Consumers are keeping a closer eye on their checking accounts and avoiding overdrafts. A new report says that the average number of overdrafts per checking account has declined in the past quarter. Sadly, banks continue to bring in more revenue due to rising overdraft fees.
- According to posts on FICO forums, USAA customers are reporting that the bank has stopped offering certain USAA products to non-military customers (those who are not, or related to, active military or veterans). USAA Bank is known for customer-friendly products, such as free checking, and the change to account eligibility means fewer consumers are able to take advantage of them.
- PayPal has updated its mobile application with a major feature that turns users’ smartphones into more of a mobile wallet. PayPal users can order and pay for food at local restaurants directly from the PayPal app.
- Finovate, a conference showcasing financial technology, will host its fall session from Tuesday to Wednesday in New York City. Often considered a major exhibit of financial innovation, Finovate companies present their latest technology in a series of quick 7-minute sessions. Many of innovations seen at Finovate often end up being used by consumers.
- Overdraft incidents are on the decline, according to a new report by Moebs Services, a financial research firm. In the second quarter of 2013, there was an average of 7 overdrafts per checking account, down from 7.2 overdraft per checking account in the prior quarter. However, because of the increasing costs of overdrafts, there was a slight increase in overdraft revenue brought in by banks.
- Bank of America plans to increase the fee to use a non-Bank of America ATM from $2 to $2.50 starting in early November. Also, a new fee will be charged whenever a customers uses a teller at another bank to withdraw cash. The fee is $5 or 3% of the withdrawal amount (whichever is greater).