Big banks in the US are boosting the amount of cash they’re handing to new customers as the fight for deposits intensifies for the first time in years. JPMorgan Chase and Wells Fargo in particular are battling it out to curb deposit flight triggered by the Federal Reserve’s interest rate hikes, reports the Wall Street […]
The post JPMorgan Chase and Wells Fargo Offering $300 Cash As Banks’ Battle for New Deposits Intensifies for First Time in Years: Report appeared first on The Daily Hodl.
US banking giant Citigroup will shell out $135.6 million to regulators for failing to fix longstanding issues with the bank’s risk management, compliance, data handling and internal controls. The Federal Reserve and the Office of the Comptroller of the Currency (OCC) have imposed the collective fine for failing to address deficiencies flagged in two enforcement […]
The post Major US Bank To Pay $135,600,000 Fine Over Perpetual Problems With Risk Management, Compliance, Data and Internal Controls appeared first on The Daily Hodl.
A group of banking giants led by JPMorgan Chase, Wells Fargo and Bank of America are playing a dangerous game with their customers’ money, according to US Senator Richard Blumenthal. The Democrat and Chairman of the Permanent Subcommittee on Investigations has released a statement as a Congressional hearing on millions of dollars in fraud on […]
The post JPMorgan Chase, Wells Fargo and Bank of America Playing ‘Heads I Win, Tails You Lose’ With Customers As Hundreds of Millions of Dollars Disappears on Zelle: US Senator Richard Blumenthal appeared first on The Daily Hodl.
Bank of America, Citigroup and Goldman Sachs are reporting $4.139 billion in losses as lenders write off mounting debts that customers can’t honor. In its latest earnings report, Citigroup says its net credit losses, which are debts that the firm does not expect to collect, hit $2.28 billion in Q2 of this year. The figure represents […]
The post Bank of America, Citigroup and Goldman Sachs Report $4,139,000,000 in Losses As US Lenders Witness Major Spike in Unrecoverable Debt appeared first on The Daily Hodl.
A Wells Fargo executive has been ordered to leave the banking industry after draining tens of thousands of dollars from customer deposit accounts. The Office of the Comptroller of the Currency (OCC) is issuing a consent order against ex-Wells Fargo operations associate manager Cindy M. Flores for violating laws and engaging in unsafe and unsound […]
The post $47,646 Drained From Customers’ Accounts at Wells Fargo As Rogue Executive Mounts Year-Long Campaign To Steal Cash: US Bank Regulator appeared first on The Daily Hodl.
Americans are increasingly moving their hard-earned cash into higher-yielding financial products as US banks battle to stop deposit flight. People have increasingly grown weary of the low interest on deposits offered by banks and have now poured a record $6.15 trillion into money market funds, reports the Financial Times, citing data from the Investment Company […]
The post Investors Move $2,450,000,000,000 in Push for Easy Money As Wells Fargo, Bank of America and Citi Fight To Defend Their Deposit Base: Report appeared first on The Daily Hodl.
US banks are scrambling to recover from a massive computer outage that’s disrupting financial transactions around the world. Customers at JPMorgan Chase, Bank of America and Wells Fargo are reporting major, ongoing outages, according to the network tracking service DownDetector. The historic outage, which has hammered banks, airlines outage and scores of other businesses, was triggered […]
The post JPMorgan Chase, Bank of America and Wells Fargo Customers Report Cascade of Failures As Banks Hammered by Massive Computer Outage appeared first on The Daily Hodl.
What’s behind the correction in the US stock market and how might it continue to negatively impact cryptocurrencies?
The S&P 500 index experienced a 2.6% decline over the past two days, testing the 5,523 level on July 18. This correction erased gains from the previous two weeks but saw decent buying activity in the last trading hours after chipmaker Taiwan Semiconductor Manufacturing Company (TSM) reported earnings above market consensus.
Investor morale was negatively affected, which partially explains why Bitcoin (BTC) and Ether (ETH) traded down on July 18. Understanding the reasons behind the US stock market decline is essential to determine whether cryptocurrencies should sustain a positive correlation.
Fear of rising inflation due to unsustainable government debt might present a short-term negative impact but it also opens an opportunity as investors seek alternative scarce assets. However, if investors feel that the economy is worsening, especially in the job market, traders are likely to seek protection in cash and short-term government bonds.
The Consumer Financial Protection Bureau (CFPB) is penalizing a US bank for predatory loan practices and illegal repossession of people’s assets. The CFPB says that Fifth Third Bank harmed 35,000 customers, including roughly 1,000 people who had their cars repossessed. According to the agency, the bank forced customers who already had car insurance to pay […]
The post Billion-Dollar Bank To Pay $20,000,000 Fine After Hitting Customers With ‘Illegal, Worthless Fees’ and Illegally Triggering Asset Seizures: CFPB appeared first on The Daily Hodl.
A JPMorgan Chase customer says he’s struggled to pick up the pieces after a mysterious malicious actor drained $40,000 from his business account. Jeff Benach says his Chicago housing development business recently hired a Canadian company and ordered some renderings, reports ABC Chicago. Although he didn’t like the results, Benach says he offered to pay […]
The post $40,000 Drained From JPMorgan Chase Account by Malicious ‘Ghost’ As Bank Rejects Customer’s Plea for Reimbursement: Report appeared first on The Daily Hodl.
