Banks, Wells Fargo | featured news

Moody's downgraded Bank of America's and Wells Fargo's long-term ratings and the short-term ratings of Citigroup, saying it believes the U.S. government is less likely to support the banks if needed.

Moody's Investors Service said it may downgrade the debt ratings of Bank of America Corp, Citigroup Inc and Wells Fargo & Co, citing concerns about waning political willingness to offer support for the largest U.S. banks.

Three of the nation's four largest banks are launching a system that lets customers transfer money from their checking accounts using only a mobile number or e-mail address.

The nation's largest retail bank said first-quarter earnings rose to $3.8 billion from $2.6 billion in the period a year earlier.

Wells Fargo is no longer making their debit card rewards program available to new customers.

Wells Fargo & Co. says its fourth-quarter profit shot up, as it was able to lower the amount of reserves set aside to cover souring loans.

In a ruling that may affect foreclosures nationwide, the Massachusetts high court has voided the seizure of two homes by Wells Fargo & Company and US Bancorp after the banks failed to show that they held the mortgages at the time of the foreclosures.

With one out of every 245 Minnesota housing units in foreclosure during September, news has broken that Wells Fargo, along with other big banks, may have helped push some homeowners off properties with the use of "robo signers."And the bank, with deep ties to Minnesota, has no intention of changing its ways.

Wells Fargo is ending its free checking account. Bank of America is testing out options. Others are expected to follow suit. The good news for bank customers this summer is that new federal rules should cut down on unexpected overdraft fees.

The bank beat Q4 estimates. Executives say credit statistics are improving.