Chase charities will receive grants from Chase through Round Two of Chase Community Giving on Facebook. Winning charities will use the funding for a variety of meaningful causes such as youth arts education, pet rescue, humanitarian relief, aiding the homeless and helping people with disabilities. Facebook users selected a humanitarian relief organization, Chabad of Argentina Relief Appeal of New York City, New York, and an animal welfare organization, Petfinder.com Foundation of Tucson, Arizona, as the top recipients of grants from Chase in the final round of Chase Community Giving. Chabad of Argentina, also supported by UNICEF, rescues at-risk children and teenagers.. The Petfinder.com Foundation works with shelters, rescue organizations and animal welfare organizations nationally to help every adoptable pet find a good home. The two charities will receive $500,000 and $400,000, respectively.
Capital One released its “Capital One Rewards Barometer,” indicating only 22% of U.S. credit cardholders are completely satisfied with their rewards program. Meanwhile, 57% have not redeemed any reward points in the past three months; 28% who wanted to but didn’t cited difficulty in redeeming while 27% cited a lack of attractive redemption options. Additionally, 19% believe the flexibility of redemption options are fair or poor while 23% rate their ability to earn rewards quickly as only fair or poor. Other findings show 29% said that blackout dates would prevent them from using credit card rewards to take a spring trip; the number one motivation for consumers to earn and use credit card rewards is 57% considered it free money; 34% noted they appreciate the everyday savings provided by rewards programs; 47% would rather be able to redeem credit card rewards for domestic than the 30% preferring international airline tickets; and 72% want the ability to redeem rewards for cash, but only 54% actually do.
M&T Bank reported its results of operations for 1Q/11, demonstrating loans past due 90 days or more accrued interest of $264 million at the end of the recently completed quarter, including loans guaranteed by government-related entities of $215 million. Such past due loans were $270 million and $203 million at December 31, 2010 and March 31, 2010, respectively, including $214 million and $195 million of government guaranteed loans at those respective dates. Noninterest income totaled $314 million in the first quarter of 2011, compared with $258 million and $287 million in the first and fourth quarters of 2010, respectively. M&T had total assets of $67.9 billion at March 31, 2011, compared with $68.4 billion a year earlier while loans and leases were $52.1 billion at the recent quarter-end, up $675 million from $51.4 billion at March 31, 2010 and $128 million higher than $52.0 billion at December 31, 2010. Total deposits rose 6% to $50.5 billion at March 31, 2011 from $47.5 billion a year earlier and were up 1% from $49.8 billion at December 31, 2010.
Bank of America announced a $500,000 commitment to the American Red Cross to aid victims of the tornadoes that swept across the Southern and Eastern United States. This includes a $400,000 grant to support efforts in North Carolina and a $100,000 grant to help with immediate and long-term recovery efforts in Oklahoma, Virginia, Mississippi and Alabama. Some of the hardest hit areas are still inaccessible, and officials are still assessing damage throughout the state. Bank of America has been in contact with the Governor’s office, which is leading the response and has declared a state of emergency.
Capital One Bank enhanced its Remote Deposit service for its “Treasury Management” clients. Providing an efficient new electronic receivables processing solution, Capital One’s Remote Deposit service can now seamlessly integrate with electronic check deposits with “QuickBooks” or “Peachtree” accounting software packages. The tool eliminates the hassle of double-keying check deposit information and automatically updates accounts receivable information in one easy step. Apply Payments will allow Capital One’s business clients to save time, reduce keying errors and benefit from a truly integrated receivables process. Capital One delivers treasury management and merchant services solutions that provides a comprehensive suite of payables, receivables, liquidity management and commercial card services along with the online tools companies need to manage their cash flow swiftly, safely and efficiently.
Capital One Financial Corporation announced that the one billion mile allocation for matching consumers’ airline credit card reward miles was depleted in just 25 days. Launched on March 10, the unprecedented “Match My Miles” promotion gave consumers who opened a Capital One Venture Card the opportunity to match up to 100,000 miles they currently had in an airline credit card rewards program. Since its launch on March 10th, the “Match My Miles Challenge” has been heralded by experts in the industry. Those who apply for a Venture card moving forward still have the opportunity to qualify for 10,000 bonus miles when they open a new Venture account. Features include double miles on every purchase, every day; fly free on any airline, anytime, with no blackout dates or restrictions; miles for any travel purchase; and no foreign transaction fees.
Kohl’s Department Stores completed its private-label credit card portfolio transfer to Capital One Financial. With this, Capital One has acquired more than 20 million existing Kohl’s Charge accounts and through the seven-year agreement will offer private-label credit cards to new and existing Kohl’s customers. The transfer will be seamless for cardholders as Kohl’s will continue to manage all customer service, advertising and marketing initiatives supporting its Kohl’s Charge accounts. Kohl’s Charge customers will continue to receive the same exclusive benefits, including savings on their first purchase, Pick-Your-Day shopping passes and special event discounts throughout the year.
Northwest Federal Credit Union (NWFCU) has implemented SAS Anti-Money Laundering, part of the SAS Enterprise Financial Crimes Framework for Banking from the leader in business analytics software and services, to focus on fraud prevention and combat fraud on behalf of its membership. NWFCU monitors a wide variety of fraud scenarios and risk factors – such as large cash withdrawals and deposits, wire transfers, the velocity of debit card activity and money structuring. The pre-defined scenarios and factors in the SAS solution helped the credit union adapt quickly to the new system.
Despite revolving credit having dropped 6.4% in January since the year ago period from $891.0 billion to sit at $795.5 billion, and average credit card debt having decreased 15% to $7,168 nationally, consumer credit scores are still hurting. With consumer credit debt having dropped consistently for nearly 2 and half years from its peak of…
Capital One Financial has launched its “Match My Miles Challenge” promotion, giving consumers who open a Capital One Venture Card the opportunity to match up to 100,000 miles they currently have in an airline credit card rewards program, for which the Company plans to match up to one billion miles. Match My Miles is being promoted via an integrated marketing campaign including a national television advertisement featuring Alec Baldwin. In the 30-second ad, which premiers tonight at 10:30 PM EST on Capital One’s Facebook page, he encourages consumers to sign up and take the “Match My Miles Challenge.” To receive the miles match, a new cardholder must register and provide proof of their current airline credit card miles and then spend $1,000 on their Venture Card during the first three months.
CashEdge Intelligent Money Movement services has signed a deal with The Huntington National Bank to provide “Popmoney” person-to-person email and mobile payments service. The service will be offered online through Huntington Online Banking and through Huntington Mobile Banking later in the year. The “Popmoney” payments service lets bank customers to send money from their online or mobile banking, simply using a recipient’s email, mobile number or bank account information. Popmoney provides support for text messaging, WAP and downloadable mobile applications. Huntington has more than 600 local branches and an array of alternative distribution channels including internet and mobile banking, telephone banking, and more than 1,300 ATMs, throughout its six-state banking franchise: Ohio, Michigan, Indiana, Pennsylvania, West Virginia, and Kentucky.
Fifth Third Bank has selected ClairMail mobile banking and payment to power its mobile banking services, allowing its customers better access to their accounts, bill paying capabilities and real time personalized text alerts. ClairMail’s scalable mobile platform also gives Fifth Third the flexibility to connect to multiple financial systems and future-proof their mobile powered offerings. The platform lets users access accounts through mobile web, SMS and a client apps on virtually any mobile device and check account balances, perform account transfers and view transaction history.