Where's The Money?
Are Cardless ATMs Safe? $3,000 Goes Missing From Man's Chase Account
Last year, Chase began installing cardless ATMs that allowed users to withdraw cash and perform other tasks by inputting a code sent to their banking app at the machine. While the system can be convenient and might relieve some of the worry of using ATMs compromised with a skimmer, the new machines pose other threats as one man learned when $3,000 disappeared from his account. [More]
Citibank ATMs Will Replace Chase At Many Walgreens Locations In NYC, Chicago
By Mary Beth Quirk 1.17.17
If you're a Chase bank customer in Chicago or New York City who relies on the ATM at your local Walgreens/Duane Reade to avoid withdrawal fees, we've got some bad news for you. But if you're a Citibank customer, well, we've got some great news for you: more than a thousand ATMs will be transitioning from Chase to Citibank. [More]
Why Are There Still So Many Bank Branches Everywhere? Because You Keep Going.
By Kate Cox 8.22.16
If you live in a certain kind of urban area, you see it all the time: those new mixed-use buildings go up, and on the ground floor of practically every single one there's a bank branch or two. And if you thought to yourself, "Why are there so freaking many bank branches opening in an era when all the young folk living in those buildings bank by phone?" you're not alone. But it turns out there's an easy reason that bank branches keep proliferating: customers are using 'em. [More]
subprime
Prime Day Deal Expires Early, Amazon And Chase Make Good On It
On Tuesday, during Amazon's Prime Day, festivities, the online retailer's credit card partner Visa joined in the fun with a promotion where customers who made a $150 purchase using their Amazon-branded Visa card would receive a $30 discount. That's an appealing bargain, and plenty of customers prepared to take advantage of it. What they didn't do was read the fine print, or take it seriously, and a lot of customers missed out. [More]
Changing Policies
Chase Customers Can No Longer Use Credit Cards As Backup Funding For Overdrafts
Last year, banks made $11.16 billion from customers who overdrew their accounts with a majority of those overdraft fees going into the pockets of the three largest banks: Wells Fargo, Bank of America, and JPMorgan Chase. There could be more fees headed Chase's way soon if customers don't pay heed to the company's changing overdraft policy. [More]
rack'em up
Starbucks Launching Prepaid Card That Lets Rewards Members Earn Loyalty Points
In a bid to lure more people to sign up for its loyalty program, Starbucks is launching a prepaid debit card soon that will let users rack up rewards "stars." [More]
out with the old in with the new
Bank Of America Following Chase's Lead, Joining Card-Free ATM Party
Just days after Chase announced it would install cardess ATMs offering a variety of denominations, Bank of America says it will also jump on the card-free bandwagon. [More]
Chase To Install Cardless ATMs That Offer A Variety Of Denominations
Bank customers weary of using ATMs for fear they've been compromised by ne'er-do-wells using skimmers to get their hands on card numbers have a new option. That is, if they bank with JPMorgan Chase, as the company is rolling out new cash machines that are not only cardless, but will let you take out money in a wider variety of denominations. [More]
JPMorgan Chase To Pay $367 Million For Secretly Steering Clients To Investments That Benefited Bank
By Chris Morran 12.18.15
When you pay a bank's investment adviser to help you put your money in a smart place, you would hope that they would steer you to a product that best serves your interest. You'd also hope that if an investment product benefited the bank, this information would be clearly disclosed. But that's not always the case, which is why JPMorgan Chase has to pay penalties totaling $367 million. [More]
time to pay
JPMorgan To Pay $100M To Settle Unlawful Debt-Collection Allegations In California
By Ashlee Kieler 11.2.15
Four months after JPMorgan Chase agreed to pay at least $136 million to close the books on state and federal investigations into its credit card collections practices, the company reached a $100 million settlement putting an end to a similar investigation in California. [More]
let's go out to dinner
Why Lower Gas Prices Are Really Good For Restaurants
By Laura Northrup 10.19.15
When gasoline prices fall, that means that consumers who drive have more money to spend on things other than fuel. The JPMorgan Chase Institute, a global economics think tank affiliated with the bank, analyzed their customer credit and debit card data to figure out what we did with all of those savings. It may not surprise you that most of it didn't go into our retirement accounts. [More]
go no farther
Chase Credit Card Settlement Halts Collections On 528,000 Accounts
By Chris Morran 7.8.15
Earlier today, we told you of reports that JPMorgan Chase had agreed to pay at least $125 million to close the books on state and federal investigations into its credit card collections practices. Now that the details of the deal have been made public, we know exactly how much the bank will pay and how many credit card accounts are affected. [More]
JPMorgan Chase To Pay $136M To Close Credit Card Debt Collection Probes [UPDATED]
UPDATE: The Consumer Financial Protection Bureau has released the details of the settlement, which put the total value at $136 million, $106 million of which will go to the 47 states (and Washington, D.C.) involved in the investigations. [More]
Sen. Elizabeth Warren Has Some Choice Words For Chase CEO Jamie Dimon
By Chris Morran 6.12.15
Earlier this week, JPMorgan Chase CEO Jamie "It sounds like Diamond" Dimon, was quoted as saying that Sen. Elizabeth Warren, an outspoken advocate of financial reform who helped create the Consumer Financial Protection Bureau before becoming a lawmaker, was clueless about how banks actually work. The Massachusetts senator says that Mr. Dimon doth protest too much. [More]
chips for everyone
Chase Says It Will Replace All Debit Cards With Chip-Enabled Cards
After an earlier report that it would do so, JPMorgan Chase says it'll be reissuing debit cards for all its customers, replacing the old magnetic strip cards with those containing microchips for increased security. [More]
No Free Accounts Here
Chase Raising Fees On Some Checking & Savings Accounts In 16 States
Chase customers in more than a dozen states will be seeing a slight change to some of their account statements next month, as the bank announced it would increase service charges for both checking and savings accounts. [More]
bleep bloop blop beep
Chase Hit With $50 Million Settlement Over Robosigned Mortgage Documents
The nation's biggest banks have already been hit with billions of dollars in settlements over robosigning — the illegal process of signing and filing important mortgage documents without reviewing them for accuracy — so what's a few million more? Today, the Justice Dept. announced a settlement with JPMorgan Chase that will require the bank to pay more than $50 million in cash, mortgage credits, and loan forgiveness, to over 25,000 currently and recently bankrupt homeowners. [More]
getting the clause out
Marching Band Delivers Petition To Citi Asking Banks To "Revoke License To Steal"
In a handful of recent decisions, the U.S. Supreme Court has affirmed the right of businesses to effectively break the law by putting a few carefully worded sentences into their contracts and user agreements. But just because you can add these clauses doesn't mean you have to do so, which is why pro-consumer advocacy groups gathered more than 100,000 signatures on a petition that was delivered, with a little bit of music, to Citigroup HQ in Manhattan this morning. [More]