banks

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There's a 'New Abnormal.' Here's Where Banks Come In

San Francisco Fed warns of financial risks that could come into play due to global warming

(Newser) - Greta Thunberg has warned about the environmental perils of climate change. Now, bank regulators are sending up the red flag on possible financial consequences. The warnings come courtesy of the Federal Reserve Bank of San Francisco , which put out a series of 19 papers, compiled by more than three... More »

Cops: Couple Blew $100K Mistakenly Put in Their Account

They've been charged with felony theft

(Newser) - After Pennsylvania couple Robert and Tiffany Williams received an unexpected windfall of $120,000, they went on a massive spending spree over the next two-and-a-half weeks, police say. One problem: The money wasn't theirs. Police say that after a BB&T bank teller accidentally deposited the $120,000 in... More »

Trump: I Don't Need Banks Because I Have Cash

President fires back at 'New York Times' over negative story

(Newser) - The New York Times wrote a story critical of President Trump's dealings with Deutsche Bank, and now the president is firing back. In Monday morning tweets, Trump rejected the notion that banks have been leery of working with him—instead, he says he's been so successful in business... More »

Deal Would Create 6th Largest Bank in US

SunTrust and BB&T plan to merge

(Newser) - Southeastern regional banks BB&T and SunTrust will attempt to join in an all-stock deal, creating a new bank that would be the sixth largest in the US based on assets and deposits. It would have approximately $442 billion in assets, $301 billion in loans, and $324 billion in deposits,... More »

They Thought It Was a Sinkhole. Then They Saw the Orange Cord

FBI investigating after public works employees find secret tunnel leading to Florida bank

(Newser) - It started out as public works employees checking out a potential sinkhole or pothole; it ended up with the FBI trying to solve what the Sun Sentinel is now calling a "bank caper." What the workers spotted in the hole in Pembroke Pines, Fla., on Tuesday that raised... More »

Mnuchin: Everything's Fine, Banks Have Money to Lend

'Not exactly confidence inspiring'

(Newser) - Treasury Secretary Steven Mnuchin announced Sunday that he had called the CEOs of America's six largest banks and they had confirmed him that they had ample cash available for lending. His tweet , however, alarmed some analysts, who noted that Treasury secretaries don't call bank chiefs on a Sunday... More »

Bank Is Sorry After Calling Cops on Black Customer

Paul McCowns was just trying to cash his paycheck in Ohio

(Newser) - An incident at a bank near Cleveland has spawned an unfortunate hashtag: #BankingWhileBlack, reports NBC News . When Paul McCowns, who is black, showed up at Huntington Bank in the Ohio suburb of Brooklyn to cash his first check from a new job, the tellers got suspicious. After they tried calling... More »

ATM Spits Out $100 Bills by Mistake, Bank Says 'Keep It'

It happened at a machine in Houston

(Newser) - Banks aren't usually known for giving out free money, but Bank of America is begrudgingly making an exception after one of its Houston ATMs went haywire over the weekend, spitting out $100 bills instead of smaller denominations, per KTRK . A man discovered the glitch while withdrawing money Sunday night,... More »

The World's Biggest Digital Heist Is Ongoing

The Carbanak gang continues, even after a major arrest

(Newser) - A typhoon was winding down in Taipei on July 10, 2016, but two men braved the rain to make a surprise withdrawal from First Commercial Bank: stacks of bills that the ATM spat out without either man touching a button. They were two of 15 "mules" stealing the equivalent... More »

Ex Wells Fargo Worker: I Was Told to 'Club the Baby Seals'

Bank accused of overcharging mom-and-pop shops

(Newser) - Wells Fargo's attempt to regain trust with customers may not be helped by this claim: Days after admitting it signed 570,000 customers up for auto insurance they didn't need —leading to ruined credit scores and repossessions—the bank is now accused of targeting mom-and-pop shops in... More »

Bank CEOs Fooled by Notorious Email Prankster

No sensitive information was shared

(Newser) - Falling for a phishing scam is bad. Falling for a phishing scam when you're the CEO of a major bank, well, that's worse—and the unfortunate reality for Goldman Sachs' Lloyd Blankfein and Citigroup's Michael Corbat. The unsuspecting chief executives, along with Citigroup consumer-banking chief Stephen Bird,... More »

Where Most People Don't Go for Mortgages Anymore: Banks

For the first time in 30 years, nonbank lenders break the 50% mark in lending dollars

(Newser) - Remember when you'd go to a bank or credit union to sign mortgage papers? While this may still be the first lending method that enters future homeowners' minds, non-bank lenders issued more than half the mortgage dollars extended to borrowers in the third quarter of 2016—the first time... More »

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 »

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