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JPMorgan Chase and Wells Fargo Offering $300 Cash As Banks’ Battle for New Deposits Intensifies for First Time in Years: Report
Published
2 months agoon
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adminBig banks in the US are boosting the amount of cash they’re handing to new customers as the fight for deposits intensifies for the first time in years.
JPMorgan Chase and Wells Fargo in particular are battling it out to curb deposit flight triggered by the Federal Reserve’s interest rate hikes, reports the Wall Street Journal.
Both banks are now offering $300 cash bonuses to new customers. And here’s the catch – newcomers must set up direct deposit in order to claim the reward.
Bank of America is offering $200 for the same set up, and Citi has a new promo offering 5% interest on new savings accounts for the first 90 days.
The moves come as earnings reports confirm banks are paying up to retain deposits and combat the rising popularity of money market funds.
Says BofA Chief Financial Officer Alastair Borthwick,
Our instructions to our team are to grow our deposit base a little bit faster than the economy. That means you have to price across the board to achieve that.”
Data from the market research firm Curinos shows the average cash offer for new checking accounts hit $400 this year. For comparison, that number was $160 in 2016.
However, compared to 2016, customers must now hold higher balances in their accounts in order to receive the rewards.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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Germany's Commerzbank and DZ Bank To Offer Bitcoin and Crypto Trading
Published
11 hours agoon
September 19, 2024By
adminGermany’s two of the largest five banks, Commerzbank and DZ Bank, are launching Bitcoin and crypto trading services amid growing institutional demand.
JUST IN: 🇩🇪 $500 billion Commerzbank to offer #Bitcoin and crypto trading. pic.twitter.com/KrOCOx5N9P
— Bitcoin Magazine (@BitcoinMagazine) September 19, 2024
Commerzbank, the country’s second-biggest bank by number of branches, signed a deal with Deutsche Boerse’s subsidiary Crypto Finance to provide trading access for corporate clients. DZ Bank, the nation’s number two lender, is enabling its 700 cooperative banks to offer Bitcoin and crypto trading via a tie-up with the Boerse Stuttgart exchange.
The moves come just weeks after Zurich Cantonal Bank in Switzerland began offering retail Bitcoin and crypto services. Major banks worldwide are increasingly embracing Bitcoin and crypto following the successful launch of the first U.S. Bitcoin ETFs.
“Our offering in digital assets enables our corporate clients to seize the opportunities presented by Bitcoin and ether for the first time,” said a Commerzbank executive.
DZ Bank and Commerzbank represent over $1 trillion in combined assets under management. Their entry significantly expands mainstream access to Bitcoin in Europe’s largest economy. DZ Bank’s head of trading said professional investors are rapidly allocating to Bitcoin and crypto, making regulated services crucial for portfolio diversification and risk management.
The moves are a milestone for Bitcoin’s integration into European finance. With leading banks providing access, Bitcoin is now going more mainstream.
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$512,900,000,000 in Unrealized Losses Hit US Banks As Number of ‘Problem Banks’ Rises To 66: FDIC
Published
6 days agoon
September 14, 2024By
adminThe number of US banks with major issues is on the rise, according to the Federal Deposit Insurance Corporation (FDIC).
The agency’s Second Quarter 2024 Quarterly Banking Profile shows the number of lenders on its “Problem Bank List” rose quarter-on-quarter from 63 to 66.
It’s the fifth consecutive quarterly increase of banks rated 4 or 5 on the CAMELS ratings system since the second quarter of 2023.
A rating of 4 on the CAMELS system indicates a bank is suffering from financial, operational or managerial issues that could reasonably threaten viability if unresolved, while a rating of 5 indicates a bank is critically deficient and requires immediate remedial attention.
“The number of problem banks represent 1.5% of total banks, which is within the normal range for non-crisis periods of 1% to 2% of all banks. Total assets held by problem banks increased $1.3 billion to $83.4 billion.”
Meanwhile, US banks continue to saddle billions of dollars in unrealized losses on securities. The FDIC reports $512.9 billion in total unrealized losses in the second quarter, a 0.7% quarter-on-quarter decrease.
Says FDIC chairman Martin Gruenberg,
“Interest rates increased modestly in the second quarter, putting downward pressure on bond prices, but the resulting increase in unrealized losses was more than offset by the sale of bonds by several large banks that resulted in substantial realized losses.
This is the tenth straight quarter that the industry has reported unusually high unrealized losses since the Federal Reserve began to raise interest rates in first quarter 2022.”
The dangers of unrealized losses came into focus last year amid the collapse of Silicon Valley Bank, when concerns about the lender’s balance sheet triggered a bank run.
Today, Gruenberg says the US banking industry continues to demonstrate resilience, but risks remain.
“…The industry still faces significant downside risks from uncertainty in the economic outlook, market interest rates, and geopolitical events. These issues could cause credit quality, earnings, and liquidity challenges for the industry.
In addition, weakness in certain loan portfolios, particularly office properties, credit cards, and multifamily loans, continues to warrant monitoring. These issues, together with funding and margin pressures, will remain matters of ongoing supervisory attention by the FDIC.”
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Standard Chartered Bank Launches Bitcoin and Crypto Custody Service in UAE
Published
1 week agoon
September 11, 2024By
adminStandard Chartered has officially launched its digital asset custody service in the UAE, according to an announcement from the bank. The service has been licensed by the Dubai Financial Services Authority (DFSA) within the Dubai International Financial Centre (DIFC), following a memorandum of understanding signed in May 2023.
JUST IN: $800 billion Standard Chartered bank launches #Bitcoin and crypto custody service in the UAE 🇦🇪 pic.twitter.com/dlNqdVpi0J
— Bitcoin Magazine (@BitcoinMagazine) September 10, 2024
“The launch of our digital asset custody offering represents a pivotal moment not just for Standard Chartered, but for the financial services industry,” said Bill Winters, Group Chief Executive of Standard Chartered. “We firmly believe that digital assets are not merely a passing trend, but a fundamental shift in the fabric of finance. With this new service, we are strategically positioning ourselves at the forefront of this next evolution in the custody business. Our robust infrastructure, coupled with our expertise in the field allows us to provide a bridge between the world of financial services and the emerging digital asset ecosystem.”
The service aims to provide secure storage for digital assets, with an initial focus on supporting Bitcoin and Ethereum. The bank said it decided to launch its custody services in the UAE “due to its well-balanced approach to digital asset adoption and financial regulation.”
Brevan Howard Digital, the crypto division of Brevan Howard, an investment management platform specializing in global macro and digital assets, has been named as the first client. According to Margaret Harwood-Jones, Global Head of Financing & Securities Services, this launch addresses the growing institutional interest in digital assets.
“After a period of intensive work and close collaboration with regulators both regionally and globally, we are thrilled to welcome Brevan Howard Digital as the first client of our digital asset custody offering,” said Harwood-Jones. “Our offering goes beyond simple wallet services – it is a comprehensive solution that addresses the unique challenges of digital asset custody from a regulatory, risk and prudential point of view. It is a game changer for institutional clients, as we can support them with our traditional expertise to navigate the complexities of the digital asset space, without compromising on the highest standards of security.”
Standard Chartered further stated that it plans to expand its custody services to include more digital assets and is exploring more opportunities to launch its custody services in other global financial hubs.
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