The Wells Fargo fake account fiasco has already resulted in the “retirement” of the bank’s CEO, John Stumpf, and Carrie Tolstedt, Wells’ head of retail banking, for allowing employees to open millions of unauthorized accounts in customers’ names. But the bloodletting isn’t done yet, as Wells has dismissed four additional executives without the PR-friendly spin of “retirement.” [More]
When you think of a bank robbery, you probably imagine some heavily armed crew trying to run off with as much money as possible in a very short window of time. But one Texas bank employee almost managed to get away with stealing more than $1 million, by chiseling away at her employer over the course of a decade. [More]
Two months after federal regulators imposed a $185 million fine and other sanctions against Wells Fargo for its fake account fiasco, one of those agencies — the Office of the Comptroller of the Currency — has rolled back some of the terms of its deal, signaling it will require more oversight of the company. [More]
Since Wells Fargo’s decade-long fake account fiasco came to light in September, analysts have warned that revelations about bank staffers opening millions of unauthorized accounts would result in consumers shying away from Wells. Those analysts may be right, with the bank confirming that new customer accounts fell dramatically during October. [More]
Overdraft fees cost consumers an average of $32 billion each year. The hefty fees and their often less-than-transparent policies, which vary greatly between banks and financial products, have long garnered the ire of consumer advocates and federal regulators. Case in point: a Minnesota-based bank is now under investigation for possibly unfair and deceptive practices related to its overdraft program. [More]
37-year-old Nigerian scammer Paul Gabriel Amos convinced Citibank officials to wire him $27 million belonging to Ethiopia. Rather than go with the usual Nigerian nom de plumes like prince or will executor, Famous Amos pretended to be an official with the National Bank of Ethiopia. Amos forged “official-looking” documents that confirmed his status with the central bank and instructed Citibank to await faxes telling them where to send the country’s cash.
So tonight, I was unpacking, I got the calculator out of the box, and – surprise – I find out that I’d applied for a Master Card with Barclays Bank. Not just any master card, this one had an APR of either 18.24% or 20.24%. What a deal – about double what any of our cards are right now…
Meow! Meow! That’s the sound of Messiah, a cat, charging expensive lingerie on his new credit card.