Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Save to My Library
Look up keyword
Like this
1Activity
0 of .
Results for:
No results containing your search query
P. 1
5.16.12 99 Spring Season Clipbook

5.16.12 99 Spring Season Clipbook

Ratings: (0)|Views: 20 |Likes:

More info:

Published by: Minnesotans for a Fair Economy on Aug 01, 2012
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

08/01/2012

pdf

text

original

 
MediaCoverage
99%Spring:ASeasonofAction
MinnesotansforaFairEconomy
www.mnfaireconomy.org
 
2
MinneapolisPublicSchoolsBankRFP
StarTribune|SchoolsMaySwitchWhereTheyBank 
SchoolsMaySwitchWhereTheyBank
SteveBrandt|StarTribune|April12,2012
MinneapolisPublicSchoolsmaybegettingitselfanewsetofbankers.ChiefFinanceOfficerRobertDotysaidthathewantstosolicitproposalsforhandlingthedistrictpayrollwhenherevieweddistrictbankingpracticesfortheschoolboardthisweek.Twofactorsstoodoutinhispresentation.OneisthatDoty,whoisonlyafewmonthsintohisjob,saidthatnoonecouldrememberthelasttimethedistrictopeneditsbankingbusinesstocompetitiveproposals.Dotyalsoreportedthatthedistrictcouldsavemorethan$20,000annuallyinfeesit’snowpayingtoWellsFargoforpayrolltransactionsifitshiftedtoabankchargingthesamefeesasUSBank.USBankchargeslowerfeesbecauseitisthebankerforafundofmorethan$1billioninwhichschoolsdistrictsinMinnesotapooltheirdepositsforabetterreturn.ThatvolumeallowsthatpoolofdistrictstonegotiatelowertransactionfeeswithUSBank.Forexample,Doty'spresentationsaidthedistrictwouldpayabout11centsforeachpayrollcheckissuedatUSBank,comparedto30centsatWellsFargo.Thedistrictnowbankswitheightinstitutionsbut99percentofits$685millionintransactionsthisfiscalyearrunsthroughWellsFargoandUSBank.WellsFargohandlesaboutfour-fifthsofthedistrict’sbankingtransactionsandusuallymorethanhalfofitsdepositsbecauseitisthedepositoryforthethedistrictpayroll.USBankhandlesfundsusedtopaythedistrict’sotherbills.Bankchargesareonlyonecriterionforthedistrict’schoiceofbankers.Districtpolicyalsorequiresthatabankbealocaltaxpayer,makesocialandeconomiccontributionstothecommunity,becapableofmanagingthedistrict’scashflow,andhavesatisfactorydepositsecurity,liquidity,andyields.Dotysaidhedidnotconsiderbankingpoliciesonforeclosureinhisreview.Whichbanksgetthedistrict'spayrollbusinessdependsonthatcombinationoffactors,butDotylistedTCFBankandBremerBankasexamplesoflocalbanksbigenoughtocompeteforthedistrict’spayrollbusiness.Dotysaidhewantsthedistricttoselectthedistrict'snextpayrollbankbyJuly1,andthenconsiderwhethertoopenthenon-payrollbankingtocompetition.
 
3
PaydayLendingReportRelease4/17/12
“Mostcustomerscan’taffordtorepaythewholeloaninjustafewweeks,andifthepaydaylenderdepositstheircheck,itwillbounce,costingthecustomerevenmoreinfees.Soinsteadofincurringbounced-checkfees,thecustomeragreestorenewtheloanandjust paystheinterest,ortakesoutanewloantopayofftheoldone,leadingtoacycleofdebtthatcanlastformonthsorevenyears.”
PredatoryPaydayLendinginMinnesota:HowU.S.BankandWellsFargoHurtConsumerswith‘CashFast’Loans’
NewYorkTimes|ChasingFees,BanksCourtLow-IncomeCustomersHuffingtonPost|WellsFargoExtendsLoanswithInterestRatesUpto274Percent StarTribune|ReportRipsBankson‘Payday’LoansMPR| AdvocatesSayUSBank,WellsFargoLoansPreyonLow-incomeBorrowersMinneapolisSt.PaulBusinessJournal|MNGroupClaimsBigBanksUsing‘Payday’LoansTwinCitiesBusiness|U.S.Bank,WellsFargoCriticizedforHigh-APRLoansMinnesotaDaily|U.S.Bancorp’sMoneyTalks
ChasingFees,BanksCourtLow-IncomeCustomers
JenniferSilver-GreenbergandBenProtess|NewYorkTimes|April25,2012
WhenDavidWegnerwentlookingforacheckingaccountinJanuary,hewaspepperedwithoffersforlow-endfinancialproducts,includingaprepaiddebitcardwithnumerousfees,ashort-termemergencyloanwithsteepcharges,moneywireservicesandcheck-cashingoptions.
“Imayaswellhavegonetoapaydaylender,”saidMr.Wegner,a36-year-oldnursingassistantinMinneapolis,whoendedupchoosingalocalbranchofU.S.Bankandavoidedthepaydaylenders,pawnshopsandcheckcasherslininghisneighborhood.Alongwithacheckingaccount,heselecteda$1,000short-termloantohelppayforhiscysticfibrosis

You're Reading a Free Preview

Download
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->