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Some Banks To Charge Monthly Fee For Debit Card Use In U.S.

Some banks in the United States, including the Bank of America, which is the biggest lender in the U.S. based on assets, have announced plans, or intend to do so soon, to charge a monthly fee, for some of their debit cards. The fees being mentioned are in the $3 to $5 per customer per month per card. The banks are trying to find ways to make up for the limit that has been mandated  after the Federal Reserve issued rules which have capped what are known as swipe fees. Beginning 1 October, swipe fees are capped at 21 cents, with an additional 0.05 per cent of each transaction, and a 1 cent adjustment related to fraud prevention. Since this is replacing a formula that averaged out at about 1.14 percent, … Read entire article »

Filed under: business

Warren Buffet & Berkshire Hathaway To Invest $5 billion in Bank Of America Corp

With the announcement on Thursday that Berkshire Hathaway where Warren Buffet is the chairman and CEO is to invest $5 billion to help out the Bank of America Corp., shares of the major banks surged. bank stocks have been dropping more than other markets, being continually hurt by fears of the debt crisis in Europe, but this move by Buffet has given a positive outlook for the Bank of America, the United States biggest bank. This year the Bank of America had lost about half of its value as investors were concerned about the lack of capital and its liabilities resulting from high risk mortgages. Buffet recently invested capital into Goldman Sachs as well as General Electric, and in fact the deal with the Bank of America, is similar to these previous … Read entire article »

Filed under: business

Bank Of America Cutting 3,500 Jobs By End Of September, More Likely

The Bank of America Corporation is by assets, the largest bank holding company in the United States, and it is an American multinational bank and financial services corporation, but nevertheless, it has announced that it will cut 3,500 jobs in this quarter, but warn that additional cuts could be necessary later. These cuts will be effective across the country, and are additional to the cuts of about 2,500 jobs already made this year by the company. It is possible that the job losses will exceed 10,000 for this year, which equates to a 3.5 per cent cut in its work force in the United States. The cuts are necessary because of the financial impact that the burst housing bubble had on the financial markets. This in turn has led to the … Read entire article »

Filed under: business