Bank of America has decided that it will stop charging overdraft fees on debit card purchases as of this summer, a decision that will cut off millions of dollars worth of income for the financial giant. This change follows the September 2009 limit to the number and amount of overdraft charges that could be incurred in a single day.
This move means that customers will be declined if they attempt to use their debit card when they have insufficient funds, rather than facing a hefty overdraft fee.
The change may have come after months of political debate over these types of fees, …read more

Since the beginning of 2009, 162 banks have been closed by federal regulators. You can add four more banks to that list as banks in Utah, Florida, Illinois and Maryland were shut down this weekend.
In Ogden, Utah, Centennial Bank was closed. Boca Raton, Florida saw Sun American Bank get shut down, while Bank of Illinois was closed in Normal, Illinois. The Maryland bank that closed by the feds was Waterfield Bank in the city of Germantown.

Of those four banks, Sun American Bank was by far the largest — with assets totaling more than $535 million. The other three had assets …read more

The big news this week is the CEO of Toyota coming before Congress to justify and explain their position on the recent re-call of millions of their vehicles. Did they wait too late? Did they save too much money avoiding the re-call? Did they wrongly blame the drivers?

Honestly, I don’t have too much of a problem with a large company with a large impact on the general public of the United States to be questioned about their responsibility to the safety of that same public.
My biggest hang-up with the whole issue now is that the organization doing the questioning is …read more

Utilizing team building games as a way to promote unity throughout a company is a very powerful tool. Team building games can embolden an entire work force to strive for new heights with a confidence and a togetherness not previously exhibited. Monotony in the work place can cause boredom and a general lack of morale. Team building games can help break the monotony of the everyday grind and give employees something to look forward to.
Dealing With Change
Similarly, change in the work place can cause anxiety and feelings of uncertainty and chaos. Change can be anything from a …read more

Walmart released their fourth quarter report and the numbers had the company’s head honchos smiling. Not surprisingly, Walmart raked in billions upon billions of dollars.
Said Mike Duke, the president and CEO of Wal-Mart Stores, Inc: “Walmart’s exceptional earnings for the fourth quarter and the full year exceeded our expectations. These results reflect the ongoing underlying strength of our business and our strategies to improve shareholder value through our priorities – delivering growth, leveraging expenses and improving returns.”
Walmart had net sales of $112.8 billion in the 2010’s fourth quarter — a 4.6% percent year-over-year growth. For the entire fiscal year, Walmart …read more

While there was some good news in January with regards to foreclosures in the United States, experts warn that the situation is sure to get worse before it gets better. In fact, this good news is being pointed to by some analysts as the calm before the storm.
Here’s the good news: From December to January, the number of notices that were related to foreclosure dropped by 10% in the U.S. In December, the number was around 350,000, while January saw approximately 315,000 foreclosure notices.
The bad news is that the year-over-year analysis points to a 15% increase from last January. Even …read more

To stay in business in today’s economy, you must undergo changes to survive. Certain industries change more often and faster than others, while some stay more fixed. However, all businesses must change at times to stay competitive.
Lead by Example
Business executives and managers must be willing to change themselves, if they expect employees to change. Be prepared to make changes yourself and be able explain to your employees why those changes are necessary.
Keep Your Employees in the Loop
Nothing causes dissension faster than employees thinking they are being deceived. As soon as possible, inform employees of change initiatives and their part in …read more

New technology is providing a wide range of ways for people to make money. Social media is offering a special challenge, though, since it can be difficult to measure revenues and return on investment. This is precisely why three of the major social media companies, Facebook, LinkedIn and Twitter, are offering new tools and features that focus on revenue implications.
The idea is that you can measure — sort of — the financial benefit of some social media networks. And these three social media sites are chomping at the bit to prove themselves worth an investment, since they are expected to …read more

Every year, Fortune releases a list of the 100 Best Companies to Work For. These are companies that offer great benefits, a good working environment and a corporate culture that focuses on employee appreciation. In this economic climate, the competition for good jobs is fierce, but if you can land a job at one of these companies, you could be in great shape. Here are the top 10 companies to work for, according to Fortune:

SAS
Edward Jones
Wegmans Food Markets (never had a layoff in its history)
Google (bonus: Google is ready to start hiring again)
Nugget Market
DreamWorks Animation SKG
NetApp
Boston Consulting Group
Qualcomm
Camden Property Trust

If …read more

Just when it looks like your retirement portfolio might recover after all, a day like today comes along. The financial markets are in turmoil today, responding to all sorts of news — mainly political news. In addition to disappointing housing market data, and the fact that Morgan Stanley’s profit failed to completely wow investors, a couple of unexpected events are shaping the market. And causing the bears to take firm control. With the way things are going, there is a reasonably good chance that the Dow will close down 200 points today.
China tightens monetary policy
Instead of preparing to lead the …read more