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Wells Fargo fined $185M for fake accounts
Bank says it fired roughly 5,300 workers during a five-year period for their involvement         
25415 points by Arizona Republic | Los Angeles Wells Fargo Bank of America First Interstate Bancorp Bank American Express Los Angeles County California Cheque
If rates rise, savers should finally catch a (small) break
Long-suffering savers might see a bit of relief, but probably not a lot.         
16 points by Arizona Republic | Deposit account Savings account Money market deposit account Fractional-reserve banking Monetary policy Time deposit Central bank Cheque
5,300 Wells Fargo staff fired over bogus accounts
Bank says it fired roughly 5,300 workers during a five-year period for their involvement         
25415 points by Arizona Republic | Los Angeles Wells Fargo Bank of America First Interstate Bancorp Bank American Express Los Angeles County California Cheque
Wells Fargo fined $185M for fake acounts; 5,300 were fired
Bank says it fired roughly 5,300 workers during a five-year period for their involvement         
-1 points by Arizona Republic | Los Angeles Wells Fargo Bank of America First Interstate Bancorp Bank American Express Los Angeles County California Cheque
6-time WSOP bracelet winner faces judge in bad check case
A Las Vegas gambler with six World Series of Poker bracelets appeared in court Thursday to face theft and bad check charges.
5 points by Las Vegas Review-Journal | Las Vegas Strip Poker Money Wynn Las Vegas Cheque Non-sufficient funds Texas hold 'em Gambling
The Wells Fargo scandal should scare you
It's not an otherwise just banking system corrupted by a single, tainted credit card scheme. It's "extreme capitalism" preying on trusting customers.
4468 points by CNN | Bank Bank of America Economics Money Credit card American Express Cheque Credit history
Wells Fargo employees fired over bogus accounts
Bank says it fired roughly 5,300 workers during a five-year period for their involvement         
25415 points by Arizona Republic | Los Angeles Wells Fargo Bank of America First Interstate Bancorp Bank American Express Los Angeles County California Cheque
Wells Fargo to pay $190M settlement in customer fraud case
The largest U.S. bank by market capitalization will pay $185 million in penalties and $5 million to customers that regulators say were pushed into fee-generating accounts they never requested.
251 points by Las Vegas Review-Journal | Bank Financial services Finance Cheque Credit card Banking Minneapolis Los Angeles
Wells Fargo fined $185M: Things to know

6 points by Atlanta Journal Constitution | Bank of America Wells Fargo The Los Angeles Times Need to know Federal Bureau of Investigation Los Angeles American Express Cheque
Wells Fargo fined $185M for unauthorized accounts; fires 5,300
Bank says it fired roughly 5,300 workers during a five-year period for their involvement         
25415 points by Arizona Republic | Los Angeles Wells Fargo Bank of America First Interstate Bancorp Bank American Express Los Angeles County California Cheque
Wells Fargo fined $185M for unauthorized accounts; says it has fired 5,300
Bank says it fired roughly 5,300 workers during a five-year period for their involvement         
-1 points by Arizona Republic | Los Angeles Wells Fargo Bank of America First Interstate Bancorp Bank American Express Los Angeles County California Cheque
Wells Fargo fined $185M for unauthorized accounts
Investigators say the bank opened more than 2 million deposit and credit card accounts         
25415 points by Arizona Republic | Wells Fargo Bank of America Los Angeles First Interstate Bancorp Bank American Express Cheque Federal Bureau of Investigation
Wells Fargo fined $185M for bonus scam; 5,300 employees reportedly fired
Doug G. WareWASHINGTON, Sept. 8 (UPI) -- Regulators have fined Wells Fargo Bank nearly $200 million for a scam that opened millions of fake accounts to meet quotas and generate bonuses, officials said.
411 points by UPI | Wells Fargo Bank of America Cheque Penalty Overdraft Bank Wachovia American Express
Wells Fargo Fined for Years of Harm to Customers
Federal banking regulators say that the bank issued unauthorized credit cards and charged late fees on accounts created by bank employees without customers’ knowledge.
21 points by The New York Times | Bank Wells Fargo Bank of America Consumer protection Banking Cheque Los Angeles Office of Fair Trading
Wells Fargo fined $185M for employee bonus scam
Doug G. WareWASHINGTON, Sept. 8 (UPI) -- Regulators have fined Wells Fargo Bank nearly $200 million for a scam that opened millions of fake accounts to meet quotas and generate bonuses, officials said.
318 points by UPI | United Press International Wells Fargo Bank of America William Randolph Hearst Penalty Cheque Overdraft News World Communications
Raid targets millionaire on food stamps
Police are investigating potential theft as well as Medicaid and welfare fraud charges.       
225 points by USA Today | Bank Secrecy Act Banking Bank Cheque Geauga County Ohio Police Net income Loan
If Huntington mails a payment but the check is lost, what happens to the money?: Money Matters
I bank at Huntington and had requested a payment be sent to a friend I owed money to. The payment was processed through Huntington's online bill payment service and the money was debited from my account the same day. Three months later, I found out he apparently never received the check. Q: I bank at Huntington and had requested a payment be sent to a friend I owed money to. The payment was processed through Huntington's online bill payment service and the money was debited from my account the same day. Three months later, I found out he apparently never received the check. At least that's what he says. How can I find out? Huntington already deducted the money from my account? What if he never got the money and I never found out? What would happen to the money? B.E., Solon A: Huntington and a few other banks operate their bill payment services with what's called a "good funds" policy. As soon as a payment is sent, the money is debited from your account. If it's an electronic payment, such as for your electric bill or credit card payment, no biggie. It will be received the day it's sent. But in the case of a check sent to an individual who doesn't receive payments from banks electronically, it can be a little messy. So you raise a good question. You can tell whether a check has been cashed by logging into your account online. Since the money was already debited, you have to go to a different tab to check on the status of past payments. I asked Huntington spokesman Brent Wilder what happens to the money if a check would get lost in the mail. Would Huntington just keep it? Would the bank refund it to the customer at some point? Would the bank issue the check again? Wilder confirmed that funds get deducted from an account when the check is issued to someone. "If the check does not get cashed after 180 days, the check gets canceled and the funds are routed back to the customer," Wilder said. "If the customer still has an account at Huntington, the funds will be deposited back into their account. If the customer no longer has an account a check will be cut and mailed to their address. In your case, your friend doesn't want to wait three more months to get his money. So Huntington says you can call and cancel the payment without a fee and the check will be reissued. (I'm assuming this couldn't happen too often or Huntington might start getting ticked off and start charging fees.) But situations like you describe are just one of the reasons I'm not a fan of the "good funds" method of online bill pay. You don't know when the party actually receives the check. And the bank has free use of your money during that limbo period from the time it's deducted from your account until the recipient cashes your check. I think online bill payment services in general are fantastic. Great time-savers. Very accurate. But if you use your bank's bill pay service and if you care, you should ask your bank whether it uses the "good funds" method (money deducted immediately) or "risk-based" method (money deducted from your account when the check is actually cashed).
-1 points by The Plain Dealer | Money Credit card Payment Bank Payments Business terms Cheque English-language films
Kolkata airport security beefed up after 'blow up' threat
Kolkata city police headquarters received two anonymous calls on Wednesday morning, that threatened to 'blow up' the city's Netaji Subhas Chandra Bose International Airport.
186 points by | Police Improvised explosive device Security Blow Up Kolkata Cheque Nuclear weapon
Judge to decide restitution for customers after $588K left behind in heist
Dozens of customers victimized by the brazen burglary of a Queens bank vault are now scrambling to divide the cash that was left behind. Maspeth Federal Savings Bank in Rego Park wants a federal judge to figure out which of its customers should get restitution from the $588,370 in bills left scattered in the vault...
28 points by New York Post | Safe deposit box Federal Deposit Insurance Corporation Deposit insurance Fractional-reserve banking Bank run Federal government of the United States Bank Cheque
Essex Township clerk charged with stealing $94K in taxpayer money
A downstate township clerk has been charged with stealing $94,000 of taxpayer money.
33 points by Chicago Sun-Times | Lisa Madigan Property Criminal law Crimes Kankakee County Illinois Illinois Attorney General Attorneys general Cheque
Wells Fargo execs unlikely to get bonuses after scandal
Like many of their own customers, Wells Fargo’s top executives are about to be in for a shock when they check their bank accounts. Top Wells Fargo executives, including Chief Executive Tim Sloan, likely won’t get a bonus this year after a fake accounts scandal sullied the bank’s reputation and weighed heavily on its shares,...
16 points by New York Post | Wells Fargo Cheque Native Americans in the United States North Dakota Bank of America Indian reservation Banking Bank
China's Foreign-Exchange Reserves Drop to Six-Year Low
China’s foreign-exchange reserves dropped below $3 trillion in January, the lowest level in almost six years, complicating the central bank’s balancing act of trying to contain asset bubbles without triggering a liquidity crunch.
-2 points by The Wall Street Journal | Foreign exchange reserves Federal Reserve System Central bank Exchange rate Money supply Cheque Euro Bank run
Legless subway toker lost $4M settlement, sues over stolen check
If you had her life, you’d smoke blunts on the subway too.
475 points by Daily News | JPMorgan Chase J.P. Morgan & Co. Cash House of Morgan Chase Johnny Cash Cheque Credit card
Teller's 10-year scheme falls apart when bank Is acquired
Jill Marie Myers made off with $1.25M before being caught       
118 points by USA Today | United States Department of Justice Bank Central bank Money Cheque Finance Ledger Fraud
Baltimore restaurant moves to cashless transactions
BALTIMORE (AP) - After being held up at gunpoint for the fifth time in four months, the Park Cafe & Coffee Bar made a radical change for a business that relies on small transactions. A sign on the Bolton Hill cafe's door explains: "Due to the recent robberies and continued ...
1 points by The Washington Times | Debit card Credit card MasterCard Cheque Euro Money Payment EMV
Park Café's move to cashless part of larger shift toward cash-free business
After being held up at gunpoint for the fifth time in four months, the Park Cafe & Coffee Bar made a radical change for a business that relies on small transactions.A sign on the Bolton Hill cafe's door explains: "Due to the recent robberies and continued crime in the neighborhood we are no longer...
-2 points by Baltimore Sun | Debit card Credit card Cheque MasterCard Euro Payment Money EMV
What Trump got wrong on Twitter this week (#4)
The fourth installment in our occasional feature looking at what Trump got wrong on Twitter in a given week.
12428 points by The Washington Post | Barack Obama United States President of the United States The Washington Post Refugee Cheque 2016 Visa
Ex-mayor pleads guilty to $61K theft from tiny Maryland town
The former mayor of a tiny Eastern Shore town has pleaded guilty to stealing more than $61,000 in town funds. The Office of the State Prosecutor said in a statement Thursday that former Marydel Mayor Deborah Rowe pleaded guilty to theft scheme, misconduct in office and forgery Census records show...
-2 points by Baltimore Sun | Debit card Criminal law Local government in the United States Finance Cheque Charlotte North Carolina Rainn Wilson Money
Wells Fargo opens fewer accounts following sales scandal but deposits still climb
Wells Fargo & Co. brought in fewer new customers and saw more existing ones close their accounts in October, the first full month since the San Francisco bank’s sales scandal came to light. The bank reported Thursday that it opened about 300,000 new checking accounts last month, down 27% from September...
17 points by Los Angeles Times | Cheque Bank of America Bank Bookkeeping Credit card Wells Fargo Customer service American Express
At Wells Fargo, workers say, sales focus was all-consuming
NEW YORK (AP) — It began with the constant and compulsive pressure to sell. Then came stress-induced health problems. Wells Fargo employees, both current and former, say they spent every day frantically trying to persuade customers to open more accounts…
-1 points by Arizona Daily Star | Bank Banking Cheque Wells Fargo Credit union Overdraft Bank of America Credit card
Wells Fargo CEO apologizes; senators heap criticism on bank
WASHINGTON — The CEO of Wells Fargo faced accusations of fraud and calls for his resignation today from harshly critical senators at a hearing over allegations that bank employees opened millions of accounts customers didn’t know about to meet aggressive sales quotas.
55 points by Pittsburgh Post-Gazette | Bank Wells Fargo Retail banking Cheque Banking Bob Corker Money United States Senate
Aurora Crime Blotter: Woman in wig tries to cash stolen check
One thief steals makeup and another wears it to distort their face in two separate incidents in this week's Aurora Crime Blotter.
1 points by The Denver Post | Theft Mobile phone Debit card Identity theft Woman Leo White Cheque Jess Robbins
Judge gives man who stole former NSA chief’s identity a break
A man who admitted to using the personal information of a top U.S. security official to steal their tax refund was sentenced to 54 months in prison.
2 points by Chicago Sun-Times | Credit card Cheque Credit history Tax refund Crime Pleading Director of the National Security Agency Cause of action
Sen. Elizabeth Warren calls for Wells Fargo CEO to resign over sales scandal
Lawmakers ripped into Wells Fargo & Co. head John Stumpf on Tuesday over the banking giant’s sales-practices scandal, with one senator calling on Stumpf to quit as chairman and chief executive. “You should resign,” Sen. Elizabeth Warren (D-Mass.) told Stumpf during his appearance before the Senate...
811 points by Los Angeles Times | Cheque Bank Los Angeles Deposit account Bank of America Fractional-reserve banking Wells Fargo United States Senate
Wells Fargo CEO John Stumpf offers a clinic on how to weasel out of real accountability
Wells Fargo Chairman and CEO John G. Stumpf, who has been described as “the Mr. Clean of banking,” took his unflappable and well-groomed mien Tuesday to a hearing room on Capitol Hill to defend the bank’s actions after the disclosure that it had massively defrauded millions of its customers. Amazingly,...
4593 points by Los Angeles Times | Bank Wells Fargo Bank of America Cheque Retail banking Credit card Banking Fraud
Well's Fargo pressure cooker sales come at a cost
Wells Fargo live updates: CEO to testify on Capitol Hill about bogus accounts Sept. 20, 2016, 6:54 a.m. Wells Fargo Chief Executive John Stumpf is to appear this morning before the Senate Banking Committee, which is expected to grill him on the bank's admission that employees created some 2 million...
1075 points by Los Angeles Times | Bank Wells Fargo Credit card Cheque Bank of America Credit history Overdraft Banking
Foreigners among eight held in Dhaka for fraud, police say
Police in Dhaka say they have detained eight persons, including foreigners on charges of fraud.
2 points by | Mobile phone Bank Text messaging Cheque Credit card Police Crime Laptop
Wells Fargo scandal looks like a vast uprising of disgruntled employees
Two basic principles of management, and regulation, and life, are: - You get what you measure. - The thing that you measure will get gamed. Really that's just one principle: You get what you measure, but only exactly what you measure. There's no guarantee that you'll get the more general good thing...
-1 points by Chicago Tribune | Bank Cheque Debit card Credit card Wells Fargo Banking MasterCard Bank of America