“Would you like to load your check onto a Wal-Mart MoneyCard?”
banking
58 Out Of 60 Consumers Fell For Obviously Fake Bank of America Website
By 6.5.07
58 out of 60!? We knew people were vulnerable to phishing operations, but that number is just sad. Get to know your bank’s security features and, for heaven’s sake, look for them when you log in. There’s no reason 58 out of 60 people should be falling for an obviously fake site with incorrect security features. Looks like it might be back to the drawing board for Bank of America.—MEGHANN MARCO
Wachovia Demonstrates How To Lose A Customer
By 6.5.07
We have more than a passing interest in customer service over here, so it always amuses us when a company loses a customer simply because they’re too stubborn to apologize for messing up.
House To Walmart: No Banks For You
By 5.21.07
The House is poised to pass a bill that will keep Walmart, and all who seek to follow them, from ever having a bank to call their own. The measure, H.R. 698, prevents industrial loan companies (ILCs) from being owned or chartered by any institution that doesn’t derive at least 85% of their revenue from financial activity.
Bank Of America Sues ID Theft Victim For $23,312.04
By 5.21.07
When you are the victim of fraud, you assume that your biggest friend will be your bank. They’re the ones that are supposed to help you put your life back together.
5,300 Electric Orange Checking Account Holders Mistakenly Told: "Based On Your Credit Score, We Have Decided To Close Your Account"
By 5.20.07
Nick was shocked to receive an email from ING telling him that his Electric Orange checking account would be closed because of his credit score. Nick was not the only one; similar letters were sent to 5,300 account holders.
Bank of America Randomly Gives You $400, Takes It Away, Then Charges You For 9 Overdrafts
By 5.18.07
Citibank's "All-Electronic Program" Sends Paper Notice Stating Account Is Available To View Online
By 5.12.07
After enrolling in Citibank’s “All-Electronic Program,” FiveCentNickel was surprised to find the following notice in his mailbox:
Your Citibank statement is now available at http://www.citicards.com/. This notification is part of the All-Electronic Program you enrolled in to receive your statements online only instead of in the mail.
How counterintuitive. If Citi needs to send mail, why not send the account statement, rather than a notice that the statement is available online? Better yet, send neither. Or at least change the name to something more accurate, like the “Mostly, But Not Quite All-Electronic Program.” — CAREY GREENBERG-BERGER
Oh, You Use Quicken Or Microsoft Money? That'll be $5.95 Per Month
By 5.12.07
Wachovia is charging customers a $5.95 monthly fee to access their accounts through Quicken or Microsoft Money. The fee, which took effect April 1, aligns Wachovia with the 27% of banks that penalize consumers who access their accounts through money management software.
The $8,648 Burger King Bill
By 5.10.07
Guadalupe Pequino of Fountain Inn, South Carolina bought $8.64 worth of food from Burger King with her Visa Check Card. Unfortunately for Guadalupe, the cashier typed in $8,648.54 as her total and the amount was debited from her account. The restaurant corrected the error, but it took 5 days for the money to find its way back into Guadalupe’s account. “It was an honest mistake, and the store has done everything it can to credit the account,” the Burger King general manage said.
Closed Your Account Because Of Fraud? Bank Of America Helpfully Links Your New Account
By 5.7.07
If you close your account because some jerk stole your student loan payment check and is trying to cash it, you might want to switch banks. Otherwise, Bank of America might helpfully link your new account to your old one so the #%@$# can still cash the stolen check.
When Your Bank Says You're Dead, But You're Demonstrably Alive
By 5.4.07
Poor Madeline Coburn. She’s not dead, but her credit is. A mix up at her bank and a mysterious phone call led to her being listed as dead.
Dude Busted For Running An Illegal Bank For Tax Evaders From His Suburban Home
By 5.2.07
An IRS investigator said Robert Arant had hundreds of customers, many of whom apparently used his bank, Olympic Business Systems LLC, to conceal assets for the purpose of evading taxes.
Help Catch "The Leprechaun Bandit" Before He Robs A 6th Bank
By 5.1.07
Lt. Dean Sullivan, police spokesman, said the freckled bank robber with reddish-brown hair earned his nickname because of the “Luck of the Irish” green and white baseball cap that he sometimes wears featuring a shamrock and leprechaun.
Bank Of America Threatens $220 Billion Lawsuit If It Doesn't Get LaSalle Bank
By 4.30.07
In what would be the largest lawsuit in the history of mankind, Bank of America has threated to sue LaSalle Bank’s parent company if it fails to acquire the Chicago bank. Bank of America had a deal in place to buy LaSalle from its parent company ABN Amro, when a group of European bankers lead by the Royal Bank of Scotland stepped in with a hostile bid for the entire company. Just for some perspective on how ridiculously huge a $220 billion lawsuit is:
Bank of America May Not Get LaSalle Bank After All
By 4.28.07
Now, however, a consortium led by Royal Bank of Scotland aims to upset that deal with an uninvited $98.6 billion takeover offer. The Scottish bank would keep LaSalle, while a couple of partners would carve up the remaining ABN Amro operations around the world (see BusinessWeek.com, 4/26/07, “The Making of a Monolith”).
Hey, Bank of America! Your ATM Gave Me A Fake $20
By 4.25.07
We’d always sort of assumed that someone had to check the to make sure money was real before they put it into an ATM, but apparently a few fake bills have been known to slip by. Wealth Junkie blogger Alexander had $4 in his wallet when he stopped by a Bank of America ATM to get cash for his Costco shopping trip. When a cashier at Costco spotted a fake $20, Alexander knew exactly where it came from.
Top 5 Online Banks For Customer Satisfaction
By 4.25.07
You can’t please all of the people all of the time, but you can try. Here’s a list of the online banks that are trying the hardest.
