Last summer, a viral social media stunt claimed to show people withdrawing huge amounts of cash by exploiting a “glitch” at JPMorgan Chase bank ATMs. The unverified rumor claimed that anyone could deposit a large check to their own account using a mobile device and then withdraw “unlimited money” from an ATM before the bank cleared the check. Some people tried the stunt with varying levels of success. In one case in Houston, a man wearing a mask deposited a Continue reading
For years, going public on the New York Stock Exchange or Nasdaq was the culmination of a longtime dream for many companies. After all, initial public offerings (IPOs) gave stakeholders a good chance to get rich quick while also bringing in new capital to expand their businesses even further. Unfortunately, this has not been the case for the last 18 months as rising inflation and growing economic uncertainty has created a poor environment for IPOs. In recent weeks, though, several Continue reading
According to consumer watchdogs, for years Bank of America charged customers a variety of “junk fees” while also mishandling accounts. Not only did the financial giant withhold perks that were promised to some credit card holders, but it also double-charged overdraft fees and secretly opened cards in customers’ names without their knowledge. As a result, Bank of America received a $150 million fine from the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau (CFPB), which Continue reading
Last Friday, a combination of imprudent decision-making and panicked customers led to the collapse of Silicon Valley Bank (SVB), a 40-year-old financial institution based in Santa Clara, California. The Federal Deposit Insurance Corporation (FDIC) stepped in to prevent further fallout, putting nearly $175 billion in customer deposits under the regulator’s control. SVB’s meltdown represents the second largest bank failure in U.S. history, and the largest one since the 2008 financial crisis. As a result of this chaotic situation, stock prices Continue reading