Can’t be bothered to carry a debit card, but need some cash on the go? Not a problem for Wells Fargo customers with smartphones, as the bank is rolling out its cardless technology at all of its roughly 13,000 cash machines. [More]
Citizen Bank customers expecting to see their paychecks added to the balance of their accounts Friday morning were disappointed to find that wasn’t the case: A glitch in the bank’s system prevented paychecks and other direct deposits from being processed. [More]
Santander Bank has faced a number of issues in recent years, from an investigation into its auto loan business to receiving a $10 million fine over alleged illegal overdraft practices. More recently, the company received a failing grade from regulators when it came to its community lending business, prompting lawmakers to condemn the bank’s alleged discrimination and urge federal banking regulators to review the financial institution’s practices. [More]
Wells Fargo has rightly concluded that it should overhaul a lot of its sales practices after the fake account fiasco that cost the company $185 million in refunds and penalties and could cost it $4 billion in lost business. One change that the bank announced today is that it will no longer give branches a heads-up a day before corporate inspectors are scheduled to arrive. [More]
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]
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]
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]
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]
To say that Wells Fargo has been having a bad few weeks might be an understatement: from being ordered to pay $185 million for the opening and closing of two million unauthorized consumer accounts to being party to federal investigations and being grilled on Capitol Hill. But it doesn’t look like things are going to get any easier for the company, as lawmakers are now urging a probe into whether it violated labor laws. [More]
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]
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.
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]
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]
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.