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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

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Big 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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JPMorgan Chase Refuses To Reimburse Customer After $7,000 Abruptly Drained From Bank Account: Report

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A JPMorgan Chase customer says the bank has refused to reimburse him for more than a year after $7,000 was suddenly drained from his account.

Grant Holihan says he believes his Chase debit card information was skimmed at an ATM that he used in Queens, reports CBS New York.

Soon after he left the ATM, Chase alerted him to an illicit purchase in Las Vegas.

Holihan closed the account, but says new charges from the state of Pennsylvania poured in anyway, fully draining his life savings.

“It was four different Giant supermarkets in Pennsylvania, where [scammers] took out a little over seven grand in under an hour…

They still deny my claim, and it’s been over a year later, and I still haven’t seen my money.”

Holihan says he can prove he was in New York when the charges were made, but Chase says each purchase was fully authorized and verified.

“This customer’s claim was denied because the charges were authorized with their PIN and verified via phone call.”

Holihan says he’s simply looking for the bank to stand by him and do the right thing.

“It’s not even a thousandth of a percent. It’s nothing to them. To me, it was my entire life savings at the time.”

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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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$89,670,000,000 in Increasingly Risky Loans Flagged at JPMorgan Chase, Wells Fargo and Bank of America: Report

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America’s biggest banks are reporting a rapid increase in the number of substandard, doubtful and potentially loss-making loans on their balance sheets, according to a new report.

The amount of money tied up in criticized loans, which show emerging signs of risk and weakness that could lead to defaults, just reached its highest level since 2020, reports S&P Global.

JPMorgan Chase has witnessed the largest year-over-year increase, with the number of criticized loans at the firm jumping 26.3%, reaching $26.01 billion at the end of Q3.

Meanwhile, Wells Fargo has recorded a 17.9% year-on-year increase in criticized loans, at $37.6 billion, while Bank of America recorded a 15.2% year-on-year increase, at $26.06 billion.

That brings the total amount of the criticized loans at the trio of banks to $89.67 billion since Q3 of 2023, reflecting a trend that’s playing out at banks across the board.

“Criticized loans at public US banks amounted to $279.98 billion, versus $240.37 billion at the end of 2023, and such loans at the 100 largest US public banks totaled $260.48 billion, versus $219.82 billion at 2023-end.”

Among tier-one banks with over $50 billion in total assets, four lenders recorded triple-digit increases in criticized loans.

Flagstar Financial recorded a 338.6% year-on-year increase in criticized loans while First Horizon, Valley National Bancorp and Webster Financial Corp witnessed 112.2%, 110.1% and 102.8% year-on-year increases in criticized loans.

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Six US Banks Issue Urgent Debit Card Alerts, Forcing Mandatory Replacements for Many, After Third-Party Security Breach

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Six US banks are reporting potential security breaches of debit cards, with several forcing affected customers to get replacements.

In new filings with the Massachusetts state government, Mainstreet Bank, Savers Bank, The Village Bank, Watertown Savings Bank, Webster Five Cents Savings Bank and Eagle Bank say some debit cards may have been compromised following a security breach of a merchant’s payment card platform.

A copy of a notice sent to Eagle Bank customers was recently posted on the government site, stating an unnamed Mastercard merchant allowed unauthorized access to account information.

A notice to customers at The Village Bank and a letter to customers at Savers Bank also pinpoint a merchant breach.

Says Savers Bank,

“We have been notified by MasterCard International of a suspected security breach of a merchant’s network, transactions that may have compromised some of Savers Bank’s debit card numbers.”

Affected customers at Eagle Bank and Savers Bank will receive new cards automatically.

Webster Five Cents Savings Bank offers fewer details on the source of the breach, but says it’s also issuing mandatory new debit cards.

Watertown Savings Bank is asking customers to be vigilant, issuing new cards upon request.

“The breach included the capture of some of your personal information, such as your name and card number…

…we do ask that you remain vigilant on monitoring your account activity for the next 12 to 24 months and report any unusual or suspicious activity immediately. If you prefer that we issue a new card please contact the bank.”

Mainstreet Bank says the breach occurred “June 28, 2023 through April 26, 2024” and involved personally identifiable or protected data.

“We have reason to believe that some of our customers may have had their card data compromised (which could include card names, numbers, and card expiration dates) in the incident.”

Mainstreet Bank is giving customers who would like to take extra precautions the option to receive a new card.

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