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Banking

Published
March 14, 2023

Is my money safe? What you need to know about bank failures

Nearly all banks are FDIC insured. Credit unions are insured by the National Credit Union Administration.
Published
March 13, 2023

Bank stocks tumble while others rise on hopes for easier interest rates

The most pressure is on the regional banks a couple steps below in size of the massive, 'too-big-to-fail' banks that helped take down the economy in 2007 and 2008.
Published
March 13, 2023

After 2nd collapse, Biden says U.S. can have confidence in banks

The president says he would seek to hold those responsible accountable, and he promised that no losses would be borne by taxpayers.
Published
November 2, 2022

Fed unleashes another big interest rate hike but hints at a pullback

It is the central bank’s 6th rate hike this year – a streak that has made mortgages and other consumer and business loans increasingly expensive and heightened the risk of a recession.
Published
October 26, 2022

With Americans feeling pinched, Biden targets banks’ ‘junk fees’

The Consumer Financial Protection Bureau is targeting overdraft fees charged by banks as well as bad check fees, which are levied against a bank customer when a check isn't valid.

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Published
October 25, 2022

Record number of Americans now have bank accounts, government reports

The FDIC attributed most of the improvement to the stronger economy in 2021, as the coronavirus pandemic restrictions largely expired and there were low levels of unemployment.
Published
August 26, 2022

Dow drops 1,008 points on Fed chairman’s rates speech

Jerome Powell says further interest rate increases are in order to beat back the high inflation sweeping the country.
Published
August 26, 2022

Chairman Powell says Fed could keep lifting rates sharply ‘for some time’

Stocks tumbled after Jerome Powell's remarks, and bond yields rose, a sign that investors foresee more large interest rate hikes ahead.
Published
August 18, 2022

Bank of America’s overdraft fees down 90% under new policy

Revenue is down after the bank reduced overdraft fees to $10 from $35 and eliminated fees for bounced checks.
Published
August 1, 2022

Longtime Maine-based commercial banker announces retirement

Raymond "Chip" Kelly, KeyBank Maine market president, plans to retire in November after a more than 37-year career, 30 of which have been spent in Maine.