5 Things to Know for the Week

This week ushers in the new year. While many people are wondering how the world will come to an end, many of us will be engrossed with a more pressing matter – filing taxes.

TaxBrackets.org / Flickr source

• Capital One (NYSE: COF) would be glad to hear the HSBC has locked in renewed private label credit card agreements with Big Lots, Darvin Furniture, Saks, and Jordan’s Furniture. In August, HSBC agreed to sell its U.S. credit card unit to Capital One. The $30 billion credit card portfolio was the 3rd largest merchant branded and co-branded credit card business in the United States.
• The power of consumer protest remains a mighty force after Verizon Wireless retracted a proposed $2 convenience fee (for every bill payment done completed through its auto-pay system). The speedy debacle resembled the racket that consumers had with Bank of America’s plan to charge a $5 debit card fee (also retracted). Has the Internet, social media, and struggling economy joined to create create a louder voice?
• PNC (NYSE: PNC) customers who have the Foundation Checking account should remember that an unavoidable $5 monthly service fee will begin applying to their accounts starting this month. Given a pristine banking history with the Foundation Checking account, it is worth asking to have it changed to PNC’s Free Checking account.
• Regions Bank (NYSE: RF) is expected to launch a major marketing print and TV ad campaign to push its non-traditional services this month. The Regions Now Banking package entails services – catering much to the unbanked – such as check-cashing, prepaid Visa cards, and money transfers. The bank plans to make this package available to its entire branch network this spring.
• Tax season officially begins, which means Americans should begin gathering their documents and tax information. Tax filing software companies will certainly be competing for business with discounts and offers – so be on the lookout for those. On that note, the new tax year means Americans can begin contributing to their retirement accounts if they’ve hit the maximums for 2011 (otherwise, contributions for 2011 can be made by April 17, 2012).