Wells Fargo Tries To Hitch Its Wagon To 1 Percenters

Wells Fargo Tries To Hitch Its Wagon To 1 Percenters

If you happen to be one of the 10,000 households in the country with $50 million or more to play around with, Wells Fargo would like to talk to you. Well, not Wells Fargo per se, but its new brand, Abbot Downing. Named after a 19th century stagecoach builder, Abbot Downing is launching next year with a staff of 300 managing $27.5 billion of assets from customers. [More]

Banks May Push Prepaid Cards Onto Customers To Make More Money

Banks May Push Prepaid Cards Onto Customers To Make More Money

No longer able to make as much money from processing debit card transactions due to new regulations, banks are expected to start increasing their bottom lines by coaxing customers into using prepaid cards and signing up for credit cards. [More]

Bank Of New York Charges Some Big-Time Clients Fees For
Making Cash Deposits

Bank Of New York Charges Some Big-Time Clients Fees For Making Cash Deposits

Some clients who are considering making large cash deposits to the Bank of New York Mellon will have to pay for the privilege of doing so. Responding to huge cash deposits from freaked-out customers who are fearful of losing their money in the market, the bank will charge 0.13 percent for accepting high-dollar deposits some accounts. [More]

3 More Banks Shut Down; That Makes 61 So Far This Year

Movie rental chains, book stores and newspapers aren’t the only businesses that are dying off. The Federal Deposit Insurance Corp. (FDIC) announced three banks have been shut down, making 61 closures so far this year. Bank closures are still far behind the pace of 2010, when 157 banks were shuttered. [More]

Department Of Justice Investigates Wells Fargo For Discriminatory Lending Allegations

Department Of Justice Investigates Wells Fargo For Discriminatory Lending Allegations

The U.S. Department of Justice is said to be investigating allegations that Wells Fargo discriminated against black borrowers, offering high-interest, subprime mortgages that seemed geared to lead to default. [More]

Federal Reserve Smacks Wells Fargo With $85 Million Fine

Federal Reserve Smacks Wells Fargo With $85 Million Fine

Punishing Wells Fargo for alleged mortgage funny business, the Federal Reserve has fined the bank $85 million. Accusations include falsifying mortgage applications to let unqualified borrowers receive mortgages and directing those with good credit into costly subprime mortgages. [More]

Convicted Bank Fraudster Could Get 385-Year Sentence

Convicted Bank Fraudster Could Get 385-Year Sentence

Prosecutors in the case against Lee Farkas, who was convicted of leading a $2.9 billion scheme that wrecked Taylor, Bean & Whitaker Mortgage Corp., have asked the judge in the case to sentence Farkas to at least 50-years in prison, adding that the maximum sentence for his crime is 385 years. [More]

Ohio Woman Has Had Same Bank Account For 98 Years

Ohio Woman Has Had Same Bank Account For 98 Years

In January of 1913, a man in Ohio opened up a passbook savings account for his baby daughter with $6.11. And in probably the lengthiest example of customer loyalty, that girl — now a 100-year-old woman — has continued to use that same account ever since. [More]

Government May Hit Banks For $17 Billion Over Foreclosures

Government May Hit Banks For $17 Billion Over Foreclosures

State attorneys general have warned the nation’s top banks that they may face as much as $17 billion in lawsuits over foreclosure practices if they don’t reach a settlement with the government. That number comes on top of billions more that the banks could owe to federal agencies including the Department of Justice. [More]

Maine Supreme Court Reverses HSBC Foreclosure On "Untrustworthy" Paperwork

Maine Supreme Court Reverses HSBC Foreclosure On "Untrustworthy" Paperwork

Maine’s Supreme Judicial Court has overturned a foreclosure brought by HSBC against a local homeowner, citing affidavits submitted by the bank as “inherently untrustworthy.” In vacating an earlier decision, the court declared that HSBC’s records “are not of the quality that would be admissible at trial.” [More]

Man Who Says Chase Gave Him Counterfeit Bill Camps Out In Front Of Branch

Man Who Says Chase Gave Him Counterfeit Bill Camps Out In Front Of Branch

Claiming Chase handed him a counterfeit $100 bill, a Utah man is camping outside of the allegedly offending branch in an effort to get the bank to acknowledge his issue. He’s sporting a huge cardboard sign that says “Chase Bank Passed me A Counterfeit $100 Bill!” with the words “Come and See!!” posted on the side. [More]

Are You Having Trouble With Bank Of America Today?

Are You Having Trouble With Bank Of America Today?

Have you been unable to log in to your Bank of America online account? You’re certainly not alone. The bank told Crain’s that “some customers may experience slowness” and many customers aren’t able to access the bank’s Web site at all. [More]

The 8 Least Evil Banks In America

The 8 Least Evil Banks In America

Banks that aren’t evil? Really? CNN Money rounded up eight American banks that might not be consumer paradises, but offer free checking, no ATM fees, and comparatively high interest rates for savings accounts. [More]

Bank Refused Service To My Wife Because We're On
Unemployment

Bank Refused Service To My Wife Because We're On Unemployment

Robert says three employees at an Oregon U.S. Bank refused to serve his wife, saying they don’t consider unemployment beneficiaries “real customers” on the level of conventional account holders. [More]

Bank Fires Complaining Customer

Bank Fires Complaining Customer

Tim walked into his bank to deposit a check, but the bank told him to get lost. [More]

Chicago Restaurant Owes $118K In Overdraft Fees, May Have To Close

Chicago Restaurant Owes $118K In Overdraft Fees, May Have To Close

If you’ve felt the burn of a $35 overdraft charge, just be thankful you’re not Chicago’s Heartland Cafe, which has had to shell out $118,000 in cascading overdraft charges. [More]

Truth Or Dare With Bank Tellers

Truth Or Dare With Bank Tellers

Bank tellers may handle your transactions with smiles, but don’t think there’s not a lot of judgment going on behind those glazed-over looks. They see suckers come and go all day, and watch people make the same ill-informed mistakes again and again. [More]

Chase Approves Transaction Anyway After Customer Declines Overdraft Protection

Chase Approves Transaction Anyway After Customer Declines Overdraft Protection

Paul opted not to sign up for Chase’s overdraft fee trap–oh wait, they call it “protection”–but Chase happily ignored this fact and approved a transaction anyway, which led to a $34 overdraft fee that they refuse to reverse. The loophole they’re using to get around Paul’s opt-out is that the vendor was someone he’d authorized in the past, and therefore this new transaction isn’t protected from the bank’s “protection” fee. [More]