| Canada Morning: C$ Dn On Renewed Risk Aversion, Dodge Remarks
TORONTO (Dow Jones)--The Canadian dollar is lower in continued erratic and volatile trading early Monday, with the currency under pressure from another bout of risk aversion in global markets as well as the negative fallout from weekend remarks from Bank of Canada governor David Dodge. The U.S. dollar was trading at C$0.9822 at 10:35 a.m. EST (1535 GMT), from C$0.9847 late Friday. The Canadian dollar's defensive tone to start the week has mostly been a consequence of renewed risk aversion, with sustained concerns about sub-prime mortgage exposure weighing on North American equity markets and commodity prices also mostly flat to lower. The Canadian dollar has also seen some selling pressures stemming from comments over the weekend by Dodge. Speaking to reporters at the meeting of finance ministers and central bankers from the G-20 group of nations in South Africa, Dodge said that financial market volatility and downside risks to the world economy have increased since early October, and that this "clearly poses a risk that we are going to have to take into account when setting our own policy." Currency strategists at Scotia Capital in Toronto said in a commentary that "following (Bank of Canada Senior)Deputy Governor Jenkins' comments last week regarding the downside risks to growth and inflation posed by the exceptionally strong Canadian dollar, this appeared to be another step designed to prepare the market for a rate cut at an upcoming meeting." The Canadian central bank makes its next scheduled rate announcement on Dec.
New BofA site touts online, cell-phone banking
Bank of America Corp. has launched an online site to instruct customers about online and cell-phone banking. "Our customers lead mobile lives, and they need a bank with options, products and features that can keep up with that fast pace," says Lance Drummond, e-commerce and ATM executive. "With Bank of America, all you need is Internet access through your computer or mobile phone to be connected to your finances anytime, anywhere." The site features characters that lead visitors through interactive demonstrations of each online- and mobile-banking product. Customers can learn how to access accounts, pay bills, transfer funds, locate branches or ATMs and receive account alerts via text message on their mobile phone. The Web site, dubbed Bank the Way You Live, is at bankofamerica.com/anywhere.
Subprime's Return
There are now daily reports of US and other financial groups reporting billions of dollars in losses from dodgy US subprime mortgages and associated credit derivatives. Financial groups in Europe, Britain, Japan and even the US have been affected. but the main damage is appearing in the US where cash management accounts, the investment funds of states, towns and counties, not to mention corporate pension funds and the big names in finance like Merrill Lynch, Bank of America, Citigroup, Barclays, UBS are being revisited by big losses and the prospect of more to come. It's the credit crunch mark two, a replay of the August freeze, but without the drama of financial markets being hurt so violently. Instead its a steady erosion of value and earnings. We in Australia, facing towards Asia, will hopefully escape the full impact as China booms.
Bank of America Launches Microsite
Bank of America Corp. has launched its "Bank the Way You Live" mircosite today in an effort to attract customers who want to do mobile banking. The site features characters that lead users through interactive demonstrations of each online and mobile banking product. Customers can find information on how to access accounts, pay bills, transfer funds, locate branches or ATMs and receive account alert text messages on their mobile phone. Customers can also see how to gather information and accounts for a clearer financial picture, all with layers of security to keep customers personal finance information protected. .
Arrest warrant highlights
In the affidavit, Waco police detective Charles Jaquith says he obtained records by subpoena for several banks where Mills and Downtown Waco did business. The investigation found the following: * Mills wrote 121 checks from Downtown Waco Inc. to herself, cashing some and putting some into her account at First National Bank of Central Texas. Other Downtown Waco Inc. checks were deposited into the account of her son, Richard Coke Mills Jr., at Bank of America. * Mills diverted into her private account at least 10 checks intended for Downtown Waco Inc., worth $19,939. That included checks of several thousand dollars from Kelly Realtors, Waco Independent School District, the Waco Tribune-Herald, McLennan Community College and Baylor University. * Mills wrote $40,800 checks to herself from a Downtown Waco Inc.
BofA launches football-related sweepstakes
Bank of America Corp. has launched a six-week sweepstakes to encourage saving through its Keep the Change program. Through the promotion, dubbed Monday Morning Quarterback, customers can win prizes that include a trip for two to Super Bowl XLII in Arizona. Participants also will vie for weekly prizes such as a refund equal to one-quarter of their weekend spending. Customers can go to www.bankofamerica.com/quarterback for information and to enroll. Keep the Change customers have each check-card purchase rounded up to the next whole dollar amount. The difference is transferred from their checking account to their savings account. "Through the Monday Morning Quarterback promotion, we hope to highlight the importance of saving and remind customers that they can join the more than 6.5 million customers who have already saved more than $620 million just by enrolling in Keep the Change and using their debit cards for everyday purchases," says Susan Faulkner, deposits and student-lending executive.
Check It Out
Bob in Pittsboro continues to defend the lame Bank of America greeter. (If you're new to this debate, a couple of weeks ago we wrote about being faux customer-serviced by a BOA greeter, who pretended to be concerned about our needs. Bob shot back that we were a "grouch" for not appreciating BOA's interest in us, its valued customer. We responded with a list of things we could have done in the 15 minutes we had to wait to see our senior personal banker.) Today, Bob continues to portray BOA as the victim."Not only a grouch," writes Bob, "but a poor planner. From BOA's Web site, here's what you could have done online ... . " He goes on to list several things that can be done with online banking -- which we have and use, thank you very much, Bob. Several things except what we needed to do, which was transfer funds from a CD account to checking, a simple task that we should not have to enlist the aid of an SPB in the first place! Which adds to our, yes, grouchiness!Bob concludes by offering one more thing we could have done in the 15 minutes we waited to see our SPB: "Try doing the 15-Minute Desk Workout (www.youtube.com/watch?v=nKCPcRcJmqc) in the bank lobby.
Bank of America Tops Large Banks in Combating Identity Fraud New Javelin Strategy & Research report shows top U.S. ...
Bank of America ranked the highest in identity fraud protection, detection and resolution, according to a Javelin Strategy & Research report released today. The study of the top 25 U.S. banks found that this year financial institutions showed strength in resolution practices, but vulnerability in prevention and detection. Javelin analysts recommend that banks provide more account monitoring tools to its customers and empower them to "watch and catch" identity fraud earlier. Bank of America earned 78 points out of a total possible score of 100. Tied in second place are JP Morgan Chase, Washington Mutual and Wells Fargo, each earning 70 points. Citibank ranked third with 69 points; BB&T and Wachovia earned the fourth and fifth highest scores. On the whole, 77 percent of the financial institutions met Javelin's recommended resolution criteria, but showed slower progress in detection and prevention measures.
Probe recovers $780,000 from investment fraud
Missouri Secretary of State Robin Carnahan was in Springfield Thursday to announce the completion of an investigation resulting in the recovery of more than $780,000 in restitution from a firm whose former employee defrauded Missouri investors.
Carnahan�s Commissioner of Securities, Matt Kitzi, entered into a consent order on Nov. 9 with Investment Centers of America ICA, the former employer of a Joplin-area investment adviser, Mark L. Henry, who defrauded investors out of more than $800,000. The order will recover over $1 million in restitution, fines and penalties.
Henry was a Missouri-registered agent and investment adviser for ICA from October 1994 until September 2005. After his termination, Henry used a personal bank account to fraudulently continue conducting business as a representative of Investment Centers of America.
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