UK banks charge SMEs £4bn in hidden international money transfer costs per year – Study

From Bobs Guide –

“A new study has found that UK banks charge small and medium sized enterprises (SMEs) nearly £4bn in hidden transfer fees each year to make international payments. 96% of these fees are hidden from the customer using the exchange rate offered. This is the first time that a study into the actual rates charged by banks has been conducted.

International trade is worth over £700bn to UK SMEs according to McKinsey & Co and recent figures from Oxford Economics show that the number of SMEs doing business in more than six countries will increase 129% in the next three years. 50% of all UK SME international trade is with Europe.”

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46% of Americans Are Cheating on Their Bank, Survey Finds

From GOBankingRates –

“While some bank customers choose to stick with just one bank, other depositors spread their business across two or more institutions. Both choices have benefits and drawbacks.

One mistake that can hurt bank customers is overlooking this decision altogether. Many Americans might stick with the bank they’ve always had by default and simply haven’t considered that there are better options. Customers of multiple banks, on the other hand, could be exposing themselves to more fees if they aren’t choosing the best banks or the best offers.

How and where you bank matters and can affect every part of your finances, from loans and investments to daily budgeting and long-term saving. A survey from GOBankingRates reveals how Americans manage their banking relationships. Here’s a look at how many bank customers are monogamous in their bank relationship or cheat on their bank with several financial institutions — and how you can make the best choice for your money.”

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JPMorgan to Pay $166 Million Over Debt-Collection Abuses

From GARP –

“JPMorgan Chase & Co. will pay $166 million and change credit-card collection practices after regulators found that the bank used abusive tactics to collect debts, the Consumer Financial Protection Bureau said on Wednesday.

The company agreed to resolve claims that its Chase Bank USA and Chase Bankcard Services Inc. units pursued the wrong borrowers, sought incorrect amounts or so-called zombie debt that was too old, or relied on documents with improper signatures, according to a CFPB statement.

Of the penalties, $136 million settles claims brought by the Consumer Bureau, 47 states and the District of Columbia. The Office of the Comptroller of the Currency imposed a $30 million penalty in a related action, CFPB said.”

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