checking account

The three largest US banks Bank of America, JPMorgan Chase and Wells Fargo have unveiled their new P2P payments joint venture.

The banks say that their customers will be able to transfer and move funds directly from their existing checking accounts using an e-mail address or mobile number – instead of providing checking account and routing numbers.

Online financial services company PerkStreet Financial has entered into a strategic partnership with MasterCard Worldwide to offer innovative financial products to MasterCard cardholders as part of PerkStreet’s checking account rewards program. Under the agreement PerkStreet will convert its debit card program to MasterCard early next year.

Online and mobile payment provider mPayy has announced its partnership with newly-launched company Mamaloot. Under new partnership the clients of Mamaloot, site offering local and national products and services, can do shopping directly from their checking account without leaving the site.

 Chase added two new credit cards - Ink and Ink Capital - to its Ink portfolio of business cards. The series features additional purchase rewards or an interest-payment refund to customers with Chase business checking accounts. 

“These additional benefits allow us to thank our business customers for expanding their relationship with Chase,” said Kevin Watters, head of Business Banking at Chase.

The two new Ink from Chase cards:

 Largest US banks Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo & Co. reported they will stop providing insurance of checking accounts in the U.S. above the standard $250,000 limit. The banks are exiting the Federal Deposit Insurance Corp.’s Transaction Account Guarantee Program on Dec. 31, spokesmen for the three companies said to Bloomberg.

The program was launched in October 2008 by the government as an emergency measure to shore up confidence in the banking system and avert a collapse of financial markets.

 Bank of America, Wachovia, U.S. Bank, JPMorgan Chase and Citibank were sued in a class action case that was filed by US consumers with the United States District Court for the Southern District of Florida in Miami for abusive overdraft fees, reported Lieff Cabraser Heimann & Bernstein, LLP.

MyECheck Inc., a leading electronic transaction processor and provider of alternative payment solutions, has announced that Honeymoon Wishes, a #1 honeymoon bridal registry provider in the U.S. and Canada, has been signed as client for MyECheck's online checking solutions. Owing to this agreement, Honeymoon Wishes’ customers are allowed to use their checking accounts as an additional form of online payment.