Big banks are battling for new customers in the US, with JPMorgan Chase now offering a total of $900 to entice people to switch banks.

Chase’s offer is for people who open both a checking and a savings account and meet certain requirements.

Specifically, new Chase customers receive a $300 bonus for opening a checking account with direct deposit, as long as they deposit $500 within three months.

In addition, customers receive a $200 bonus for opening a savings account and depositing at least $15,000 within 30 days, as long as the balance is maintained for 90 days.

Customers who open both accounts and complete the fine print receive an additional $400 bonus.

Meanwhile, Wells Fargo is offering a $300 bonus to new customers who open a checking account that receives $1,000 via direct deposit within 90 days.

Bank of America is also offering a $300 bonus for new customers’ checking accounts, with a $2,000 direct deposit requirement within 90 days.

Citibank is also offering $300 to new customers who open a checking account, with a $1,500 direct deposit requirement within 90 days.

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Bank of America customers are reporting massive issues with online and mobile banking.

The site monitoring service Downdetector shows tens of thousands of customers have reported severe service disruptions in the last few hours, with users on the social media platform X stating that their balances have dropped to zero.

Downdetector says it’s also witnessing a smaller, but noticeable spike in people reporting banking issues at JPMorgan Chase and Wells Fargo – with the issues for all three banks beginning at around 12:00pm EST.

Since that time, more than 100 customers at both JPMorgan Chase and Wells Fargo have reported issues logging onto and using the lenders’ banking apps and websites.

Bank of America has issued a statement confirming the disruptions its customers are facing, although the lender has not explained what triggered the widespread outage.

“Some clients are experiencing an issue accessing their accounts and balance information today.

These issues are being addressed and have largely been resolved. We apologize for any inconvenience.”

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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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ZA Bank becomes the first Hong Kong digital-only bank to gain a license from the Securities and Futures Commission for Type 1 regulated activity.

According to Hong Kong news outlet HKEJ, on Sept. 30 a ZA Bank spokesperson said that ZA Bank has received approval from the China Securities Regulatory Commission to allow the company to add new conditions for virtual asset transactions to its Type 1 license.

This news follows a year-long process the bank has undertaken since Hong Kong financial regulators tightened restrictions on unlicensed exchanges and the development of a regulated crypto ecosystem.

The bank plans to implement an investment fund service and operate under crypto regulations set by the country’s financial regulators.

CEO of ZA Bank, Rockson Hsu, stated in a press release that the firm remains committed to becoming a “game changer” for the banking sector two years after its official launch. He also highlighted the bank’s plan to launch an investment fund service.

“We look forward to further enhancing users’ experience with our game-changing investment fund services!” said Hsu.

Hong Kong introduced new regulations in 2022, requiring all crypto exchanges operating in the city to submit license applications by February 2024. Since then, over 24 companies struggled to get licenses. By Aug. 2024, around 12 applications have been withdrawn, including those from Bybit, Huobi HK, and OKX.

In May, 2024, the SFC warned investors to only use licensed platforms. The country’s cryptocurrency regulations came into effect in June 2023.

On July 18, 2024, ZA Bank began offering banking services to stablecoin issuers after the Hong Kong Monetary Authority unveils a list of approved companies for its stablecoin sandbox initiative.

In a press release on July 18, ZA Bank partnered with RD InnoTech, one of the first companies listed by the HKMA for sandbox trials. At that time, ZA Bank managed to onboard around ten additional stablecoin clients.