Banking
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Samsung Money by SoFi, Debit Card and Cash Management Account Coming this Summer
I wrote earlier in May that Samsung would partner with SoFi to launch a physical debit card. Now there’s more information on this new venture, images of the card and news that it will also include a cash management account. The card is coming later this summer but you can join the waitlist now.
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Samsung Pay Will Launch Debit Card in Partnership with SoFi
Samsung Pay Will Launch Debit Card in Partnership with SoFi Samsung Pay was launched in 2015. Even today it remains one of the few options with built-in magnetic secure transmission technology (MST) along with NFC functionality, making it possible to pay practically anywhere you can swipe a card. Samsung Pay offers a rewards program, which…
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Federal Reserve Lifts Limits of 6 Withdrawal for Savings Accounts
The Federal Reserve Board on Friday announced an interim rule to remove the six-per-month limit from the “savings deposit” definition.
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New Bill Would Ban Overdraft Fees During Coronavirus Outbreak
Banks normally charge overdraft fees when you overdraw your account. This happens when you make a purchase with your debit card for example (or write a check etc.), and the balance in your account is not enough to cover that purchase.
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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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U.S. Bank Expands Reach with Strategic Alliance with State Farm
This alliance will benefit State Farm customers, offering them new, easy ways to manage their banking needs and it will expand U.S. Bank’s footprint almost nationwide.
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Wells Fargo Gets $3 Billion Fine for Fake Accounts Scandal
Wells Fargo was fined $3 billion this Friday by federal authorities over the millions of fake accounts created by bank employees.
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Citizens Bank Sued by CFPB for Violating Truth In Lending Act
The Consumer Financial Protection Bureau has filed suit against Citizens Bank in Providence, Rhode Island. CFPB alleges violations of the Truth in Lending Act by the bank in multiple occasions.
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Wells Fargo to Send Customers Refunds for Account Fees
Wells Fargo is expects to refund some customers for monthly account service fees. The bank says the charges were due to “confusion” over how to qualify to have the fees waived.
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New Citi Elevate Checking Account Launched, Up to 1% Interest & Unlimited ATM Reimbursements
Citibank announced today that it is introducing Citi Elevate Checking, a digital high-yield checking account that offers unlimited ATM reimbursements nationwide while paying interest up to 1% for U.S. customers residing outside of the bank’s physical branch footprint.
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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…
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Chase, Citi , Barclays and Others Fined $1.2 Billion Over Forex Rigging
Barclays, Citi, Chase, MUFG and Royal Bank of Scotland have been fined a total of 1.07 billion euros ($1.2 billion) by EU antitrust regulators for rigging the spot foreign exchange market for 11 currencies. The currencies that were affected are the Euro, British Pound, Japanese Yen, Swiss Franc, US, Canadian, New Zealand and Australian Dollars,…
