|
|
 Bank of America nears to settle claims from its powerful investors to pay them $8.5 billion, according to the sources familiar with the situation. These investors lost their money on mortgage-backed securities.
Such a deal would encourage investors to seek compensation from other lenders like Wells Fargo & Co and JPMorgan Chase & Co, analysts believe.
A settlement, first reported by The Wall Street Journal, would be the largest in the banking industry to date. It would also require approval by Bank of America's board, which met on Tuesday to discuss it, according to the source.
"If ... more →
|
|
|
|
|
|
 Visa says that the number of its branded contactless cards in the UK will reach about 20 million by the year end. The growth is expected to be driven by outlets like McDonald’s.
As of March 2011 there were 13 million Visa payWave cards in circulation, which is a growth from 8 million recorded last June.
McDonald’s is actively implementing the technology across its network of 1200 restaurants in the UK and Starbucks is also following the trend. Lloyds, Royal Bank of Scotland and Bank of America have all joined Barclays in issuing cards.
|
|
|
|
|
|
 Wells Fargo and Bank of America announced the shutdown of their joint venture launched three years ago to process automated clearing house transactions between the two banks. The two companies stated that they abandon the operation, which they called Pariter.
“It will shut down over the next few weeks,” a Wells spokesperson tells Digital Transactions News. “It will take a few weeks to figure out what the specific impacts are.”
“It was a mutual decision, amicable,” says the Wells spokesperson.
As explained in the official statement the factors which influenced the decision ... more →
|
|
|
|
|
|
 The three largest US banks Bank of America, JPMorgan Chase and Wells Fargo have unveiled their new P2P payments joint venture.
The banks say that their customers will be able to transfer and move funds directly from their existing checking accounts using an e-mail address or mobile number – instead of providing checking account and routing numbers.
The new platform known as clearXchange will be rolled out nationally and it is expected that eventually the service will be expanded to include other financial institutions and endpoints to create a money movement capability across the ... more →
|
|
|
|
|
|
 WikiLeaks said that it would soon publish disclosures from the corporate world.
'I believe that in the future we are going to have more material that is pertaining to the corporate community,' WikiLeaks spokesman Kristinn Hrafnsson said late Wednesday.
Shares in Bank of America fell 3 percent Tuesday amid investor fears that the largest U.S. bank by assets might be at the center of WikiLeaks' next document release.
Julian Assange, founder of the whistle blowing website, said that the group is planning to release tens of thousands of internal documents from a major U.S. ... more →
|
|
|
|
|
|
 U.S. Bankruptcy Judge James Peck brought a ruling that Bank of America Corp should return $500 million of deposits it seized from Lehman Brothers Holdings Inc shortly after Lehman's bankruptcy. The judge said that Bank of America violated federal law when it 'brazenly' seized the deposits after having taken advantage of Lehman's weakened condition in the summer of 2008 in obtaining the money.
'It is difficult to understand how Bank of America could have thought that taking the money was the right thing to do without first seeking permission from the court,' Peck ... more →
|
|
|
|
|
|
 The man who made Goldman Sachs a household name (using some very helpful and lurid imagery), has found a new target: Bank of America, JP Morgan, Wells Fargo and Citi.... And the 'Rocket Docket.' Quote Taibbi: 'The Rocket Docket exists to launder the crime and bury the evidence by speeding thousands of fraudulent and predatory loans to the ends of their life cycles, so that the houses attached to them can be sold again with clean paperwork. The judges, in fact, openly admit that their primary mission is not justice but speed.' And here comes the trademark Taibbi visual: ... more →
|
|
|
|
|
|
 Bank of America Merrill Lynch announced the inclusion of the expanded functionality of Paymode-X™, the all-digital online payment and invoicing system powered by Bottomline Technologies, to its supply chain and treasury solutions offering.
The company believes that now combined electronic purchase order submission, invoicing and payment settlement on a single platform, Paymode-X enables companies to better control and predict their cash flow, reduce processing costs and strengthen relationships with suppliers.
Clients will have more options for supplier invoice submission, including ... more →
|
|
|
|
|
|
 Online forex trading has exploded in recent years, with retail trading accounts becoming widely accepted and automated forex trading also becoming increasingly popular. A slew of online forex brokers will now open an account with as little as $1 in some cases.
Yet the increasing availability of forex trading to the retail market brings the risk of fraud as wily brokers, account managers and just plain scammers look to profit from the ignorance and greed of others who want access to the huge forex market.
Nevertheless, frauds that can cost unsuspecting forex traders substantial amounts ... more →
|
|
|
|
|
|
 Bank of America has introduced a new service dubbed as eBanking to allow customers to bank via electronic channels and receive statement on the Internet. Consumers who make deposits and withdrawals via eBanking as well as receive statements online will not have to pay monthly fee irrespective of their account balance or number of transactions in a given month. Otherwise, the customer pays for the value of the account through an $8.95 monthly maintenance fee.
Customers who routinely prefer to do their banking in person or receive paper statements have the option to choose from other Bank of ... more →
|
|
|
|
|
|
 China should unshackle the yuan from its dollar peg and follow Singapore's lead in targeting a basket of currencies to determine its exchange rate, Merrill Lynch's China economist said on Wednesday.
Linking the yuan to the dollar had done China more harm than good over the past two years, attracting both hot money inflows and international criticism, but a sudden shift to a fully market-determined exchange rate was off the table, Ting Lu said.
'The most important question is how to appreciate,' he said. 'We can find a middle path. We should fix the yuan to a basket ... more →
|
|
|
|
|
|
 March 27 (Bloomberg) -- Emerging-market exchange-traded funds attracted $1.6 billion of net inflows in the week ended March 25, signaling hedge funds are using the securities to “quickly raise risk levels,” according to Bank of America Corp.
The inflows into ETFs, which trade like a stock and allow investors to make bets on whether indexes will rise or fall, were the most in about three months, Michael Hartnett, Bank of America’s New York-based co-head of international investment strategy, wrote in a e-mailed note today, citing data compiled by research firm EPFR Global. Hedge funds ... more →
|
|
|
|
|
|
 The foreign exchange (FOREX) market is the purchase or sale of a currency against sale or purchase of another. The object in Forex is to exchange one currency for another in the expectation that the price will change so that the currency you bought will increase in value compared to the one you sold. Through Forex education and training it is possible to speculate the direction of the market and receive a good return on your investment.
The major participants in the FOREX include commercial and investment banks and central banks. Other participants include corporations, hedge funds, and ... more →
|
|
|
|
