He is responsible for checking the accounts of government bodies and Stormont departments, ensuring that they are providing value for money through their expenditure.
Despite a small shrinkage in the number of free checking accounts in the sample, this kind of deal is far from gone.
Many banks have already eliminated the free checking accounts that had been in place since the 1980s and dismantled rewards programs for debit cards.
In an effort to recoup some of their revenue loss as a result of the new caps, many banks have already changed their fee structures pertaining to debit cards and the checking accounts to which they are linked.
Thus, they stand to be lucrative for issuers and relatively inexpensive for consumers, a fact made particularly important given that prepaid cards can provide the exact same services to consumers as regular checking accounts, with the lone exception of physical check writing capabilities.
Consider that 25% to 40% of checking accounts at the big banks are money losers.
Banks can offer deposit and checking accounts for the new currency, just as they do with any currency.
In addition, higher short-term interest rates increase the opportunity cost of holding currency and checking accounts, and therefore will lead to an increase in the turnover or velocity of money.
CreditSights, a research firm, points out that the bank's deposit growth has been stagnant: deposits at its checking accounts grew only 1% in the second quarter compared with the year before, even though the bank has expanded hugely in the meantime.
Before these new rules, most banks automatically added courtesy overdraft protection to checking accounts with details and fees in the fine print.
The Consumer Financial Protection Bureau formally announced this week that it will investigate the overdraft fees that banks charge on checking accounts.
Some banks skirt the on-campus marketing restrictions by pitching checking accounts instead, in hopes of signing students up for cards later.
For decades, the federal government capped the interest rates financial institutions paid on checking and savings accounts, which forced banks to differentiate themselves in other ways, often with gifts.
According to a 2008 study by the Federal Deposit Insurance Corporation, 9 percent of checking accounts incur 84 percent of overdraft fees.
Bank of America currently charges a wide range of monthly fees for checking accounts, unless customers meet certain requirements, but the new plans being tested could change the amounts being charged and the triggers for fees.
The bank borrows from depositors from on demand (our checking accounts) up to perhaps 90 days (CDs perhaps).
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Pressured by regulatory changes which limit debit card interchange fees charged by banks, Bank of America plans to alter the fees and services on its checking, savings and other customer accounts.
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Second, a weaker dollar erases the value of savings, especially dollars held in savings deposits or checking accounts.
These new customers were in search of checking accounts and other services with no fees, or at least cheaper fees than the big banks.
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The business is barely break-even, but the service links customers to nearby Popular branches so that customers might open savings and checking accounts.
Since the recession, Capital One has been expanding its retail banking operations with savings and checking accounts, mainly through acquisitions of smaller banks.
Well, interest rate baring checking accounts currently pay out an average interest rate of .08 percent, according to the Federal Deposit Insurance Corp.
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Banks are typically eager to establish relationships with college kids because they have bright futures as well as the potential to become lifetime customers, engaging in bank offerings from credit cards to checking accounts to investment and retirement portfolios.
Interest rates on checking accounts at many brokerages range from 0.05% to 0.10%, the same as at many stand-alone banks, according to researcher DepositAccounts.com.
Most of the information requested from the district appears fairly routine for an audit: cash journal, chart of accounts, checking account information, contracts with employees and contracts with independent contractors and subcontractors.
Additionally, it is likely that banks will change their customer banking model, charging additional fees for checking accounts and other value-added programs as they seek another source of revenue to cover the decrease in debit card revenues.
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"We've listened to our clients' feedback and will provide the convenience and security of check cards at no additional charge as part of all of our checking accounts, " said Brad Dinsmore, a consumer-banking executive at SunTrust.
Bank of America, the largest U.S. debit card issuer, will no longer allow consumers to overdraw their checking accounts using a debit card.
Those who came of age in the "You've got mail" era can reminisce fondly about arriving home from school and checking their AOL accounts to see if anyone sent them an electronic message.
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