In what was earlier referred to as the Citibank ATM fraud, the sheer scale of this fraud is only now coming to light. Banks scramble after cyber-breach | Chicago Tribune Exact figures are unknown — some banks have reported numbers; others have not. It is thought that at least 350,000 accounts across the country were defrauded, involving more than $10 million in losses, according to some experts.…. “In terms of financial damage, this is definitely the biggest documented case of debit-card fraud we know of,” said Avivah Litan, a banking analyst and online-fraud expert for Gartner Inc., an information-technology research … Continue reading The biggest cyber-heist of customer debit-card numbers to date

Pilot timing details are becoming clearer. NACHA’s payment pilot to launch in early ’07 | ATM Marketplace News NACHA’s long-expected pilot project to test Internet payments to retailers and billers is expected to launch early next year. The pilot will run for 12 months. NACHA officials expect to sign most participating banks, merchants and billers by Aug. 30, 2006, though the pilot will accept additional participants after that date. Continue reading NACHA’s payment pilot to launch in early ’07

Commerce Bancorp of Cherry Hill, N.J which bills itself as “America’s most convenient bank” is branch centric, with 7 day opening. Banks branching out in region Commerce, whose branches are open seven days a week with extended hours on weeknights, unveiled its first offices in the District and Northern Virginia last year. The company has 378 branches with assets of $40.7 billion as of March, a 28 percent increase from a year ago. Net income for its 2006 first quarter was $77.3 million, about the same as a year ago. They understand their strategy and are sticking to it.  Its … Continue reading Branches as a core strategy

Wells Fargo add small business features, as they and Bank of Americal go head to head for best of breed online banking.

Wells Fargo's Business Online(R) Banking Services Boosts Productivity for Small Businesses; New, Patent-Pending Employer Direct Pay Expedites Payroll Deposits

Wells Fargo & Company (NYSE:WFC) today announced new direct deposit functions for its Business Online(R) Banking services to help small businesses simplify and speed up their management of cash flow.

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Bank of America add powerful new features for small business online banking. Bank of America Introduces New Time-Saving, Online Financial Management Tools for Small Business Customers: Financial News – Yahoo! Finance – Account Management: Grant varying degrees of online account access to other users to view accounts or transact business. View accounts for multiple related business entities. Sign-on to a single page for personal and business accounts – including accounts from other financial institutions. Integrate with QuickBooks and Quicken. – Accounts Receivable: Generate electronic and/or paper invoices with easy-to-use templates. Manage outstanding invoices with automatic e-mail payment reminders and past … Continue reading Bank of America add small business online banking features