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Wall Street banks fined $549 million for not backing up messaging app histories
Federal regulatory agencies have fined 11 financial institutions a combined $549 million for using “off-channel” messaging apps (WhatsApp, iMessage, Signal and text messages) for conversations about trades and other business. Securities laws require investment firms and banks to preserve communications records and ensure employees only carry out business through authorized channels. “The firms did not maintain or preserve the substantial majority of these off-channel communications, in violation of the federal securities laws,” the Securities and Exchange Commission (SEC) wrote in a statement today.
Wells Fargo wants employees to delete TikTok from company phones
Wells Fargo does not want TikTok on its employees’ phones. According to The Information, the financial institution sent its employees a note, telling them to remove the app from corporate devices immediately. TikTok’s Wells Fargo ban would’ve come hot on the heels of a possible Amazon ban if the e-commerce giant didn’t issue a statement to deny that it’s prohibiting employees from installing the app on company-owned phones.
Amazon quietly ends its student loan discount program
Just a few weeks ago, Amazon and Wells Fargo announced a program that would give Prime Student customers a modest 0.5-percent interest rate discount on new student loans. It appears that partnership is already over -- the promotion's original landing page now simply redirects to Amazon's top "college deals," with no mention of the discount on Wells Fargo's loan page or on Amazon Prime. Neither company gave a reason for why the promotion ended so soon, but Wells Fargo flatly told Bloomberg that the "promotion for Prime Student members has ended."
Soon you can have your student loans serviced through Amazon
Amazon is the best place to shop for Star Trek: The Original Series on Blu-ray at 3 AM as well as a pallet of Surge to down while watching at the same time (not that I've done this.) But soon enough it will also be the same place you can apply for student loans.
Wells Fargo will give you $20 for using Apple Pay
If you're a Wells Fargo credit card holder whose been thinking about trying Apple Pay on your new iPhone 6 or 6 Plus the bank as much given you an extra incentive to do so. If you use your Wells Fargo credit card between now and November 30, 2014 to make a purchase with Apple Pay the bank will give you a $20 credit towards your account. While many banks have made a point of supporting the Apple mobile payment service, this is the first time such a generous incentive for trying it. Currently the promotion works with the following cards: Wells Fargo Visa® Credit, Debit, and Prepaid Cards; Wells Fargo MasterCard® Credit Cards; and with the new Wells Fargo Propel American Express® Credit Cards. Business MasterCard® credit cards are not eligible. Business Visa® Credit Cards will be Apple Pay ready in November, 2014. Head over to Wells Fargo's site for all of the fine print.
Wells Fargo offering text message receipts at its ATMs starting today
Forward-thinking financial institution Wells Fargo is offering its customers the choice of receiving a text message receipt -- in addition to its e-receipt and email options -- whenever you use one of the bank's ATMs. All that's required to take part in the environmentally friendly scheme is to attach your cellphone number to your account, either online, over the phone or at your local branch. The service is available starting today, and if you'd like to learn more, we've tucked the official release below the fold.
THQ in forbearance agreement with Wells Fargo, CFO resigns
THQ is on the edge of a financial cliff, with its stock currently dangling around $1.25, market capitalization at $8.5 million, and corporate heads exploring financial strategies with a private equity broker. Now, THQ's Chief Financial Officer Paul Pucino has resigned, with no one named as his successor. Pucino took over the position from Colin Slade in 2009."We would like to thank Paul for his significant contributions over the past four years and wish him well in his future endeavors," THQ CEO Brian Farrell says.THQ is now in a forbearance agreement with Wells Fargo, valid through January 15, wherein Wells Fargo will continue to distribute loans to THQ. In a forbearance agreement, the lender (Wells Fargo, in this scenario) stops enforcing current or expected defaults, and the borrower uses the time to improve its financial situation or exit the relationship. It's a lot like time out, but for a corporation."We are pleased to have reached an agreement with Wells Fargo," Farrell says. "This agreement enables us to continue focusing on bringing our games in development to market. Meanwhile, we are evaluating financial alternatives that will transition the company into its next phase."THQ has also entered negotiations with a mysterious financial sponsor, and it expects these to conclude with "significant and material dilution to shareholders."
Google, PayPal, VeriFone and US carriers band together to form Mobile Payments Committee
There's little doubt that mobile payments hold a ton of potential for the future of commerce, but without proper direction (and willingness for adoption), the technology remains little more than an impractical curiosity for the majority of consumers. In an effort to define a way forward for the mobile payment industry, a large number of heavy hitters have banded together under the umbrella of the Electronic Transactions Association to form the Mobile Payments Committee. Not only does the group include all four of the top US carriers, but also Google, Isis, VeriFone and PayPal. Add to that financial institutions such as Wells Fargo and Capital One, along with American Express, Discover, MasterCard and Visa, and you'll quickly realize that this group is playing to win. Primary goals of the Mobile Payments Committee include fostering relationships with merchants, ensuring consumer access to modern payment methods, exploring best practices and ensuring interoperability of networks, equipment and financial institutions. The group will also engage in lobbying activities with legislators and regulators, and will additionally work to educate both merchants and consumers about the potential of mobile payments. With so many key players (and competitors) sitting around one big table, what wouldn't you give to be a fly on the wall during those meetings? For a little extra insight, just hop the break for the full PR.
Motorola's Atrix 4G update 4.1.83 breaks the bank (literally)
Fans of mobile banking are discovering harsh surprises after updating their Atrix 4G to v4.1.83. Amongst the numerous improvements in this release (including the widely touted HSUPA fix), Motorola added new SSL certificates to the mix. While such a change would normally be inconsequential, many banking apps have stopped functioning with the new certificates in place -- a rude shock for anyone needing to deposit a paycheck. So far, Moto confirms that American Express, Bank of America, Chase and Discover are affected -- while Wells Fargo and Citibank's apps run just fine. Motorola plans to issue a workaround for affected users, but currently suggests that everyone access their financial institution through Android's web browser. Maybe it's just us, but this sounds like a fine opportunity to take the new Firefox 4 for a spin. [Thanks, David]
Wells Fargo's Stagecoach Island
I'm not kidding when I say this: there is now a banking MMO. Or, at least, a banking virtual world. Stagecoach Island is Wells Fargo's newest attempt at riding the wave of interest in virtual worlds, having once before tried exactly the same thing with a Stagecoach Island in Second Life first, then later in Active Worlds. Apparently they have learned some lessons from the aborted SL build and have made a new go of it.Intriguingly, it's all about learning how to manage your money, which is something no other MMO can boast. From the site: "You can earn virtual money by visiting the Learning Lounge - a virtual Wells Fargo ATM - and answering questions about money management. Money in your savings account earns 5% daily interest when you are logged in and 3% when you are logged off. Shopping, building (coming soon) and some of the activities require you to spend Stagecoach Island dollars and these can only be used while playing the game."I'm gonna give this a shot, even though I know I'll be completely bored with my avatar -- any game where I can't be a lycanthrope/shapeshifter has at least one strike against it. I'll send along reports once I've earned enough scratch to start my own genetic engineering company.[Via product-reviews.net]
Envelope-free ATMs popping up soon
With all the chicanery that's been going on with ATMs of late, it looks like the machines are finally getting back at the humans. In a move that's already confusing creatures of habit, envelope-free ATMs are starting to pop up in highly-trafficked areas, and as the name implies, they require that your deposits not be stuffed into an envelope beforehand. Diebold, NCR, and, Wincor Nixdorf (among others) are beginning to roll out these newfangled machines, which cost some 20-percent more than typical ATMs and sport specialized scanners that can detect how much cash you're actually inserting as you slide your check / bills into its theoretical mouth. The biggest boon here is the drop in processing costs to banks, while customers are likely to be pleased with instant receipts and nearly-instant access to the fundage. 'Course, we're just counting down the days until yet another ATM trickster figures out how to convert a Hershey's wrapper into a $20 bill.[Image courtesy of ABC]
Wells Fargo's new Envelope-Free ATMs scan your deposits
400 of Wells Fargo's WebATMs in northern California (Contra Costa, Alameda and Santa Clara counties) are in the process of getting a technological makeover that will allegedly cut down on the time it takes to make a deposit, increase security and eradicate those pesky bank errors, which unlike in Monopoly, hardly ever seem to be in your favor. The Envelope-Free system, which is similar to a system currently being used by Bank of America, allows you to insert stacks of up to 30 bills and 10 checks at a time which are promptly scanned, counted, displayed and printed to a receipt. While cellphone ATM access would be nice, other improvements like same day check clearance might make free lollipops your only motivation to set foot in a real bank.[Via CBR]
