On The Web

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Providers

Simple Bank Shutdown Goes Awry Leaving Customers Without Account Access

May 10 2021

• in
• Banks
• Neobanks

“The online bank Simple shut down on Saturday and was supposed to seamlessly transition customers’ accounts over to its parent company, BBVA. But instead, many users found themselves unable to access their bank account at all, as BBVA’s website returned an assortment of error messages, from “system error” to warnings that their account information was […]

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Providers

Fifth Third Joins List of Banks Offering Low-cost Deposit Accounts

May 10 2021

• in
• Banks

“Fifth Third Bancorp in Cincinnati has begun offering low-cost deposit accounts aimed at helping retail customers avoid overdraft fees and access their paychecks sooner. The $207 billion-asset Fifth Third will give customers extra time to replenish balances before an overdraft penalty is charged, post direct deposit payroll funds earlier than before and make advances against […]

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Providers

House Bill Aims to Encourage More De Novo Banks

April 16 2021

• in
• Banks

“Rep. Andy Barr, R-Ky., has introduced legislation aimed at making it easier for new community banks to open in areas that are underserved by the banking system. The Promoting Access to Capital in Underbanked Communities Act would encourage the formation of new banks in locations where bank branches are scarce. It would give de novo […]

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Global

Brazil’s biggest banks battle for reinvention in digital era

April 5 2021

• in
• Banks
• Brazil

“The five giants that tower over the country’s financial system — Itaú, Bradesco and Santander Brasil, along with state-controlled Banco do Brasil and Caixa Econômica Federal — have in recent years embarked on investments in technology in a bid to stop customers switching to challengers such as Nubank, Brazil’s internet banking unicorn. Since the start […]

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Providers

PNC Launches Checking Account for Underbanked That Limits Fees

March 29 2021

• in
• Banks
• Underbanked

“PNC Financial Services Group Inc. launched a bank account that limits fees to help consumers facing financial pressures worsened by the pandemic maintain their access to banking services. The checking account, which has no charges for overdrafts or insufficient funds, will cost $5 a month, a company spokesperson said. It’s designed to hold on to […]

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Deals

WSJ News Exclusive | M&T Bank Nears Deal to Buy People’s United for More Than $7 Billion

February 22 2021

• in
• Banks

“M&T Bank Corp. is nearing a deal to buy People’s United Financial Inc. for more than $7 billion, according to people familiar with the matter, in the latest in a string of regional-bank tie-ups. The companies are discussing an all-stock deal that could be announced as soon as this week, the people said, assuming talks […]

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Providers

Community Bank Enlists Coinbase, SAP to Offer Crypto

February 4 2021

• in
• Banks
• Cryptocurrencies

“Vast Bank now lets customers buy cryptocurrency from their bank accounts — a feature more commonly associated with third-party payment apps like PayPal and Square . Through a partnership with Coinbase, the community bank, which is based in Tulsa, Okla., and has $744 million of assets, is joining a handful of others that are seeking […]

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Providers

Goldman Sachs Eyes Growth in Cash Management Technology

January 11 2021

• in
• Banks

“For more than five years Goldman Sachs has been recasting itself as a technology company as well as a bank, so it is little surprise that Stephen Scherr, chief financial officer, sees tech as core to his professional objectives. For Mr Scherr, head of Goldman’s fledgling consumer bank until late 2018, there are two main […]

On The Wires

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Providers

PNC Launches Low Cash Mode(SM) To Address $17 Billion In Industry Overdraft Fees

April 13 2021

• in
• Banks

“Addressing the $17 billion that some studies estimate U.S. consumers pay each year in overdraft fees, The PNC Financial Services Group, Inc. (NYSE: PNC ) today announced its groundbreaking new Low Cash Mode℠ digital offering that is expected to help Virtual Wallet® customers avoid overdraft fees through unprecedented account transparency and control to manage through low-cash moments or […]

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Providers

BBVA and Google Cloud Form Strategic Partnership to Drive Security Innovation in Financial Services

February 23 2021

• in
• Banks
• Cloud computing

“BBVA and Google Cloud today announced a new strategic partnership to transform the bank’s security strategy by optimizing and improving its security infrastructure. As part of this global agreement, BBVA will collaborate with Google Cloud in the development of groundbreaking new artificial intelligence (AI) and machine learning (ML) models to predict and prevent cyberattacks against […]