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Monday Evening Business Brief

September 24, 2012, 5:07 PM

Monday Evening Business Brief
  • Stocks finished modestly lower on Wall Street. The Dow lost nearly 21 points to 13,559. The S&P slipped 3 points, while the Nasdaq was down 19 points.
  • Discover Bank will pay more than $200 million to settle accusations it pressured credit card customers to buy costly add-on services like payment protection and credit monitoring. It will pay a $14 million fine and refund $200 million to more than 3.5 million customers.
  • Free checking accounts are becoming less common as banks look to fees to boost their own bottom lines. Bankrate.com says only 39 percent of non-interest checking accounts are free to all customers, down from 45 percent last year and 76 percent as recently as 2009.
  • The newly released Verizon version of the iPhone 5 comes with an unexpected feature. It works on the network of AT&T and many other phone companies, as well as on Verizon's. It's the first time Verizon, the country's largest cellphone company, has sold a phone that works on competing U.S. networks with no complicated hacking, or "unlocking," procedures.
  • Oil has dropped in five of the past six trading days, down more than 6 percent last week. Benchmark crude today fell 96 cents, or 1 percent, to finish at $91.93 on the New York Mercantile Exchange.

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