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Shareholders Sue JPMorgan & CEO Jamie Dimon Over $2 Billion Loss
Late last night, two separate lawsuits were filed against JPMorgan Chase & Co and its Chief Operating Officer, Jamie Dimon, accusing the bank and its management of excessive risk that led to trading losses of at least $2 billion.
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Are Bank Tellers Going The Way Of The Dinosaur?
Between ATMs, online banking and smartphone apps, the average person can now go months, possibly years, without ever having to go into a bank and interact with a teller. And a number of financial institutions are continuing to looking for ways to remove tellers from the equation — or at least move the tellers somewhere that they aren't taking up expensive real estate.
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JPMorgan CEO Jamie Dimon On $2 Billion Loss: "We Have Egg On Our Face"
JPMorgan Chase dropped a hefty financial bomb on everyone yesterday, admitting that it lost $2 billion in six weeks after some bad trading decisions. CEO Jamie Dimon revealed the news after trading closed last night, admitting that the company only has itself to blame.
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Have You Found An ATM With Minimum Deposits?
When Paul's wife brought a small check to deposit at a Chase bank ATM, she didn't expect to have the machine spit it back out. Deposits, you see, have a $15 minimum. Wait, isn't that the point of using an ATM to deposit checks - not having to waste a teller's time on an $8 transaction?
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Want To Spy On Your Friends' Bank Accounts? Lend Them Your iPhone!
Letting someone borrow your iPhone to log in to their bank's app quickly, then log back out is no big deal, right? Like letting a friend borrow your computer to check their web-based e-mail. They log in, they log out, they leave no trace. Unless it's Chase's iPhone app. Then you get all of their account alerts, no matter what you do. (Short of deleting the app, we assume.)
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Why Did Chase Teller Hand Over $6,500 Of My Cash To Wallet Thief?
It's not uncommon for someone to steal your credit card and ring up some huge charges on the account. This is why there are such strict limits on liabilities for fraudulent transactions. The protections are not as stiff for debit cards, but they do exist. Regardless, a thief shouldn't be able to walk into a bank and walk out with $6,500 of a customer's cash
after the debit card associated with that account has been reported stolen.
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Federal Judge Signs Off On $25 Billion Mortgage Settlement With Top 5 Banks
It's just like reality TV, but not at all — America, here are your top five big greedy banks, and here is the $25 billion
mortgage settlement they're all going home with, now that a federal judge has approved it. That's their load to carry, after allegations of foreclosure abuses and misconduct in servicing home loans.
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Do Not Confuse The Chase Bank ATM With Your Weird And Scary 'Checks'
Tom and his wife got married last year (congratulations!) but still have separate checking accounts. Tom never had a problem depositing checks also made out to his wife in his Chase checking account, so he didn't foresee any problems with depositing their joint $2,000 tax refund check in that same account. But this is The Consumerist, not
Satisfied Chase Customers Weekly, so you can guess how that turned out. Now Tom and Mrs. Tom get to wait patiently and hope that the check doesn't get lost in the mail on its way back to them.
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Chase Doubles The Debit But Isn't Sure When They'll Get Around To Fixing It
UPDATE: Chase has issued a statement on accounts that posted debits twice: "Some debit card transactions in the New York tri-state area posted twice. We are working to reverse that and we will reimburse any resulting fees."
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Which Worst Company Contenders Force Customers Into Mandatory Arbitration?
As we sifted through the mountain of nominations for this year's Worst Company In America tournament, we noticed a trend of readers who cited companies' mandatory binding arbitration clauses as a reason for nominating. And while it's businesses like
AT&T and
Sony that have made all the headlines for effectively banning class action lawsuits, there are a
lot of other WCIA contenders who are forcing customers into signing away their rights.
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