When Wachovia closed its bank branch in Shoemakersville, PA, last month, a spokesperson made it sound like it was part of a normal review of locations. Local newspaper the Reading Eagle, however, found out that the bank lost the branch last September in a tax sale, when a local company bought the building for only $16,900.
banks
By 5.28.09
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Looking for updates in the New Zealand bank error fugitives case? According to various news reports. the couple have split up to evade capture, the sister who posted the fateful Facebook message is back in New Zealand, and the couple face seven years in jail once they are caught.
WaMu, Chase, And The Case Of The Missing Deposits
By 5.28.09
Dan’s fiancée mailed a deposit envelope containing $1,150 in checks to her bank, WaMu. Someone lost the checks, but nobody will take the blame, and they simply give her the run-around.
Advanta Notifies Customers About Impending Credit Shutdown
By 5.26.09
T-Minus four days to the closing of Advanta accounts to new charges this Saturday, the small business credit card issuer sent an e-mail out to customers explaining the situation and how it will affect them.
Don't Be So Shocked: Excellent Service From Citibank CSR
By 5.26.09
“Above and Beyond” service often comes down to the management of a particular location, rather than an individual employee, no matter how big or otherwise problematic a company may be. Fred had such an experience with Venkatesh, the overseas customer service rep he reached when he called to cancel his ancient Citibank account. Venkatesh not only talked him out of canceling the account, but was so competent and nice in the process that Fred felt compelled to speak to his supervisor and write to Consumerist.
New Zealand Bank Error Fugitives Foiled By Facebook Status Update
By 5.25.09
You know how it goes. You go out and have too many beers, then post a Facebook update with a bit too much information about your evening. Maybe you take it down once you sober up the next day, but not before the damage is done.
$10 Million Bank Error In New Zealand Leads To International Manhunt
By 5.22.09
Leo Gao, the co-owner of a BP station in Rotorua, New Zealand, applied for a $10,000 NZD ($6,142 USD) overdraft line from Westpac bank. An error by a bank staff member somehow put $10,000,000 NZD ($6,139,614 USD) in his account. He and his business partner haven’t been heard from since.
Banks Use Life Insurance Policies To Fund Executive Bonuses
By 5.22.09
Here’s a morbid bit of creative accounting, courtesy of the Wall Street Journal: if you work for Bank of America, J.P. Morgan Chase, or Wells Fargo, your employer may have taken out a life insurance policy on you.
BankUnited Fails, Gets Sold
By 5.21.09
BankUnited FSB, a Florida-based bank with $12.8 billion in assets and $8.6 billion in deposits, today became the latest bank to fail, thanks to its massive undercapitlization. The Office of Thrift Supervsion closed it, the FDIC was the receiver, and a group of private-equity firms bought its remains. The dour news had no effect on the companies website, which remained a cheerful display of sunny beaches and palm trees. An online poll asked customers, ” Memorial Day is next weekend. What is your favorite way to celebrate? A. Cooking out in the grill B. Going to the beach C. Getting away for the weekend D. Chaining the doors shut and getting a direct flight to Anguilla.” What happens when a bank fails and what do you need to do? 60 Minutes has the answer.
Cuddly Banker Makes Way for Ducklings
By 5.21.09
Bankers have an bad rap these days, don’t they? Joel Armstrong of Spokane, Washington was nice enough to initiate an intensive bailout of his neighbors, who could no longer stay in their home. His neighbors: a family of ducks.
JPMorgan Chase Wants To Repay Bailout Money
By 5.19.09
JPMorgan Chase, Morgan Stanley and Goldman Sachs are seeking permission to repay government bailout funds, says Reuters.
Watch Out For Fraudulent ITunes Purchases, Whether You Have An ITunes Account Or Not
By 5.19.09
I woke up this morning to an email stating I had made two $50 gift card purchases [on iTunes Music Store]. I contacted my bank and apple, then did a google search and found that many others had the same thing happen to them.
Here's A Phishing Site Disguised To Trick Wells Fargo Customers
By 5.13.09
Freddie writes that his friend was tricked by a phishing email. All the warning signs were there to tip off his friend—an email saying he needed to click a link, a suspicious url, a page asking for his login info—but he clicked and entered the info anyway. Please do not be like Freddie’s friend, who is now probably on the phone with the real Wells Fargo trying to get his account number changed.
New York ATM Skimmer Crooks Stole $1.8 Million
By 5.12.09
Four Romanian nationals in Florida have been charged in a series of ATM skimmer frauds that targeted banks in New York City, Cicero (near Syracuse), NY, and Rochester, NY. They are charged with, among other things, aggravated identity theft and conspiracy to commit credit card fraud. According to the Syracuse office of the Secret Service, they stole $1.8 million overall.
Federal Government Orders GMAC To Raise $13.1 Billion
By 5.7.09
The U.S. government has ordered GMAC to raise $13.1 billion in new capital. Likely source for that capital? Uh, the U.S. government.
Bank of America-Sponsored Poll Shows That Most Americans Don't Trust Banking System
By 5.7.09
It may be a random confluence of sponsorship, but this poll from the front page of CNN.com last night is too funny not to share. Thanks to Douglas for sending it in.
Chase Charges You Fees For The Privilege Of Being Charged Fees
By 5.5.09
Corbin had a very confusing experience with his Chase credit card. Because of a unexplained returned payment by his bank, his $30 automatic minimum payment led to $156 in late fees, overlimit fees, returned payment fees, and a fee charged, as far as I can tell, for being charged fees.
Would You Like To Get Charged For A Bill You Already Paid?
By 5.4.09
Definition: Double-cycle billing or two-cycle billing: When the credit card company calculates finance charges not just for the past cycle (month), but the past two.
