Fifth Third Bank in Hot Water for Opening Fake Accounts and Transferring Customer Money without Consent

Fifth Third Bank Fake Accounts Lawsuit Fifth Third Bank employees allegedly opened fake accounts without customers’ consent, because they hoped to meet aggressive sales goals, according to a lawsuit filed by the Consumer Financial Protection Bureau on Monday. The federal regulator alleged that the bank knew its employees were opening fake accounts since at least 2008…

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Google Will Soon Offer Checking Accounts

Google Will Soon Offer Checking Accounts Google will begin offering checking accounts to consumers next year as part of its push into financial services. The Wall Street Journal reports that the product, currently code-named “Cache,” will be run by Citigroup and small lender Stanford Federal Credit Union. Google has already offered financial services in the past. It…

Regulators Looking into Betterment 2.69% APY Savings Accounts

I wrote a few days ago about a new savings account option from Betterment that offers 2.69% APY. That’s the best rate for a high yield savings account. But there’s some concern as Betterment, a digital wealth-management start-up, might have similar issues to Robinhood, when they first attempted to launch traditional bank accounts. Regulators have…

Varo Money Banning People Who Share or Use Referrals

Varo Money is a banking app that provides full-service banking products and tools. It offers signup bonuses and referral bonuses as a way to grow the customer base. We’ve seen a $100 bonus in the past and now they have a $50 bonus. But Doctor of Credit is reporting something strange. The bank is banning…

Chase Issues with Website and Mobile App

If you had trouble yesterday, or still do, in accessing the Chase website and its mobile app, you’re not alone. Chase Support confirmed for Business Insider that “some customers are having trouble accessing the mobile app and our website.” Issues were reported from many cities including Los Angeles, Houston, New York, Chicago, Phoenix, Seattle, San Francisco, Brooklyn,…

Robinhood Halts Signups for Cash Management Accounts

Commission-free trading startup made waves when it first announced checking and savings accounts that would pay a 3% interest rate. Concerns were raised that the accounts might not be insured. And soon after it was confirmed that Robinhood hadn’t checked with regulators before making the announcement and backtracked on the announcement. Now the renamed Cash Management…