Billion-Dollar Bank Paying $700,000 Penalty for Illegally Freezing Accounts, Transferring Customers’ Cash to Debt Collectors

April 29, 2024 The Daily Hodl

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New York’s Attorney General is penalizing a national bank for freezing its customers’ accounts and handing the funds over to debt collectors. New York AG Letitia James says an investigation by the Office of the Attorney General (OAG) found that South Dakota-based Pathward Bank illegally sent debt collectors tens of thousands of dollars from New Yorkers’ […]

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Billion-Dollar Bank Facing Class Action Compliant After Data Breach Exposes Customers’ Names, Social Security Numbers and Other Sensitive Information

April 28, 2024 The Daily Hodl

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A US bank is facing a proposed class action lawsuit for allegedly failing to protect its customers’ sensitive personal information and suffering a massive data breach. SouthState Bank, which has over $45 billion in assets, is being hit with a class action lawsuit led by plaintiff Latonya Gore in Florida, filings show. The suit concerns […]

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JPMorgan Chase and Bank of America Suffer $4,500,000,000 in Losses As ‘Unrecoverable Debt’ Soars: Report

April 27, 2024 The Daily Hodl

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The two largest banks in the US say they expect to lose a collective $4.5 billion from customers who are essentially unable to pay their bills. JPMorgan Chase says its net charge-offs, which are debts that the bank does not expect to receive, hit $2 billion in the first quarter of this year, reports Reuters. […]

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$10,000,000,000 Bank Shut Down by US Regulators in First Bank Failure of 2024

April 26, 2024 The Daily Hodl

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US regulators just announced the first bank failure of 2024. The FDIC says it has stepped in to protect $6 billion in assets and $4 billion in customer deposits at Philadelphia-based Republic Bank. The assets will be immediately handed over to Fulton Bank, a former rival that’s also located in Philadelphia. “Republic Bank’s 32 branches […]

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$30,000 in JPMorgan Chase Account Disappears in One Day, Customer Says Bank’s Refusal To Reimburse Is Blowing His Mind: Report

April 21, 2024 The Daily Hodl

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A JPMorgan Chase customer in Oregon says his nest egg vanished in one day after thieves siphoned $30,000 from his account. Alan Roberts says someone made a flurry of unauthorized transfers from his Chase business account on March 18th, reports the NBC-affiliated KGW News. According to Alan, his funds were diverted to a number of […]

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Bank Withdrawal Access Denied To Thousands in Australia As Customers Forced To Move 500 Miles To Get Cash: Report

April 21, 2024 The Daily Hodl

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A group of banking customers in Australia are feeling the repercussions of a shift toward a cashless society, according to a new report. 4,500 Residents living in the town of Kununurra are now facing a 500 mile journey to the closest bank, reports Yahoo Finance. The town, located in Western Australia, used to have brick-and-mortar […]

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$21,000 Drained From Bank of America Account As Customer Blasts Industry’s Push To Protect Trillions of Dollars

April 20, 2024 The Daily Hodl

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A Bank of America customer says he lost tens of thousands of dollars after bad actors found a way to hijack his account. California resident Jeff Drobman says the theft began when his phone abruptly came alive with multiple notifications from his Bank of America app, reports NBC Los Angeles. “I started to get notifications […]

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$38,400,000,000 in Deposit Flight Hits Wells Fargo and Citigroup in One Year As JPMorgan Chase CEO Issues Warning To Federal Reserve

April 20, 2024 The Daily Hodl

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New numbers show two of the largest banks in the US are witnessing billions of dollars in deposit flight. Quarterly earnings data shows Citigroup’s deposits dropped from $1.3305 trillion in Q1 of 2023 to $1.3072 trillion in Q1 of this year – a reduction of $23.3 billion in a span of 12 months. Meanwhile, deposits […]

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$930,000,000,000 Wave of Debt Descending on US Banks As Hope for Interest Rate Reversal Fades: Former IMF Deputy Director

April 19, 2024 The Daily Hodl

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An IMF insider is warning of another US banking crisis amid hot inflation, dwindling hope of interest rate cuts from the Fed and fears of mounting crisis in the real estate market. Writing for the American Enterprise Institute where he’s a senior fellow, former IMF Deputy Director Desmond Lachman notes that regional banks are dangerously […]

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JPMorgan Chase To Pay $250,000 for Defaming Former Employee As Regulator Orders Bank To Eliminate Series of Allegations

April 14, 2024 The Daily Hodl

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The Financial Industry Regulatory Authority (FINRA) is ordering JPMorgan Chase to pay hundreds of thousands of dollars in damages to a former employee who accused the bank of defamation. Former JPMorgan Securities (JPMS) financial advisor Michael C. Nolan says the trillion-dollar lender damaged his reputation in a Form U5 filing to FINRA after he left […]

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