Banking News Tonight

Bank of America to Charge $5 to Use Debit Cards at Check-Out

The Huffington Post and other media sources is reporting

Bank of America will charge customers $5 per month to use their debit card starting in early 2012, according to Dow Jones Newswires.

The fee will apply to customers who use their debit card to make any purchases during the month, but won't apply to those who only use it for ATM transactions, according to the report. Debit card use is on the rise, according to Digital Transactions. Signature debit card transactions jumped by almost 10 percent between April 2010 and April 2011, the website reported.
- Huffington Post

American First National Bank, Houston, Texas, Assumes All of the Deposits of First International Bank, Plano, Texas

According to a press release from the Federal Deposit Insurance Corp (FDIC),

First International Bank, Plano, Texas, was closed today by the Texas Department of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with American First National Bank, Houston, Texas, to assume all of the deposits of First International Bank.

The seven branches of First International Bank will reopen during normal business hours beginning Saturday as branches of American First National Bank. Depositors of First International Bank will automatically become depositors of American First National Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of First International Bank should continue to use their existing branch until they receive notice from American First National Bank that it has completed systems changes to allow other American First National Bank branches to process their accounts as well.

This evening and over the weekend, depositors of First International Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

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