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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

Manufacturing In U.S. Eases Recession Concerns

Although the Institute for Supply Management, ISM, had its factory index fall in August from 50.6 from July’s level of 50.9, any numbers greater than 50 are thought of as positive and a signal of expansion. This is helping to ease fears that the United States is heading for another recession. It had been predicted that the level would drop to 48.5, so staying above 50 is a relief for many, although it is still the slowest rate of growth since July 2009. The United States is now recovering from setbacks which were related to the earthquake and tsunami in Japan in March which stopped vital parts being shipped from Japan for a while as Japan tried to recover from the devastating disaster and loss of power which occurred when the … Read entire article »

Filed under: business

Gas Prices At The Pump Starting To Fall Following Drop In Oil Prices

Because of recent drop in the price of crude oil, lower gas prices at the pump are starting to be seen. However, with the summer driving season almost over, the demand for the coming months is likely to be lower, and it is expected that this will be reflected in the price of gas at the pumps. According to the AAA, American Automobile Association’s Daily Fuel Gauge Report, the price of gasoline has dropped by 7 cents to an average of $3.63 per gallon on 10 August in the United States, which is still way higher that the price of $2.78 paid just twelve months ago. However, the record average price of gasoline was set on 17 July 2008 when prices averaged at $4.11 a gallon across the country. The Energy Information … Read entire article »

Filed under: business

Gold Prices Increase To Over $1,800 An Ounce

With fears of a global recession as well as concerns over the U.S. economy, prices of gold again rose while equity markets slumped, and on Wednesday gold rose to a new high for the third day running. Bullion set a new high of over $1,800 per ounce as new fears over the state of Europe’s debts shifted from Italy and Spain to concerns over France as its President Nicolas Sarkozy called  for new fiscal restraints. The markets are now watching to see whether its debt will be downgraded. Spot gold has rallied by almost 7 per cent this week after last Friday’s downgrade to the United States credit rating hit hard those assets which were seen to be a higher risk. Silver has not had the gains that gold has seen and … Read entire article »

Filed under: business