Want To Replace Your Bank? Use This

via gizmodo.com

The bank-less service you've never heard of but should know about, Simple, finally has an Android app.

The new Simple app for Android comes nearly a year after the launch of the iOS version and was built from the ground up in collaboration with Two Toasters, the same dev shop behind GateGuru and Airbnb's apps. Like the iOS app that came before it, you can deposit checks by snapping a photo with your smartphone. Another neat feature of the hybrid banking service, includes the "Safe-to-Spend balance" that simply shows you how much dough you have to spend that isn't allocated towards existing goals, future payments or pending transactions. You can even find all the ATMs around you or set up recurring and one time payments through the app.

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Bank of America joins the mobile payment crowd, announces Mobile Pay on Demand

via www.gadgetell.com">technologytell.com

Bank of America has joined the mobile payment crowd and announced their version of the Square or PayPal Here mobile credit card processor. The Bank of America offering is called Mobile Pay on Demand and similar to the others, will include a card reader that works with iOS and Android. More specifically, Bank of America has the support listed as being the iPhone, iPad and Android.

According to Bank of America, Mobile Pay on Demand is perfect for those with “few” transactions per day, for those looking to accept payments in person and with an average sale amount under $2,000. Otherwise, Mobile Pay on Demand allows the user to pay as they go with no monthly fees. In other words, just like the competitors.

Bank of America will provide the mobile card reader for free and charge just 2.7 percent per swipe. And for those looking for comparison, that is just a tiny bit under the 2.75 percent charged by Square. Bank of America did not offer a timeline of how quick your money will fund, however they do mention that “instant authorization ensures fast funding for you.”

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Facebook: The Next Online Bank?

via businessinsider.com

America's favorite social network could soon double as an online bank.

Australia's Commonweatlth Bank is reportedly building a Facebook app that will allow customers to make payments to third parties and Facebook friends through the network, reports CNN. The bank will secure transactions using its own authentication system, similar to how it secures payments on its site and mobile app, a spokesperson says.

Facebook has yet to publicly comment on the plan, but it's fair to assume that if the social network is working with one bank, it wants others to follow suit. So what would this mean for you, the consumer? Here's a quick list of pros and cons...

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4 Mistakes Your Credit Card Issuer Wants You to Make

via mint.com

If I asked you to describe the profile of the riskiest (most likely to default) credit card borrower, what would you say? Would you say things like they pay their bills on time, revolve small balances, and never approach their credit limits? Or, would you describe them as maxing out their card, missing payments, and exceeding their credit limits? Clearly, the latter is going to be the riskiest profile.

Now, describe to me the profile of a credit card user who is going to be the most profitable to the issuer. Would you say things like they pay their bills on time, revolve small balances, and never approach the credit limits? Or, would you describe them as maxing out their card, missing payments and exceeding their credit limits? Again, the latter is going to be the most profitable to the issuer.

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RIM Hires Bankers - Maybe a sign of a sale?

via businessinsider.com

Research In Motion has hired bankers to "weigh strategic options," Bloomberg reports.

It seems like that's all RIM does nowadays.

We don't know what it means, but the stock shot up 4% on the news, so it looks like investors think it means it might be ready to sell itself.
The news was just a headline on a Bloomberg. We'll get you more as we get it.

It's worth noting that RIM said it was going to explore all options in its latest earnings release. Either this is the formalization of that process, or after a quick exploration, it may have just decided to try to sell the company.

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6 More Credit Myths Debunked

via mint.com

From time to time I like to write mythbuster pieces in hopes that I’ll debunk fairly common misconceptions and misunderstandings related to consumer credit. I keep a running list of them, and when I hit a half dozen or so, I write an article clearing them up. Well, I hit a half dozen last week. Here goes;

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Banks vs. Credit Unions Infographic

via ibmsecu.org

Recent controversy around large corporate banks has brought renewed attention to credit unions. While both offer a variety of financial services and products, there are many differences in terms of the ways these institutions serve and satisfy their customers. For a closer look at their individual strengths and weaknesses, IBM Southeast Employees' Federal Credit Union created this informative infographic that explores their technical differences in regard to checking, savings and loans, as well as their diverse approaches to customer service to help consumers determine which is in their best interest.

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4 Of The Largest Bank Heists In History

via forbes.com

Technology has taken the thrill out of the good old fashioned bank heist. No longer is money stolen by jumping on a train, blasting a hole in the side of a bank or tunneling under a vault. Today, big sums of money are stolen using a computer and, although banks still fall victim to the thief passing a note to the teller, the days of the big heist may be gone forever. What were some of the most notable bank heists in history?

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Did big banks turn blind eye to Groupon's odd accounting?

Daily-deals provider Groupon was supposed to be the star of this year's IPOs. But over the last several months, the chances of Groupon becoming a disappointment to investors have skyrocketed.

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A Simple Summary of the U.S. Economy

via i.imgur.com

That about says it all. The Government is filled with idiots (the idiot king being Obama), the banks are taping us dry, and we're working hard to support both of their habits!

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Big Banks Boost Fees Again: What Are You Going to Do About It?

via dailyfinance.com

Bank of America's (BAC) announcement this week that it would start charging a monthly $5 fee for using a debit card to make purchases is the latest in banking industry upcharges for services. In addition to debit fees, ongoing hikes in overdraft and ATM charges mean fewer fee-free options for banking services, and increased balance requirements to get them. The bottom line is that consumers are now paying more to use their own money.

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Hundreds of Occupy Wall Street protesters arrested

via bbc.co.uk

More than 700 people from the Occupy Wall Street protest movement have been arrested on New York's City's Brooklyn Bridge, police say.

They were part of a larger group crossing the bridge from Manhattan, where they have been camped out near Wall Street for two weeks.

Some entered the bridge's roadway and were met by a large police presence and detained, most for disorderly conduct.

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PayPal's Strategy for Challenging Visa and MasterCard at the Register

via allthingsd.com

For the first time today, PayPal demonstrated how it intends to provide payments to physical retailers as the race heats up to make wallets and clunky metal registers obsolete.

A sneak peak was offered to merchants today by the eBay-owned company at a partner event in Rancho Palos Verdes, Calif., and separately to me in a one-on-one briefings by executives.

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Buffett Invests $5 Billion in Bank of America

via dealbook.nytimes.com

Warren E. Buffett comes to the rescue, again.

On Thursday, Berkshire Hathaway, run by Mr. Buffett, announced plans to invest $5 billion in Bank of America, a vote of confidence for the beleaguered financial firm.

While investors initially cheered the news bidding up bank stocks in trading this morning, the sector settled down in the afternoon as the market digested the deal.

Shares of Bank of America, which spiked more than 25 percent on Thursday, are currently at $7.55, up roughly 8 percent. Citigroup and Morgan Stanley, both up which jumped nearly 10 percent in the morning, gave back much of their early gains, too. JPMorgan Chase was off slightly in the afternoon.

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China Admits To $470 Billion In Its Underground Banking System

Image: flickr: shizao

In a closed-door government meeting, China Banking Regulatory Commission chairman Liu Mingkang announced that $470 billion was moving through so-called "black" banks in the country's Eastern provinces alone, according to Asia Times Online.
As Beijing tightens credit, small private businesses are having trouble getting loans. As a result, they're turning to unofficial sources to stay afloat, some even becoming lenders themselves.

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Warren Buffett Is Investing $5 Billion in Bank of America

via theatlanticwire.com

Shares are spiking on Bank of America as billionaire investor Warren Buffett announces he'll invest $5 billion into the ailing bank. Earlier this week, shares in the nation's largest bank had been tanking as investors feared it would have to raise some $50 billion in outside capital and others, such as Business Insider's Henry Blodget, suggested the bank might need a government bailout. Already, the move by the Berkshire Hathaway CEO (who really wants the government to raise his taxes) is being likened to his decision to prop up Goldman Sachs when its stock was tanking during the financial crisis. "Bank of America shares rose 20 percent in pre-market trading on the news," reports Reuters. "Bank of America will sell Berkshire 50,000 shares of cumulative perpetual preferred stock with a 6 percent annual dividend, it said in a statement on Thursday. Bank of America can buy back the investment at any time by paying Buffett a 5 percent premium." The news service notes that shares in the bank lost about a third of their value this month and lost half their value since earlier this year.

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