Banking
Top stories summarized by our editors
9/21/2018

In 2017, the $100 bill passed the $1 bill in circulation popularity for the first time. The reason may be that many people are choosing to save large bills, stashing them at home instead of in financial institutions, the Federal Reserve Bank of Richmond says.

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Quartz
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Federal Reserve Bank
9/20/2018

Banks have argued in recent years that student debt is being driven up by federal programs that grant loans without consideration of borrowers' ability to repay. Student loans could be a topic of policy debate if Democrats take control of the House after the November elections.

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Banks
9/20/2018

Digital fraud is increasing, but bank customers want convenient, digital options that could put them at risk. Ally Bank meets this challenge by giving customers control over security options, says Anand Talwar, deposits and consumer strategy executive.

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Pymnts
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Ally Bank
9/19/2018

China has responded to US tariffs on $200 billion in Chinese products by imposing retaliatory tariffs on $60 billion in US goods. Both sets of tariffs take effect Monday.

9/19/2018

Roughly two-thirds of Amazon Prime members surveyed said they would be interested in a free online bank account from Amazon if one were available, and 43% of the company's regular customers said the same. Amazon reportedly is in discussion with banks about offering a product similar to a checking account.

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CNBC
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Amazon
9/19/2018

TD Bank is partnering with Bottomline Technologies to combine Bottomline's Paymode-X with Visa Payables Solutions. The collaboration will streamline the processing of card, ACH and check payments, offering greater flexibility to TD Bank's business customers.

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Pymnts
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TD Bank, Bottomline Technologies
9/19/2018

Square is considering adding banking and other services to its Cash peer-to-peer app, such as savings accounts and stock trading capabilities, says Chief Financial Officer Sarah Friar. The Cash app is growing faster than Venmo, according to a Nomura report, and Friar says customers are already storing sizable balances on the app.

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CNBC
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Sarah Friar, Square, Nomura
9/19/2018

BMO Harris Bank has decided to direct mortgage applicants to a call center and to reduce mortgage officers in branches. The move improves responsiveness and turnaround, spokesman Patrick O'Herlihy says.

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BMO Harris, Patrick O'Herlihy
9/19/2018

Carey Halio, who becomes CEO of Goldman Sachs Bank USA next month, says she will focus on consumer deposits. Much of the bank's $127 billion in deposits comes from private wealth and commercial clients, and Halio plans to expand products offered.

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Goldman
9/19/2018

Facebook has asked banks for data on customers who use Messenger, but most financial institutions have declined or have limited access. Bank of America has moved private messages off Facebook, while Wells Fargo had cautioned customers about revealing sensitive data, such as account numbers, during a Facebook chatbot pilot program that ended this year.