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Swiss Bank Sygnum Posts First-Half Profit as Spot Crypto Trading Doubles, Derivatives Increase 500%

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Sygnum, which is licensed in Luxembourg, Singapore, and its native Switzerland, plans to acquire new licenses in Europe under the Markets in Crypto Assets (MiCA) regulations, which started to take effect last month and introduced a single regulatory environment throughout the 27-nation trading bloc. It also plans to expand its regulated operations in Hong Kong.



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$18,883 Drained From Wells Fargo Account, Bank Says Reimbursement Not Happening, Customer Says She’s Leaving

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A Wells Fargo customer says she’s done with the bank after an impostor posing as the lender drained $18,883 from her account.

Colorado resident Melanie Sponselee says she received an alert on her phone that appeared to be from Wells Fargo asking if she had made a large transaction, reports the NBC-affiliated news station 9News.

She replied “no,” and immediately received a phone call from someone pretending to be with the bank, claiming her accounts were compromised and that they would help her open a new one.

After talking with the scammers, Sponselee says she quickly began to worry she was being duped and raced to Wells Fargo.

“There’s a branch down the street from my house. I got on the phone, got in my car, five minutes later after I got off the phone, I walked into the branch. They were like – oh, I’m sorry. We don’t have an appointment until 1pm.

Also, on the way to Wells Fargo, I called the bank five times, and every time I tried to ask for help the call kept getting dropped. That happened six times.”

Ultimately, the scammers stole $18,883 via wire transfer. Wells Fargo contacted the corresponding bank and says it clawed back $3,300.

The bank refuses to refund the rest.

“My expectations would have been, when I asked for help, to immediately help me. Immediately. Take it seriously.

And also, that they would protect me, that they would back me up. They would fix it.”

When asked about its decision to not reimburse, Wells Fargo repeated what it told Sponselee – wire transfers are usually irreversible, even if a customer reports the crime quickly.

The bank has declined to answer specific questions about Sponselee’s case.

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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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Billion-Dollar Bank Refuses To Reimburse Customer After $10,000 Stolen From Account – Until the Media Gets Involved: Report

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America’s 20th-largest bank by total assets is accused of refusing to reimburse a customer who lost money to a scammer impersonating the lender.

It started when Thomas McConnell’s wife received a text message claiming to be from USAA asking her to verify a credit card purchase, reports Fox San Antonio.

“After responding ‘no’ she did not make the charge, she immediately got a call from someone she thought worked at USAA. ‘On the caller ID it said USAA,’ McConnell recounted. He says his wife was asked to pass along sensitive account information. Thinking she was talking to a USAA agent, she did.

When she checked her account, and did not see a pending charge, she called USAA to tell them about the fraud alert. ‘And they said well that’s not us,’ McConnell said. It was in that moment she knew she’d been tricked.”

According to the report, the McConnells’ lost approximately $10,000 after about half the amount was transferred from out of their checking account while $5,600 was charged to their USAA credit card.

Fox San Antonio reports that the McConnells neither received an alert on the unusual transaction nor that their credit card had been used.

After the incident, which occurred in August of 2022, Thomas McConnell called USAA several times trying to get his money back but without any success.

According to Fox San Antonio, the McConnells had to borrow from family members to help with their living expenses and they continued to pay off the interest on the credit card charge.

However, Thomas McConnell recently decided to turn to Fox San Antonio’s The Problem Solver for help, and the couple now has their funds back.

The bank has also returned the interest the McConnells were forced to pay throughout the ordeal.

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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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US Banks Under Pressure As JPMorgan Chase, Bank of America, Wells Fargo, Goldman Sachs and Citi Battle Shrinking Margins: Report

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The biggest banks in the US are preparing to report a third quarter marked by shrinking margins and declining profits, according to a new report.

JPMorgan Chase and Wells Fargo release their Q3 earnings on Friday.

JPMorgan is expected to reveal a nearly 8% drop in earnings per share while Wells Fargo will likely report a nearly 14% drop in earnings per share, reports Reuters, citing data compiled by the London Stock Exchange Group (LSEG).

Next week, Bank of America is expected to report an approximately 14% drop in earnings per share, Citigroup is expected to report a 20% drop, and Goldman Sachs is expected to report a 35% drop.

The across the board decline is due to a combination of rising deposit costs, weak loan demand and shrinking net interest income (NII).

Although banks are feeling pressure from decreasing margins, they’re expected to generate strong revenues from other banking divisions, such as investment banking and trading.

Analysts at Oppenheimer say consumer loan delinquencies are down and notes banks have also shored up significant reserves to cover potential office loan losses.

Oppenheimer also expects the industry to post a 7% rise in investment banking revenues for all banks on average, and banks may report a decline in trading revenue amid a seasonal drop in volume.

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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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