Apple iPhone 5 May Have NFC, After All: 5 Things to Know for the Week

Simon Zhen

Updated on Tue Jul 15, 2014

Google Wallet is already in the market. ISIS is about to launch. All eyes are on Apple to enter the fray with a new smartphone to compete with these mobile-wallet ventures. Previously expected to be absent from the next iPhone, the iWallet may be reality after all. That’s the world of tech rumors.

Paul Robertson / Flickr source

  • Starting Sunday, Chase has ceased charging customers for overdrafts on transactions that are $5 or less, even if the account balance is negative. Also, there is no overdraft protection transfer fee on these transactions. The policy change resulted from a class-action lawsuit against big banks for using unfair overdraft policies to maximize fees.
  • BB&T is extending the free trial period of its relatively new mobile check deposit feature until the end of the year. Launched in May, the feature is available for free for 30 days after a customer signs up. After the trial period, customers pay 50 cents per remote deposit. The trial extension offers more time to experiment with the highly-demanded feature.
  • Contrary to earlier reports that near field communications (NFC) would not be found in the next version of the Apple iPhone, another report with trusted sources claims that it would be available in the “iPhone 5.” Two weeks ago, the tech giant was reportedly concerned about power usage and low adoption of the tap-to-pay technology. When it comes to Apple, you can consider all insider news to be rumors until an actual announcement.
  • SunTrust raised the monthly fee on its Live Solid Savings account from $4 to $7, which can be avoided with a $25 monthly automatic transfer from a SunTrust checking account or with a $1,000 minimum daily balance. Additionally, a $12.50 fee will be charged for each overdraft protection transfer from Live Solid Savings; previously, there was no fee.
  • A research report published Sunday estimated that rich individuals and families across the world have as much as $32 trillion in financial assets hidden in offshore tax havens. It allows them to skirt a combined total of $280 billion in income tax revenue. Offshore tax shelters have become a major focus as political pressure grows on  Mitt Romney, a Republican presidential candidate, to explain his use of such tax havens.

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