Weekly Wrap: Remedy Time

Amy He

By Amy He
Updated on Mon Jul 21, 2014

It’s officially flu season. One of our colleagues just came back into the office after having a bad cold, so we here at MyBankTracker spent the morning cleaning down our desks with antibacterial wipes and trading very stimulating talk about flu shots.

If only bank grievances could be remedied by taking a flu shot. This week was a big week for banks facing repercussions for past misdeeds: Bank of America has to cough up $10 billion to settle bad mortgages by paying Fannie Mae and buying back bad ones as well. In a different settlement, ten major banks have to pay $8.5 billion for “wrongfully foreclosing on homeowners who should have been allowed to stay in their homes.” All we can say is: it’s been a long time coming.

Speaking of bad mortgages, the Consumer Financial Protection Bureau announced a new Ability-to-Repay rule. It requires banks to make sure potential borrowers have the means to repay loans, instead of glossing over those rather important — but pesky! — details and offering them loans they can’t possibly pay back.

Bank health is not at its best either. Based on the magical Texas Ratio, these are some banks are the ones we’re predicting are going to fail this year: Westside Community Bank, Douglas County Bank and Eastern Savings Bank, among others.

Some 24 Indiana and Michigan branches of Bank of America are being acquired by Old National Bank, which has been looking to expand into Michigan. North Jersey Community Bank is changing its name to ConnectOne Bank as part of a rebranding process that will include changes to its site and social media outlets.

On the MyBankTracker front…

…we’ve rolled out a couple of new things. First is our new bank comparison page, a tool we’ve built to make picking a bank easy and hassle-free. Definitely use it if you’re trying to pick a bank, but if not, give it a whirl anyway just to know how your bank stacks up to others.

We’ve also added two more credit card reviews to our database: the new Discover it card (we like it!), and the Sallie Mae World MasterCard (tread carefully with this one).

We broke down the difference between checking accounts that offer interest and checking accounts that offer cash back. Which one do you think nets out to be the better deal?

A new college semester is upon the wee tots, so if you or your student hasn’t gotten student checking in order, check out how to find a good one for them.


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