Six months after the Los Angeles City Attorney filed a lawsuit accusing Wells Fargo of a slew of unfair practices — like encouraging employees to open unauthorized consumer accounts and then charging those accounts phony fees to meet sales expectations — two other regulatory agencies have opened investigations into the bank’s behavior. [More]
When you log into your bank account online, you might see an image of a birdhouse, or a teapot, or some other object you selected when you signed up. Those pictures are supposed to help keep a customer’s account safe, by assuring them that the web page they’re viewing is, in fact, the bank’s website and not a scammy fake. But as cybercriminals are catching on, banks are choosing to ditch the images in favor of other security measures.
Consumers’ Changing Banking Habits Led To 1,400 Bank Of America Branches Shuttering, More Cuts To Come
Over the past several years, Bank of America has revamped the way it provides banking services in an effort to cut costs and respond to consumers’ changing banking habits. Those operation modifications have not only included shutting down some drive-thru windows, but the closure of nearly a fifth of the company’s branches. [More]
Lawmakers Introduce Legislation That Would Give Legal Marijuana Businesses Access To Banking Services
One of the biggest challenges facing the new legal marijuana industry comes down to money: now that businesses in certain states have gotten the go ahead to sell weed, many of them are stuck in a tough spot when it comes to actually dealing payments for their products, since the drug is still illegal under federal law. A group of senators is seeking to change that, introducing a bill that would take the heat off legal marijuana operations and give them access to banking services.
To the naked eye, general purpose reloadable prepaid cards function much like long-established credit and debit cards and have quickly gained traction with consumers, especially those who have been shut out from traditional banking options. In fact, about 23 million consumers use prepaid cards regularly. [More]
Customers of Fifth Third Bank will have fewer options when it comes to doing business at a physical location as the company plans to close or consolidate 100 branches and scrap plans to open 30 new locations. [More]
Thanks to automated payments and online banking, many of us rarely (if ever) write checks, but millions of Americans still pull out their checkbooks every day to pay their bills. Because they might not always have enough money in their accounts on the day they write those checks, some folks will postdate their checks so that they aren’t deposited or cashed until after that date. Unfortunately, the fact is that there’s generally no actual obligation to honor the date on a check. [More]
Today is the day we pause to reflect on everything our mothers have given us, from kisses on scraped knees and comfortable laps to sit on, to financial wisdom that has the power to stick with us through adulthood. We asked you to share the personal finance tips your mother imparted to you, because hey, sharing is caring and she’d probably approve.
Chase customers in more than a dozen states will be seeing a slight change to some of their account statements next month, as the bank announced it would increase service charges for both checking and savings accounts. [More]
Some of the world’s banks likely had a crummy Valentine’s Day after a new report from a computer-security firm came out this weekend, saying that a group of criminals has stolen millions of dollars since late 2013 from financial institutions in Russia, Eastern Europe and the United States. And it doesn’t seem like they’re done yet.
Citigroup is about to become a slightly smaller group. Here in the United States, for example, the global bank once sought retail banking customers in fourteen cities. In cities where there are fewer Citibank branches, the company has been quietly selling their branches and leaving town. [More]
While we certainly know when big companies are trying their hardest to be funny, that doesn’t make it any less enjoyable when one of them actually succeeds. In this case, it’s the Swedes who have nailed it, in a new deliberately transparent ad for a bank that in turn, promises transparent services.
If you’re a customer of any of the big banks, you’ve likely gotten a few messages in an online inbox that is only available via the bank’s website. You probably ignore most of these because they’re either about site downtime or upsells for add-on products you’ll never buy, but you probably assume that — unlike your gmail, yahoo, hotmail, or AOL account — this inbox doesn’t include messages that are intended for someone else. Wrong. [More]
Despite the fact that consumers pay more than $32 billion annually in overdraft fees alone, a new report found that the amount of money banks make off customer-account fees declined for the first time in seven decades. [More]
In an ideal world, there would be ample, healthy competition in every industry and consumers everywhere would have access to these numerous options. Additionally, every company would behave ethically and efficiently, respecting consumers and the law. But from what I’ve been told from people familiar with the situation, our world is slightly imperfect and sometimes we end up doing business with companies we’d rather avoid. [More]
Almost all of the more than 400,000 ATMs in the U.S. are used for the most basic of banking purposes — withdrawing cash and making deposits. But fewer people are using cash and it’s now often easier to deposit a check (in those rare instances when you receive one) via smartphone than it is to trek to the ATM. In order for the machines to survive (and someday play their part in the inevitable robot uprising), they must diversify. [More]
Is the future of banking not at banks? That might not seem too unrealistic, what with the rise in prepaid debit cards and the high number of consumers who are unable to obtain traditional banking products. [More]