Customers saw transactions recorded multiple times and experienced drained accounts and long hold times. It’s a warning to all financial institutions as they head further into mobile-only banking — glitches are more visible and painful and need to be addressed faster than ever.
Regional and community banks will offer low-cost or no-cost financial products through Bank On, which has already reached agreements with Regions Bank, Wells Fargo and SunTrust.
Legislation and regulatory policy that takes a heavy-handed view of overdraft protection could remove a safe and convenient option for consumers managing their finances.
House Democrats are lobbying for a bill to reform the way banks charge overdraft fees, but recognizing that Republicans are unlikely to take up the legislation, they are hoping the CFPB can act on its own.
Bank undercounted fake accounts and says it also opened more than 500,000 bill-pay accounts; CFPB director provides “no further insights” on his future.
Wells Fargo said Thursday that employees opened 3.5 million potentially unauthorized consumer accounts over a nearly eight-year period, a 67% increase from its earlier estimate.
Landmark Bancorp in Manhattan, Kan., could lose more than $5 million — more than it earned in the first half of the year — if a recently discovered overdraft situation cannot be resolved.
The CFPB released four sample disclosure forms for opting in to overdraft programs that it said would make it easier for consumers to evaluate the costs and risks of such coverage.
J.D. Power was so puzzled upon surveying customer attitudes about bank sales practices after the Wells Fargo debacle that it delayed its report and re-interviewed respondents. Here was the (sort of) explanation.
