Back in 2011, several of the nation’s largest banks entered into a settlement with federal regulators that required the institutions to correct widespread foreclosure abuses that helped to trigger the housing crisis. While the agreement was revised in 2013 to make things a bit easier for the offending banks, regulators today announced that six of the lenders – including JPMorgan Chase and Wells Fargo – still haven’t met requirements and face new restrictions on their mortgage operations.
How many times have you walked into a bank branch and done business with a teller recently? Between using ATMs to make deposits and withdraw cash and getting direct deposit from your workplace, the answer is probably “not all that many.” The bank PNC looks at customers like you and sees the future. A future without traditional teller windows. [More]
For anyone who’s ever had to take out $40 at an ATMwhen all you really needed was $25 and maybe your account balance is low enough that the higher amount causes a sticky situation, get excited. There are reportedly hundreds of new ATMs dotting the country that now dispense $1 and $5 bills so you can grab exact change when you need it. [More]
Dave normally likes his bank, PNC, but they recently made a change that annoys him. There are little ad snippets underneath some of the transactions on his online statement. Do we really need more ads in our daily lives? “I get enough advertising smashed into my skull on a daily basis; I don’t need it from my bank,” writes Dave. That’s true. But at least these ads aren’t hard to banish.
Some of you may remember the story from October of the New Jersey woman whose brother squandered more than $200,000 in loans tied to the home they inherited on numerous internet scams, and who was left facing foreclosure when the same brother passed away. After the media got involved, the bank said that after years of denying her a modification, it finally wanted to grant her one — but you wouldn’t be able to tell by their actions in the weeks since.
Millions of Americans have lost their homes in the last few years and — as any reader of Consumerist knows — the banks who foreclosed on those properties have also made more than their fair share of errors. Thus, starting today, 14 of the country’s largest mortgage servicers are contacting millions of foreclosed-upon former homeowners to offer them the opportunity to have their cases independently reviewed.
Chase joins U.S. Bancorp, Citigroup, PNC, KeyCorp and other large banks that have recently moved away from the plan to charge consumers a monthly fee when they use their debit cards to make purchases, reports the Wall Street Journal. The bank recently tested the fee in both Washington and Georgia.
We’ve written these words too many times to count, but they obviously merit repeating once more: “Never co-sign a loan unless you are prepared and willing to pay back the entire thing — plus interest and penalties — if the other person defaults.” It’s a lesson a New Jersey woman has spent the last four years learning, and who now faces foreclosure because her dead brother was taken by scammers.
Banks that aren’t evil? Really? CNN Money rounded up eight American banks that might not be consumer paradises, but offer free checking, no ATM fees, and comparatively high interest rates for savings accounts.
It costs a little more this year to win the affections of the 9 Ladies Dancing of “The 12 Days Of Christmas Fame,” according to the 26th annual PNC Christmas Price Index. The rise in gold prices has pushed up the price of the rings required to win the women’s affection of the nine dancing ladies to $5,473.07, while falling the falling price of fowl has pushed down the swan cost to $5,250.00. Full chart inside.
When Patrick Dunn’s auto dealership in New Jersey went out of business a few months ago, something weird happened to “40 or 50” customers who had bought cars from him, writes Bob Braun at NJ.com. The company Dunn had taken out business loans with, Automotive Finance Corporation (AFC), went to Arkansas and asked for reposession of the cars in New Jersey. The Arkansas department of motor vehicles assumed AFC meant for unsold cars on the lot, so they granted the request—and now AFC says it owns titles to cars that people are already driving and paying for.
Under government pressure — and by “pressure” we mean asking meekly in a very soft voice — companies that have received funding from the taxpayer-funded TARP program have outlined the controls they plan to put in place to limit “luxury expenditures.” And — surprise! — the definition of “luxury” is very different for the corporate titans spending your money. While most big banks have put at least some limits on personal use of corporate jets, many seem to echo Bank of America‘s policies on official use, which state that that execs can use private planes for “safety and efficiency reasons,” no advance approval required.
Should bailout out banks be buying naming rights? Dennis Kucinich doesn’t think so, and last week he urged the Treasury department to cancel one such deal between Citibank and the New York Mets. Now Bloomberg says that seven more bailed out banks are spending money on stadium rights.
Do you bank with National City? Well, it’s time you were introduced to PNC. Based in Pittsburgh, PNC is buying Cleveland-based National City for $5.2 billion. PNC is also taking $7.7 billion from the Treasury’s capital-infusion program. [NYT]
Nicholas wrote in with a scary problem: his paycheck, which he deposited at his local branch of PNC on Saturday, never showed up in his bank account. The teller seemed to have difficulty processing the deposit, but the slip he gave to Nicholas showed the check had been processed.
Adam shares his success story in using an EECB (executive email carpet bomb) to get his student loan company to fix his botched loan after a year of runarounds and empty promises:
In January 2007, I took out a Graduate Plus Loan to cover a couple of courses at George Washington University. I was in-school half-time from mid-January to mid-May of 2007. Accordingly, I should have been covered by an in-school deferment through May of 2007. Well, unknown to me, my lender, ACS (as sub-lender to PNC bank) decided that I actually needed to be making student loan payments while in school and never decided to tell me about it!