Banking
World's First Diamond-Dispensing ATM is Now in Operation in India
By Julie Kent. Published on 10/25/2011 - 9:58am
ATMs are best known for dispensing cash, but some allow you to purchase things like stamps. Even more rare, however, are the ATM machines that dispense gold. Those have started popping up all over the world this year, as gold prices soar and economies falter. Now, you can add diamond-dispensing ATMs to the list as Mumbai, India, became the first city in the world to launch a diamond-dispensing ATM.
The Gitanjali Group, which claims to be the world's largest integrated manufacturer of branded jewelry, opened the diamond ATM in a luxury shopping mall in the city on Sunday. A rep for the group says that it has already served "a substantial number of people."
Gitanjali Group is hoping to roll out 75 addition ATMs that dispense diamonds, in addition to gold and silver coins. They will be opened in shopping malls, airports, and Hindu temples.
Prices range from 1,000 to 30,000 rupees, and customers can pay by cash or credit.
Occupy Wall Street Movement Helped Me Realize First Merit Bank Was Ripping My Family Off
By Eugene McCormick. Published on 10/24/2011 - 8:53am
I owe the Occupy Wall Street movement a debt of gratitude. After hearing the horror stories of people racking up fees from their banks, I decided to peak inside the latest statement from my 2 year old son's account I had set up for him following his first birthday party last year. To my pure disgust, an account that I had funded with just $250 was sinking faster than the Titanic. Why? First Merit Bank was charging a whopping $10 service fee per month because the linked debit card I had been provided was not being used frequently enough.
It infuriates me enough when someone rips me off, but when they take away money from my first born child it really ticks me off. To say I was livid is an understatement.
Florida Woman Sues Chase After Bank Declares Her Dead & Ruins Her Credit
By Julie Kent. Published on 07/12/2011 - 8:43am
Wrenella Pierre of Oviedo, Florida, is suing Chase Bank over claims that her credit was ruined when the bank incorrectly declared her deceased.
Pierre says that Chase Bank notified credit agencies last year that she had died, and even sent her family a condolence letter which read "We are sorry to hear about your loss." The only problem is, Pierre was not dead.
Her attorney, William Peerce Howard says:
"I don't know why the bank made this type of disastrous mistake. There is no possible way to have credit extended when you're deceased."
Pierre and her husband Curtis repeatedly tried to get their mortgage modified when they discovered the mistake. Pierre contacted the bank in November to tell them that she was alive after family members received the condolence letter.
Unfortunately, a month later, credit reporting agencies were still reporting that she was dead.
Huntington Bank Unveils New Sign as it Prepares to Relocate Regional Headquarters to Old BP Building in Downtown Cleveland
By Julie Kent. Published on 06/04/2011 - 12:35pm
BP vacated 200 Public Square more than a decade ago, but this week the building got a new tenant, a new logo, and finally, a new name. The 45-story building will soon be occupied by Huntington Bank, which is moving it's regional headquarters there in September. Huntington unveiled its logo on the building Friday morning, to the cheers and countdown of more than 300 bankers and city leaders.
The St. Martin de Porres High School drum corps was on hand for the drum roll, as a a large tarp hanging from the building was rolled back to reveal the new green and white Huntington sign.
Huntington's regional headquarters will officially relocate in September, and will occupy more than 100,000 square feet in the building. They are moving from their current location at East 9th Street and Euclid Avenue, which will remain open for retail space.
Dan Walsh, the bank's Northeast Ohio regional president, says that the new signage is "an incredible symbol that underscores Huntington's commitment."
Keybank Offering New Checking Account Customers an iPod Touch
By Eugene McCormick. Published on 05/05/2010 - 11:33am
Have you always wanted an iPod Touch, but couldn't justify the cost? Well now you can get one for free just by opening up a new checking account with KeyBank by June 30, 2010. To qualify for the ofer, you mustnot have had ane existing checking account at KeyBank as of April 30, 2010, and must have or request a KeyBank Rewards debit card and enroll in the KeyBank Rewards points program.
Once you've set up an account and enrolled in the points program, you will also need to complete the following requirements:
- Make one KeyBank Rewards debit card transaction
- Make two direct deposits and/or automated payments each of $100 or more by 10/01/10
The offer is only available in the states in which KeyBank has branch locations, which includes: Alaska, Colorado, Connecticut, Idaho, Indiana, Kentucky, Maine, Michigan, New York, Ohio, Oregon, Utah, Vermont, and Washington.
Participants will receive their new iPod touch within 90 days of meeting requirements.
KeyBank Embarking on 15-City Key4Women Forum Tour
By Eugene McCormick. Published on 04/14/2010 - 11:35am
KeyBank, through its Key4Women program, announced today its 2010 Key4Women Forum schedule for 15 cities, featuring customer service expert Cindy Solomon, who will present "The Customer of the Future: The Art of Creating True Customer and Employee Loyalty." Key4Women, a comprehensive bank program dedicated to helping women business owners achieve success, has lent $3 billion to qualified women business owners since 2005 and, last year, committed to lending another $3 billion by 2012.
The Key4Women Forums are designed to educate and empower women through the insight and advice of a dynamic national speaker. In addition to educating women in business, the distinctive Key4Women Forums raise thousands of dollars for local non-profit organizations that benefit women and girls each year.
Forum speaker Cindy Solomon is president of Solomon & Associates Inc. and is one of the most sought-after leadership and customer loyalty speakers in the country. Over the past two decades, she has helped hundreds of organizations build bottom line results by creating profitable, long-term relationships with customers, leaders and employees.
Prepaid credit cards change spending habits during recession
By Cleveland Leade.... Published on 03/08/2010 - 12:58pmThe world is slowly recovering from one of the worst economic crunches it has ever known. However, it can be said without doubt that this recession has caused far-reaching changes in the way people live; in particular, the way they spend their money. Once, consumers were encouraged to spend more than what they had; credit cards annihilated the encumbrances associated with handling paper money, and spread the principle of shopping indiscriminately and paying for it later. All this changed with the onset of recession. Undervaluing of property prices and acute unemployment brought about a sea change in the shopping habits of the average American consumer. Today, ‘controlled spending’ is the norm.
Controlled spending brought with it its own set of credit cards, called prepaid credit cards, a boon to the discerning shopper. While with a conventional credit card you make monthly payments for all purchases made during the period, with prepaid credit cards you load a certain amount of money on the card and use it anywhere. The advantage is that a prepaid card doesn’t allow a consumer to spend more than the money loaded on it, thereby controlling spending habits (much like prepaid phone cards). Further, a prepaid credit card acts as a bank account for shoppers in that cash is loaded directly on the card without any mediators.
Key Bank Posts $265 Million Loss, Shares Up Nearly 10% In Early Trading
By Eugene McCormick. Published on 01/21/2010 - 10:14am
KeyCorp reported a net loss of $265 million, or 30 cents a share, for the fourth quarter.
In the year-ago quarter, the Cleveland-based parent of KeyBank had a net loss of $554 million, or $1.13 a share.
Revenue totaled $1.1 billion in the fourth quarter, up from $1 billion a year ago.
“Although this remains a challenging environment, we are encouraged by the continued stabilization in the economy and some positive trends in our fourth quarter results,” said Henry Meyer, CEO of KeyCorp (NYSE: KEY).
For all of 2009, the net loss was $1.63 billion, or $2.34 a share, on revenue of $4.4 billion. This compares to a net loss of $1.51 billion, or $3.36 a share, on revenue of $3.7 billion in 2008.
FirstMerit Tells Soapbox Derby to Repay $580,000 Loan
By Leader Staff. Published on 12/01/2009 - 9:55am
FirstMerit Bank is demanding that the All-American Soap Box Derby repay a $580,000. According to Board Chairmain William Evans, the bank sent the Akron-based non-profit a letter approximately three weeks ago asking for its money back. The financially strapped organization says that it doesn't have the money to pay the loan.
For the past two years, the All-American Soap Box Derby has gone without a title sponsor, which normally helps to provide income as well as spur publicity. Without a sponsor, the organization has been suffering. In the year ending September 2008, it lost about $400,000. Results for the current year haven't yet been tabulated, but President Jim Huntsman said "we won't lose nearly that much."
Their income has also dropped from about $1.6 million a few years ago, to $1.2 million today. Now, they have lost a line of credit that they counted on to pay bills in the off-racing months. The derby has already cut more than $400,000 from its budget over the last year. Huntsman said his salary was reduced by 20% and that some employees were reduced from full-time hours to part-time hours.
For extra money, the derby is doing more business online, and is leasing out its warehouse to store boats and recreational vehicles.

