Anger as Wells Fargo accidentally wipes out some customer bank accounts

Some Wells Fargo customers found their bank accounts drained to zero Wednesday when some sort of glitch caused their online bill payments to be processed twice. Numerous customers — so many that Wells Fargo’s customer service phone lines were jammed Wednesday night — were discovering that recent payments they had made using the bank’s online Bill… Please follow and like us:

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Bitcoin Exchanges Struggle To Work With Wary Banks

Cryptocurrency exchanges around the world are under an unprecedented amount of pressure. Meanwhile, Quartz reported Indian banks are delaying routine processes for local exchange platforms such as Koinex for several weeks. “A tussle between our payment service partner and their bank has caused an indefinite delay in the settlement of a large portion of deposits to… Please follow and like us:

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These liberals are angry corporations are giving out bonuses

Nancy Pelosi Last week, Speaker Paul Ryan said he believes the Republican tax bill would help workers. Today’s Savannah Guthrie asked Ryan, “Are you living in a fantasy world?” quoting tax plan critic, former New York City Mayor Michael Bloomberg. Savannah Guthrie challenging Speaker Ryan on the #GOPTaxScamBill: “Are you living in a fantasy world?” Yes,… Please follow and like us:

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Trump says Wells Fargo won’t escape penalties in mortgage case

WASHINGTON—President Donald Trump Friday denied a report that the federal consumer financial watchdog might drop sanctions against Wells Fargo & Co. for alleged mortgage lending abuses and said the bank could face even tougher penalties. Trump’s response was to a Reuters report that Mick Mulvaney — installed last month as acting director of the independent Consumer… Please follow and like us:

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5 ways Wells Fargo ripped people off in 2017

Big banks. Two words that make consumer expert Clark Howard’s skin crawl! And no “giant monster mega-bank” — as Clark calls them — was more revolting in 2017 than Wells Fargo. Here’s a look back at the newer ways that the big bank ripped off its customers — beyond the usual high fees, poor customer service… Please follow and like us:

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Report: Wells Fargo may face more federal sanctions

Wells Fargo & Co. may face new sanctions from a federal regulator over bad practices the bank has over the past last several months, including forcing auto loan customers into unneeded insurance policies and charging improper fees on some mortgage borrowers, the Wall Street Journal reported this week. The Journal said the Office of the Comptroller… Please follow and like us:

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Why we need to save the Consumer Financial Protection Bureau

By Jeff Sovern, Professor of Law, St. John’s University, Gina M. Calabrese, Professor of Clinical Education, St. John’s University, and Ann L. Goldweber, Professor of Clinical Education, St. John’s University. Consumer Financial Protection Bureau Director Richard Cordray, center, plans to step down at the end of the month. AP Photo/Steve Helber Republicans in Congress and the… Please follow and like us:

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Why we need to save the Consumer Financial Protection Bureau

By Jeff Sovern, Professor of Law, St. John’s University, Gina M. Calabrese, Professor of Clinical Education, St. John’s University, and Ann L. Goldweber, Professor of Clinical Education, St. John’s University. Republicans in Congress and the White House have been very blunt about their desire to gut the Consumer Financial Protection Bureau – and the threats to… Please follow and like us:

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Senate kills new rule allowing class-action lawsuits against banks after Pence casts deciding vote

WASHINGTON — The Senate voted Tuesday night to kill a controversial rule that would have allowed Americans to file class-action suits against banks instead of being forced in many cases into private arbitration. The move by the Senate followed a similar action by the House in July to rescind the rule. President Donald Trump is expected… Please follow and like us:

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Wells Fargo ordered to repay customers who lost money on complex securities

An investment industry regulator has ordered Wells Fargo to pay $3.4 million to brokerage customers who lost money buying complicated securities that even Wells Fargo brokers didn’t fully understand. The Financial Industry Regulatory Authority, or Finra, said Monday that some Wells Fargo representatives mistakenly thought a kind of complex security linked to the popular Vix market-volatility… Please follow and like us:

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Wells Fargo CEO defends bank in tough Senate hearing

Wells Fargo’s chief defended the bank’s efforts to rectify a massive fake accounts scandal Tuesday, but faced tough questioning from senators and at least one call for his ouster. Chief executive Tim Sloan, who was promoted to the top job in late 2016 after the scandal exploded, again apologized for the debacle, in which the bank… Please follow and like us:

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Judge approves $142 million class-action settlement in Wells Fargo sham accounts scandal

Wells Fargo & Co. has received preliminary approval for its proposed $142 million class-action settlement to compensate possibly millions of customers who had unauthorized accounts opened in their name. On Saturday, a federal judge in San Francisco found that the proposed settlement was “fair, reasonable and adequate.” The decision means that the plaintiffs in the class-action… Please follow and like us:

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Wells Fargo guarantees settlement will repay customers hurt by unauthorized accounts

LOS ANGELES — Wells Fargo & Co. will guarantee that customers harmed by the bank’s practice of opening unauthorized accounts will get back fees they paid and be fully compensated for damage done to their credit scores, according to documents filed early Wednesday to settle several class-action lawsuits. That could mean the San Francisco bank will… Please follow and like us:

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Your Bank Is Lying to You

If you don’t trust your bank, you’re in good company. With financial regulations unraveling, and in the wake of several shocking banking scandals, it’s remarkable we haven’t all switched to a digital crypto-currency like Bitcoin and ditched our financial institutions. The latest EY Global Consumer Banking Survey finds customers around the globe have diminishing trust in… Please follow and like us:

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Global Ransomware Attack Could Have Happened Using NSA Tools

A global ransomware attack of an unprecedented scale took place Friday, affecting healthcare services, banks and tech companies. The attack was reported by the CCN-CERT, the Spanish Government’s Computer Security Incident Response Team at 12:26 p.m. EDT, Friday. “An alert has been issued for a massive attack of ransomware that affects Windows systems, blocking the access… Please follow and like us:

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