banks

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One Country Is Rapidly on Its Way to Losing Its Cash

Sweden is on track thanks to its adoption of IT and toughness on crime

(Newser) - There have been discussions of all financial transactions going digital for years, but only recently has it started to look like an eventual reality. Though CNN Money reported in June that Denmark looked to be closest to becoming cashless, alongside Sweden and Norway, researchers at the KTH Royal Institute of... More »

Greece Makes Big Decision About Banks

Nation decides to keep them closed indefinitely

(Newser) - Greek banks will remain shut for an unspecified time and the country is imposing restrictions on bank withdrawals following a recommendation by the Bank of Greece, the country's prime minister said Sunday. Sunday's move comes after two days of long lines forming at ATMs across the country, following... More »

Biggest Banks Can Handle 'Severe' Recession: Fed

Reserve's 'stress tests' show 31 banks stronger than ever since 2008 crisis

(Newser) - All of the nation's 31 largest banks are adequately fortified to withstand a severe US and global recession and keep lending, the Federal Reserve said yesterday. Results of the Fed's annual "stress tests" show that as a group, the 31 banks are stronger than at any time... More »

Hackers Rob Up to $1B in 'World's Biggest Bank Raid'

Thieves allegedly infiltrate more than 100 banks worldwide

(Newser) - A hacking ring has allegedly stolen up to $1 billion from banks around the world in what appears to be one of the biggest banking breaches known; the Telegraph calls it the "world's biggest bank raid." The hackers have been active since at least the end of... More »

How Feds Grab Bank Accounts, No Crime Needed

IRS confiscates big bucks with 'civil forfeiture' law

(Newser) - Carole Hinders was successfully running a Mexican restaurant in Iowa when IRS agents gave her the bad news: They were seizing her $33,000 checking account. She had committed no crime, but raised suspicions by repeatedly depositing amounts lower than $10,000 in her bank. And Hinders isn't alone,... More »

Teen Gets $31K in Bank Error, Goes Shopping

Unfortunately, the bank wants the money back

(Newser) - Quick, what do you do if your bank mistakenly deposits $31,000 into your account? Well, if you're 18, you set about spending every last penny as fast as humanly possible, apparently. The Athens Banner-Herald reports that a local teen is in trouble after sheriff's deputies say he... More »

Guy Wins Epic Legal Brawl With Bank Over Laptop Loan

His credit rating was zapped over computer he returned to store

(Newser) - Score one for the little guy in a fight against the banking industry—a 16-year fight to be exact. The Supreme Court in London has ruled in favor of a 44-year-old man who got severely penalized over a small loan for a laptop that he never actually owned, reports the... More »

Almost 1 in 3 Bank Tellers Need Public Assistance

And that's costing taxpayers almost $900 million a year

(Newser) - You probably don't think of bank tellers the same way you think about, say, the fast food workers protesting today , but they, too, have ample reason to complain about their wages, a new report suggests. Nearly a third of tellers are on some form of public assistance, according to... More »

US Banks Hit Lowest Number Since Depression

Pennsylvania sees country's first startup since 2010

(Newser) - There are currently 6,891 banks in the US—the fewest since 1934, when the federal government started keeping records. The figure is down from about 18,000 in the mid-1980s, and it's largely because small banks have been disappearing, the Wall Street Journal reports. Between 1984 and 2011,... More »

As Default Looms, Investors Scurry to Unload US Bonds

Banks steer clear of short-term US debt

(Newser) - Worried over the possibility of default, investors and banks aren't taking chances: They're selling off billions of dollars of US debt, the Wall Street Journal reports. Banks have cut their government debt holdings by some 50% in the past two weeks, New York's Federal Reserve says. Additionally,... More »

White House to Banks: Loan to Those With So-So Credit

Effort to expand recovery sparks debate on risky lending

(Newser) - The White House is fighting to make it easier for people with less-than-stellar credit to get home loans, a move insiders say will spur recovery. They're joined by housing advocates who say the improving housing market hasn't reached lower-income and young people. But the plan "would open... More »

Cyprus Banks Finally Reopen —for 6 Hours

Customers face heavy restrictions on transactions

(Newser) - After nearly two weeks shut amid a bailout scramble , Cyprus has just cautiously reopened its banks for six hours today—but it's not exactly business as usual. Trucks full of cash arrived at the central bank last night as rifle-bearing police and a helicopter stood guard. Private security guards... More »

'Superhuman' Effort Under Way in Cyprus

Authorities scrambling to get capital controls in place

(Newser) - Banks are set to open tomorrow in Cyprus, and that's not a task as easy as just unlocking the doors. As the AFP reports, a "superhuman" effort is under way to ready the banks in time, per the central bank governor. He made the comment yesterday, and not... More »

Feds to Banks: Double-Check Your Foreclosures for Errors

Independent review not working, so comptrollers go straight to banks

(Newser) - In the quest to right wrongful foreclosures, government regulators are turning to the last people on Earth one might expect—the unscrupulous lenders who did the foreclosing in the first place. An attempt to distribute billions of dollars in aid by independent consultants was shut down after it was found... More »

Fed Hacked; Anonymous Blamed

Group posts 4K bankers' credentials: report

(Newser) - The Federal Reserve says it was hacked this weekend, and while the culprit hasn't been named, Anonymous is looking likely. The hacker group posted the credentials and contact information of some 4,000 banking executives, ZDNet reported Sunday night. That sounds a lot like the hacked material, the Daily... More »

Regulators to Banks: You Need to Hold Less Money

Basel Committee eases rules on liquid holdings

(Newser) - Banks around the world breathed a sigh of relief today when regulators agreed to ease rules on liquid holdings, Bloomberg reports. Facing a barrage of criticism, the Basel Committee on Banking Supervision agreed to let banks hold less cash—at least for now—and a greater variety of liquid assets... More »

UK Arrests 3 in Libor Scandal

Brits questioned over rate-fixing

(Newser) - Britain has made the first three arrests in the Libor rate-fixing scandal , the New York Times reports. All are British nationals, aged 33, 41, and 47, adds the Wall Street Journal . The men are being questioned and their homes have been searched, authorities say. The youngest of the three, Thomas... More »

Why Many People Go Without a Bank Account

'Time' lists four reasons why people use outside services

(Newser) - Nearly a third of Americans are "underbanked," meaning they lack access to a full array banking services—but why? The question is particularly pressing when you consider that cashing checks and paying bills without a bank account can cost an extra $380 a year. What's more, low-income,... More »

'Free' Checking Accounts: Not So Free Anymore

Plus, credit card companies not passing on low interest rates

(Newser) - Free checking accounts were the norm in the 1990s, but not so anymore: Today just 39% of noninterest checking accounts are free to everyone, down from 76% in 2009 and 45% last year, a new Bankrate survey finds. Some banks are doing away with free checking accounts entirely; some are... More »

Moody's Cuts Debt Ratings of 28 Spanish Banks

Country's busted real estate bubble leaves banks vulnerable, agency says

(Newser) - Moody's Investor Service is cutting its credit ratings on 28 Spanish banks by one to four notches, saying the weakening finances of Spain's government is making it more difficult for that country to support its lenders. Moody's also said the banks are vulnerable to losses from Spain'... More »

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