Tracy O

Trail Of Cash Leads Police To Bank Robbery Suspect

Forget a trail of bread crumbs, police said all they had to do to nab a bank robbery suspect was follow the literal trail of money he left behind. We would like to welcome you, sir, to the You Have Only Yourself To Blame Hall of Fame. [More]

myfuture.com

Don’t Use Your ATM Card During A Bank Robbery Unless You Want To Get Caught

There are crimes that stymy, mystify, and otherwise confound veteran detectives for decades. And then there the crimes that are almost too easy to solve, thanks to the overly helpful, not quite so bright criminals that commit them. Like the would-be bank robber in San Diego who demanded money from a bank teller, but not until after he’d swiped his ATM card, providing the bank with everything needed to identify him. [More]

James Callan

Retailers Ask Congress To Please Not Roll Back Dodd-Frank Debit Card Reforms

Both the banking industry and conservative lawmakers are hoping that the incoming Trump administration will agree to repeal the 2010 Dodd-Frank Financial Reforms, but many in the retail world are calling on Congress to retain at least the portion of the law involving debit card transactions. [More]

Tracy O

Bank Overdraft Policies Have Improved, But Not Enough To Protect Most Consumers

Over the years, banks across the country have modified their policies regarding overdraft fees to comply with federal regulations — including requiring consumers to opt-in to the costly protection. Despite this, account holders spend nearly $32 billion each year on the fees. And according to a new report, that likely won’t end anytime soon, as most large U.S. banks continue to charge high, sometimes exorbitant overdraft fees.  [More]

Tracy O

Woman Returns $380 Bank ATM Spat Out Of Deposit Slot Instead Of Pocketing It

When there’s free money involved, there’s always going to be the temptation to take it, even if you know it’s not right. But yet another good consumer has done an honorable deed, this time by returning almost $400 that unexpectedly shot out of a drive-thru bank ATM. [More]

Did Morgan Stanley Advisors Push Customers Into Unneeded Loans?

Did Morgan Stanley Advisors Push Customers Into Unneeded Loans?

If we’ve learned anything from Wells Fargo’s recent fake account fiasco, it’s that high-pressure sales tactics can lead to unethical and sometimes illegal behavior. But did similar sales quotas and incentives lead Morgan Stanley employees to push customers into unneeded loans? That’s a question regulators in Massachusetts aim to answer.  [More]

Google Maps

Nation’s Largest Privately-Owned Bank Must Return $28M To Credit Card Customers

The nation’s largest privately held bank sold its credit card customers on add-on programs intended to help cover their accounts when they faced unexpected hardships. However, the Consumer Financial Protection Bureau says the bank deceived customers about the reality of these and other programs and has ordered it to provide nearly $28 million in relief to hundreds of thousands of affected cardholders. [More]

Ben Roffelsen Photography

Credit Card Numbers Aren’t Worth Much Now, So Hackers Want Your Mobile Banking Info

If you’re worried about the security of mobile banking, you’re not alone. Mobile banking apps use a wide array of complicated passwords, biometric tools (like thumbprint or facial scanning), and two-factor authentication to make sure you’re you before “you” try to mess with your money. But preventing anyone from being able to guess how to log in to your account does no good if your phone’s got malware on it that gives would-be baddies a wide-open back door.

[More]

Costco Citi Card Users Receive Cancellation Notices, Are Very Confused

Costco Citi Card Users Receive Cancellation Notices, Are Very Confused

Costco, Citibank, Visa, and all of the companies’ customers had plenty of notice that the warehouse club’s store-branded credit card would be switching from American Express to a Citi Visa card. The transition didn’t go very smoothly for some members, but everyone assumed that the transition-related problems would be over by now. Nope. Some customers received cancellation notices at the end of last week, and are now very confused. [More]

Maulleigh

There’s More Money Loaded On Starbucks Cards Than Customer Deposits At Several Banks

While we’re used to the idea of people keeping money in places other than bank accounts — preloaded debit cards, sock drawers, comic book collections — there’s one way consumers are storing their cash that’s more popular than several financial institutions: Starbucks cards. [More]

Ludovic Bertron

$5M Credit Card Skimming Scheme Nets Man Seven Years In Jail

A high-ranking member of the largest card-skimming operation in the U.S. will spend the next seven years in prison for his part in a scheme that used ATMs at several national banks to steal $5 million from credit card accounts.

[More]

frankieleon)

Card Reissued Because Of A Breach? Good Luck Finding Out Where The Hack Happened

When a massive data breach happens at a retailer like Target or Home Depot, there’s little mystery as to why your bank is rushing you a new credit or debit card. But when your card is being replaced because of a lower-profile cybercrime, the odds are against you ever finding out why.  [More]

Mike Mozart

Wells Fargo Corporate Banking Clients Can Soon Stare Deeply Into Their App To Sign In

Until we get to a Minority Report-like future, we’re all carrying around some unique forms of identification that even the most talented identity thieves can’t steal: our bodies. In an effort to beef up security by taking advantage of customers’ unique phyiscal attributes, Wells Fargo will offer some clients the option of signing into their mobile app accounts with eye scan verification, or face and voice recognition. [More]

Banks Turned Account Overdraft Fees Into $11.16B In Revenue Last Year

Banks Turned Account Overdraft Fees Into $11.16B In Revenue Last Year

Banks with more than $1 billion in assets now need to report on how much revenue they bring in from overdraft fees and other charges. The first report on those numbers shows that banks made $11.6 billion last year from customers who overdrew their accounts.
[More]

CFPB To Banks: Offer More “No Overdraft” Checking Accounts, Provide Accurate Credit Information

CFPB To Banks: Offer More “No Overdraft” Checking Accounts, Provide Accurate Credit Information

Some 10 million Americans are considered “unbanked,” often because they are believed to pose too high a credit risk for a bank to offer them a standard checking account. But the federal Consumer Financial Protection Bureau believes many of these people could be brought into the fold if more banks were to offer lower-risk deposit accounts that provided the benefits of a checking account without being a risk to the financial institution. [More]