wells fargo

Xero Braces For Bank Integrations With New API

Small business accounting software provider Xero is bracing for a slew of bank and FinTech integrations with the launch of its Open...

Security & Fraud

DOJ Probes Wells’ Wholesale Banking Ops

Add another investigation to the roster of headlines swirling around Wells Fargo. As The Wall Street Journal reported on Thursday (Sept. 6),...

JPMorgan Poised To Dethrone Wells, Claim Largest US Bank Title

There’s a good chance that JPMorgan Chase could soon become the largest U.S. bank in terms of outstanding loans, dethroning current champ...

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Expense Account Fraud Hits Wells Fargo

Fraud hits firms large and small. Wells Fargo is the latest industry behemoth to make headlines. And yes, the beleaguered bank is again...

Wells Fargo Fires Employees Over Falsified Expense Reports

Fraud committed against enterprises hits firms large and small. Among the most noteworthy headlines this week, Wells Fargo’s latest scandal focuses on doctored...

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Investments

Retail, Tech Get New Life In Burgeoning Economy

Some prominent hedge fund managers are feeling optimistic about the U.S. economy, especially when it comes to retail and technology. According to...

Loans

Consumer Borrowing Hits $13.29 Trillion In Second Quarter

American’s increased the amount of money they borrowed in the second quarter, with consumer borrowing reaching $13.29 trillion during the quarter ending...

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Loans

Wells Considers Lending To Students With Government Debt

Wells Fargo might give its shrinking student lending business a boost by focusing on borrowers with U.S. government loans. The lender would...

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Data Dive: Buying, Selling And Foreclosing

Summer 2018 is running down its final weeks. The heat is still going full speed ahead in most of the U.S., but...

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Labor Woes Haven’t Derailed Entrepreneurs’ Optimism

The talk on Main Street these days is all about record-high levels of optimism among small business (SMB) owners. However, with entrepreneurs...

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Wells Fargo Computer Glitch Forced Hundreds Of Foreclosures

Wells Fargo, the embattled national bank, disclosed in a Securities and Exchange Commission filing that hundreds of individuals saw their homes in foreclosure...

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Loans

Wells Fargo To Pay More Than $2B Penalty Over Mortgage Loans

The U.S. Department of Justice (DOJ) announced that Wells Fargo will pay $2.09 billion in penalties to settle claims related to mortgage loans...

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SMBs’ FX Woes Thrown Back In The Spotlight By Amex Allegations

Allegations that American Express secretly hiked foreign exchange rates for small business customers is thrusting the challenges and points of friction that...

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Wells Fargo Refunding Customers For Add-On Products

Wells Fargo, the embattled national bank, is reportedly refunding tens of millions of dollars for a range of products, including pet insurance...

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Earnings

Wells Fargo’s Q2 Disappoints After Scandals

Wells Fargo, which is working to recover from a series of regulatory scandals that have impacted trust with customers, reported lower than...

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Data Dive — Déjà Vu Edition: Ripple, Wells Fargo And MoviePass

There are few experiences more disconcerting than the sudden onset of déjà-vu — the experience one is doing something they have done before. But...

Asure Merger Consolidates Payroll Market

The U.S. payroll services market saw consolidation this week with Asure Software announcing Tuesday (July 3) that it acquired USA Payroll. A...

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Wells Fargo Hit With Lawsuit Over Financing Fees

Wells Fargo is facing a new lawsuit, this time from the Texas jeweler J. Edwards Jewelry Distributing and the company’s president, John Silverman,...

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News

Five At Five: A Deep Look At Amazon-Whole Foods Discounts

Welcome to Five at Five, your late look at payments and commerce news. Coverage includes Karen Webster’s discussion of the benefits available...

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Payment Methods

Wells Fargo Launches Revamped Propel Rewards Card

Wells Fargo announced Monday (June 25) an overhaul of its Propel Card, its no-annual-fee rewards cards. In a press release, Wells Fargo said...

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In Asia, Finance Trade Groups Advocate For FinTech In Regulatory Efforts

Financial firms have their work cut out for them when battling the bad guys, trying ensure that funds go where they need...

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News

Five at Five: Walmart Has A New Blockchain Idea

Welcome to Five at Five, your late look at the day’s payments and commerce news. Today, we have two stories about the...

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Wells Fargo Receives Approval To Settle $142M Suit

After receiving preliminary approval for a settlement last July, Wells Fargo said that it has received final approval from a California court...

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Payment Methods

Wells Fargo Merchant Services SMB Pricing Not At Parity With Square

Wells Fargo Merchant Services has decided to simplify the prices it charges small businesses (SMBs) to accept credit and debit card transactions...

Could A Bank-On-Bank Patent War Be Looming?

A recently filed federal lawsuit over remote deposit capture technology (RDC) could signal the start of a wider patent-infringement struggle among banks,...

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Bitcoin

Bitcoin Daily: Wells Fargo Says No To Crypto, Apple Bans Crypto Mining Apps

There are apps for all sorts of tasks, but Apple doesn’t want apps to do one thing in particular — mine crypto, CNBC...

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USAA Sues Wells Fargo Over RDC Technology

USAA, the insurance company and bank serving current and former military members and their families, filed a federal lawsuit against Wells Fargo...

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Sizzle/Fizzle

Sizzle Fizzle: Last Mile Sizzles, Banks Fizzle And Snapchat Splits The Difference

Snapchat’s Sizzly Fizzle, or Fizzly Sizzle Usually in this column the sizzles and the fizzles are pretty distinct. But every so often...

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OCC Does A 180: Fake Accounts Not A Common Problem

Wells Fargo was fined $185 million in 2016 for opening millions of potentially fake accounts, prompting the Office of the Comptroller of...

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OCC Report Uncovers Problems With Sales Practices At Banks

After reviewing sales practices at more than 40 large and mid-sized banks, the Office of the Comptroller of the Currency (OCC) found...

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Personnel

Wells Fargo Head Of Innovation Group To Retire

Wells Fargo announced on Tuesday (May 22) that Steve Ellis, head of the innovation group, will retire after nearly 31 years with the...

Regulation

Regulators Eyeing Social Media In Europe

Against the backdrop of social media controversy — remember Facebook, of course, and 87 million users’ data exposed to Cambridge Analytica —...

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Security & Fraud

Banks Take Military Approach To Cybersecurity

In an effort to combat cyberattacks, banks are taking a military approach to their online security. “This is not that different from...

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Wells Fargo Accused Of Manipulating Business Banking Data

It’s happened again. Wells Fargo on Thursday (May 17) was facing accusations that its employees altered customer data, this time in a...

Data Dive: Coming, Going And Returning With Apple, PayPal And Wells Fargo

Twenty years ago today the last new episode of Seinfeld aired, much to the moaning and groaning of fans everywhere — especially...

Sizzle/Fizzle

Working Capital Sizzles, Wells Fargo Fizzles And MoviePass Faces An Uncertain Future

It’s never a good sign when the headlines begin widely speculating about a firm’s impending demise. That’s currently the media narrative for...

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Wells Fargo Overdraft Fees To Decline As It Projects A Friendlier Face

Wells Fargo, the embattled bank, warned investors at the company’s investor day meeting Thursday (May 11) that it won’t make as much...

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Digital Payments

Wells Fargo To Start Testing Pay With Wells Fargo

Wells Fargo announced news on Thursday (May 10) of the launch of Pay with Wells Fargo, a new service for its mobile...

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No Breaks For Mortgage Bankers Costs Wells Fargo $97M

After workers reportedly didn’t get rest breaks, allowed by California’s strict labor rules, Wells Fargo will have to pay $97 million to...

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Goldman Sachs and Wells Fargo Eyeing The Credit Card Lending Market

Goldman Sachs and Wells Fargo are gearing up to go after the credit card lending industry as it seeks to access some...

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Wells Fargo Launches New Marketing Campaign Aimed At Rebuilding Trust

Wells Fargo announced Monday (May 7) that it has launched a new marketing campaign, dubbed “Re-Established,” which focuses on its commitment to rebuilding...

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Wells Fargo Settles Sales Scandal Lawsuit; To Pay $480M

Wells Fargo announced late last week that it has agreed to pay $480 million to settle a securities fraud class-action suit. In a press...

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Wells Fargo Beefing Up Investment Banking Unit With New Hires

Wells Fargo’s investment bank unit is in hiring mode, reportedly gearing up to hire hundreds of new employees — including around twenty...

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CO-OP Network President: Shared Branching And Credit Union Service Ubiquity

Consumers, on the whole, really like doing business with their credit unions. According to the latest iteration of the Credit Union Tracker, 81 percent of credit union customers report...

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Payments Innovation

Five On Five: A New Way To Fight Online Counterfeiters

Welcome to Five on Five, your late look at some of the freshest payments news of the day. Today’s stories cover subjects...

Wells Fargo Handling Of Retirement Assets Under Scrutiny

The Department of Labor is examining if Wells Fargo pushed retirement-planning customers into pricier accounts and toward buying more expensive investment funds,...

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Data Dive: The Good, The Bad And The Terribly Confused Edition

“If you can’t convince them, confuse them.” The above was famously said by President Harry S. Truman on the nature of politics...

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