Bank of America said it will merge Merrill Lynch into the company, according to regulatory filings. The move, as part of a larger plans to streamline the company, means that the “Merrill Lynch” name will no longer be used.
- Over the weekend, PNC Bank stopped offering its Free Checking account to new customers. Existing accountholders will continue to have the account until June 2014, when the accounts will automatically convert to a new basic checking account. The new Standard Checking account has $7 monthly fee that can be avoided when certain requirements are met.
- Ally Bank has discontinued its Ally Perks program, which provided debit card customers with deals and discounts at select participating retailers. The online bank decided to cancel the program because customers were not taking advantage of it. The lack of usage may come as a surprise given that many other banks have begun to introduce similar programs.
- Five years after Bank of America acquired Merrill Lynch during the financial meltdown in 2008, the megabank plans to fold the investment firm into the parent company as early as the fourth quarter of the year. Bank of America says that the merger will not have any effect on customers, clients and Merrill Lynch-branded businesses.
- On Wednesday, the Federal Reserve will reveal the minutes of its late July board meeting. The central bank has not announced any major changes to monetary policy for several months. Talks of tapering its bond-buying program continues to fuel speculations by economists
- This week, Google Wallet will stop supporting digital gift cards and loyalty programs on the mobile wallet. But, the change may be temporary. Google said it is working to with retailers to provide other options to support digital gift cards and loyalty programs.