once private is now public, as far as both the SEC and your mother are concerned. We’re good at sharing stuff, aren’t we? But are we good at anything that actually matters? — Facebook closed at its opening price, indicating that no, maybe we aren’t. The theme of this week’s news is exactly that: can young people make and save money where it counts?

Maybe not, according to this piece by our own Jeanine Skowronski. We don’t know enough about credit scores, according to a recent survey. Especially for recent college grads who are saddled by large student loans, it’s very important to be cautious about how much debt they take on — it could have disastrous effects on their credit scores. On the bright side, Jeanine reports, young people are getting wiser about credit, on the whole. Relatedly, Jeanine wrote up a guide to what happens when you miss your first credit card payment at six different issuers — banks and card companies all vary in their policies, so go have a look.

The world of credit products is complicated and fraught with pratfalls — saving money is much more straightforward. And yet, we’re not too good at that either, are we? But doesn’t it seem that you bank encourages spending more than it encourages saving, sometimes? Especially with such low rates these days, rewards for spending might look more attractive than your savings account. Fortunately, that’s starting to change — ING Direct rolled out a product called My Savings Goals, which helps customers set specific savings goals, and meet them. They even offer it for Kids Savings accounts.

Some kids need bank accounts, too! And they need to know how to choose one over another, but that can prove tricky. Lori Fairchild, writing for us, discovered that her daughter’s decision for opening her first account was largely swayed by which bank had the best candy (among other things). There is arguably a worthwhile heuristic at play here: only a savvy and successful bank would keep a candy budget.

As far as the bigger kids are concerned, banks seem to think that social media is a fantastic way to connect with them. In fact, some are even turning to Pinterest, the province of lonely women who like pictures of high heels in tight focus, and kittens and puppies in soft focus. Were there a way to make a checking account look like a 60r42;s-vintage photo of an unintimidatingly attractive woman with a bob haircut riding a bicycle down a charming street in Paris, then banks might stand a chance. Zachary Ehrlich takes a look at why this doesn’t work.

The young folks among us make some good points when it comes to money, however, because old folks are pretty damn foolish with it, frequently. JP Morgan lost about $3 billion on a trade made in its London office. Occupy the SEC, the branch of the Occupy movement that concerns itself with complex regulatory issues, believes that the Volcker rule in its current form won’t prevent JPM from sinking itself on similar bets, and American taxpayers could eventually lose out. It’s a scary thought — Obama’s reelection campaign seems to agree, possibly for purely political reasons.

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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

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