Bank of America plans to hike the fee to use an out-of-network ATM, according to updated fee schedules. For customers who are already making frequent use of non-BofA ATMs, it may be time to review their financial habits or switch to another checking account.
- Betterment, known for its simple solution to diversified investing, has finally launched a native mobile application for Android devices. Meanwhile, its iPhone app received a major redesign that is more consistent with Apple’s latest mobile operating system iOS 7. The apps allow Betterment users to check their portfolio balances and returns, deposit and withdraw funds, tweak portfolio allocation, review goals, and refer friends and family.
- In 2014, the Federal Reserve plans to test 12 additional banks to see if they can withstand another financial crisis. A new rule from the central bank will allow it to examine all banks with more than $50 billion in assets, which currently include 30 of the nation’s largest banks. The Fed is looking for higher levels of capital to help survive harsh economic conditions that could put the U.S. into another recession.
- FICO, the company that offers the industry-standard credit score, is making FICO scores available to credit card customers of Barclaycard US and First Bankcard at no cost. Additionally, FICO will offer education materials to help consumers understand the credit score and how their financial behavior affects it.
- On Friday, the Bureau of Labor Statistics will release October’s employment report. The report comes one week late due to the agency’s delayed operations during the government shutdown in October. September’s unemployment rate was 7.2 percent.
- Also on Friday, Bank of America will implement fee changes that affect customers who need to withdraw cash at non-Bank of America locations. The fee to use a non-Bank of America ATM will increase from $2 each to $2.50 each. Additionally, there will be a new fee of $5 or 3% percent of the transaction (whichever is greater) when using a teller at another bank to withdraw cash.