You may have heard that Sallie Mae’s getting into the banking business.

But will its new savings accounts and CDs catch on?
First, the yields aren’t that great — and already being cut.
When Sallie Mae introduced its savings accounts in early March, it was paying 1.35% APY. Now it’s paying 1.25% APY.
Although that’s still an [...]

The nation’s largest bank, and biggest issuer of debit cards, is finally doing the right thing.
Bank of America will stop letting customers overdraw their checking accounts just so it can zing them with hefty overdraft fees.

Starting this summer, it will decline purchases that overdraw a customer’s checking account and inform them that they’ll have to [...]

Talk about cynical.
A shadowy special interest group is trying to turn consumer anger at big banks into anger against new federal regulations intended to protect us from another financial crisis.
The ad claims that the “Big Bank Bailout Bill” amounts to a “new $4 trillion bailout for banks.”
Of course the Wall Street Reform and Consumer Protection [...]

The Florida Consumer Protection and Homeowner Credit Rehabilitation Act.
Sounds like a good thing, right?
But it’s the misleading title of a 53-page bill the Florida Bankers Association has drafted.
The new state law would make it faster and cheaper for lenders to repossess homes by giving them the right to foreclose without having to go to court [...]

Ben Bernanke has unveiled his plan for unwinding the Federal Reserve’s economy-boosting policy that’s driven interest rates to record lows.
When the Fed Chairman might set that plan into motion remains a mystery.
Economists who thought June might be a good guess are now saying November or even next year since he seems determined to hold interest [...]

The Daily Show With Jon Stewart
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Clusterf#@k to the Poor House – Wall Street Bonuses

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Jon Stewart raged against the big banks and the huge bonuses they’re expected to award their top executives on The Daily Show last night.
“Let me see if I’ve got this straight,” [...]

President Obama will try to recoup as much as $120 billion of the money spent to bail out the financial system, most likely through a tax on large banks, administration and Congressional officials tell the New York Times.
The tax would be part of the federal budget the president will present next month.
The general idea is [...]

If you think we’re fed up with the big banks, you should see how angry big-time blogger Arianna Huffington has become.
We think you should take your money out of the big banks because they aren’t paying squat for your savings. (See yesterday’s post Big Banks Pay Nothing For Savings.)
Huffington wants you to close your accounts [...]

Over the next couple of months banks will almost certainly report that they were profitable during the final three months of 2009 and are on the road to recovery.
Don’t believe it.
The turnaround banks are touting is only possible because they’re still refusing to acknowledge $1 trillion or more worth of bad loans on their books.
The [...]