-
-
British Bank Bans Man's Password
A customer of the British bank Lloyds TSB discovered the bank had changed his account password because someone on staff apparently couldn't take a joke.
Steve Jetley had created the password "Lloyds is pants" after he had a dispute with the bank over free travel insurance that was supposed to come with the account.
But when he tried to access his account over the phone, a call center representative told him the password didn't match what was in his file. The password had been changed to "no it's not."
When Jetley asked to have his password changed back to the original, the bank refused, saying the password was inappropriate.
"I asked if it was 'pants' they didn't like, and would 'Lloyds is rubbish' do? But they didn't think so," Jetley told the BBC.
"So I tried 'Barclays is better' and that didn't go down too well either," he said.
The bank also didn't like "censorship."
The bank has since apologized, saying that Jetley can choose any password he likes and that the worker who told him otherwise was wrong. The employee who changed the password has been relieved of his employment. A customer of the British bank Lloyds TSB discovered the bank had changed his account password because someone on staff apparently cou... more -
UK Man's bank password is changed
A man who chose "Lloyds is pants" as his telephone banking password said he found it had been changed by a member of staff to "no it's not".
Steve Jetley, from Shrewsbury, said he chose the password after falling out with Lloyds TSB over insurance that came free with an account.
He said he was then banned from changing it back or to another password of "Barclays is better".
The bank apologised and said the staff member no longer worked there.
Mr Jetley said he first realised his security password had been changed when a call centre staff member told him his code word did not match with the one on the computer.
"I thought it was actually quite a funny response," he said.
"But what really incensed me was when I was told I could not change it back to 'Lloyds is pants' because they said it was not appropriate.
"I asked if it was 'pants' they didn't like, and would 'Lloyds is rubbish' do? But they didn't think so.
"So I tried 'Barclays is better' and that didn't go down too well either.
"The rules seemed to change, and they told me it had to be one word, so I tried 'censorship', but they didn't like that, and then said it had to be no more than six letters long."
Mr Jetley said he was still trying to find a suitable password which met the conditions.
He said his dispute with the bank started over some travel insurance, but that issue had been dealt with by managers independently.
A statement released by the bank said: "We would like to apologise to Mr Jetley.
"It is very disappointing that he felt the need to express his upset with our service in this way. Customers can have any password they choose and it is not our policy to allow staff to change the password without the customer's permission.
"The member of staff involved no longer works for Lloyds TSB."
Lloyds TSB stressed there was no security lapse in this case.
A spokesperson said: "On the majority of transactions advisors cannot read customers' passwords.
"In this case it was a business banking customer using a system where more than one person from a business can check their balance.
"In these cases an advisor can read the full password.
"But if such customers require more complex transactions, then full security procedures apply and advisors cannot read secure information." A man who chose "Lloyds is pants" as his telephone banking password said he found it had been changed by a member of staff t... more -
Something fishy In Arizona?
Recall that a week ago, John McCain's (R) son -- Andrew K. McCain -- suddenly resigned as a member of the board of directors and audit committee of Silver State Bancorp (and its subsidiary Silver State Bank) citing "personal reasons." From various published accounts, the bank is on exceptionally shaky financial footing and some believe it is only a matter of time before the FDIC steps in and takes over the bank.
However, six days after McCain suddenly quit, there's still a great deal of mystery about his departure as no one is talking, according to today's Arizona Republic:
One of U.S. Sen. John McCain's sons has resigned from the board of a Nevada-based bank that operates four branches in Arizona, just five months after he was appointed director.
Andrew McCain quit as a director of Silver State Bancorp, where he served on the audit committee.
...A Silver State spokesman declined to comment on the resignation. McCain didn't return phone calls. Recall that a week ago, John McCain's (R) son -- Andrew K. McCain -- suddenly resigned as a member of the board of directors and ... more -
Citigroup gets thrifty: cuts color copies, BlackBerrys
Citigroup Inc. isn't just eliminating jobs to slash costs -- it's also clamping down on color copying and BlackBerrys.
In a recent memo to Citigroup employees detailing new efforts to trim expenses, John Havens -- who runs the company's institutional clients group -- wrote that "color copying and printing should only be used for client presentations," and that "presentations should be printed double-sided to reduce unnecessary paper usage."
Additionally, the bank is reviewing employees' BlackBerry use, and is now requiring pre-approval for the devices.
"Only necessary business related calls will be reimbursed," the memo said. Citigroup Inc. isn't just eliminating jobs to slash costs -- it's also clamping down on color copying and BlackBerrys. ... more -
Bank customer data 'sold on eBay'
A computer containing a million bank customers' personal data has reportedly been sold on internet auction site eBay.
Appparently, an ex-worker for archiving firm Graphic Data sold it for £35 on eBay without removing sensitive information from the hard drive.
The Royal Bank of Scotland (RBS) and its subsidiary, Natwest, have confirmed their customers' details were involved. It said historical information relating to credit card applications for their bank and others had been on the machine. The information is said to include account details and in some cases customers' signatures, mobile phone numbers and mothers' maiden names.
The problem first came to light when the person who bought the computer noticed and raised the alarm.
Last year the Financial Services Authority fined the Nationwide Building Society £980,000 for a security breach, after a lap top containing customer data was stolen from an employee's home. A computer containing a million bank customers' personal data has reportedly been sold on internet auction site eBay. ... more -
FDIC gets ready for more bank failures...
The Federal Deposit Insurance Corp. is one of those agencies with a low profile but essential role similar to plumbing or electricity — you don't notice it until the power's out or the basement's flooding.
These days, the FDIC's folks are busier with the financial equivalent of fixing burst water mains and dead power lines.
Seventy-five years after it was launched during the Great Depression, the bank regulator and insurer is facing its biggest challenge in decades. Many banks in Georgia and across the nation have been battered by the slumping economy and troubled loans to home builders, developers and homeowners. The Federal Deposit Insurance Corp. is one of those agencies with a low profile but essential role similar to plumbing or electricity ... more -
Nigeria blames scam victims - anyone falling for scam should be jailed
People who fall for so-called "Nigerian scams" aren't victims at all—in fact, they're greedy and should be jailed, according to Nigerian high commissioner Sunday Olu Agbi. He said today that Nigeria has gained a bad reputation because of the scams perpetrated by a minuscule number of people, and that those who find themselves involved with the scams are equally as guilty as those running them.
"The Nigerian Government frowns very seriously on these scams... and every day tries to track down those who are involved," Olu Agbi told the Sydney Morning Herald in response to a previous article on Australians falling for Nigerian scams. "People who send their money are as guilty as those who are asking them to send the money." People who fall for so-called "Nigerian scams" aren't victims at all—in fact, they're greedy and should ... more -
Feds close bank in Kansas; ninth collapse this year...
Columbian Bank and Trust Co. of Topeka, Kansas, was closed by U.S. regulators, the nation's ninth bank to collapse this year amid bad real-estate loans and writedowns stemming from a drop in home prices. Columbian Bank and Trust Co. of Topeka, Kansas, was closed by U.S. regulators, the nation's ninth bank to collapse this year amid... more
-
Auction Rate... WHAT?!
So when someone comes up to you and asks if you know about Auction-Rate Securities. This is what you should say...
-
WW3 8/8/8 Attack Secret NWO Illuminati War HAS BEGUN! AWAKEN THE WORLD
WAKE UP NOW! THIS ISNT A JOKE THIS IS REAL LISTEN TO THIS MAN AND REMEMBER THOSE WHO FELL TO GIVE YOU THE TRUTH, SPREAD THIS VIDEO TO EVERY MAN WOMEN AND CHILD NOW! THIS IS NO LONGER A QUESTION BUT A LOOK INTO THE FUTURE.
If we do not act now and RIP our leaders out of power we will ALL DIE
DO YOU NOT GET IT THIS IS THE END GAME, WHAT OUR FALLEN HEROS LIKE WILLIAM COOPER AND JFK WARNED US ABOUT, THEY DIED IN VAIN TO GIVE US THIS WARNING! WAKE UP NOW! THIS ISNT A JOKE THIS IS REAL LISTEN TO THIS MAN AND REMEMBER THOSE WHO FELL TO GIVE YOU THE TRUTH, SPREAD THIS VIDEO TO ... more -
Banks 'use credit crunch to milk borrowers of £3bn'
Banks were accused of 'milking' nearly £3billion extra cash from homeowners and blaming the credit crunch.
High Street lenders have made the money by raising their mortgage rates and fees over the past year, even though interest rate cuts have made it cheaper for some of them to borrow money.
A new study calculates that the country's five biggest banks - Halifax, HSBC, Barclays, Lloyds TSB and Royal Bank of Scotland - are raking in £2.8billion more from mortgage borrowers compared to last year. Banks were accused of 'milking' nearly £3billion extra cash from homeowners and blaming the credit crunch. ... more -
US bank 'to fail within months'
The global financial crisis is set to get worse, with a large US bank likely to collapse in the next few months, a former IMF chief economist has warned.
Kenneth Rogoff's comments came as shares in Fannie Mae and Freddie Mac sank on a report that the home lenders would, in effect, be nationalised.
Despite hopes that the US economy had turned the corner, Mr Rogoff claimed it was "not out of the woods".
"I would even go further to say 'the worst is to come'," he said. The global financial crisis is set to get worse, with a large US bank likely to collapse in the next few months, a former IMF chief ec... more -
'Liar loans' threaten to prolong mortgage crisis
In the mortgage industry, they are called "liar loans" - mortgages approved without requiring proof of the borrower's income or assets. The worst of them earn the nickname "ninja loans," short for "no income, no job, and (no) assets."
The nation's struggling housing market, already awash in subprime foreclosures, is now getting hit with a second wave of losses as homeowners with liar loans default in record numbers. In some parts of the country, the loans are threatening to drag out the mortgage crisis for another two years.
"Those loans are going to perform very badly," said Thomas Lawler, a Virginia housing economist. "They're heavily concentrated in states where home prices are plummeting" such as California, Florida, Nevada and Arizona.
Many homeowners with liar loans are stuck. They can't refinance because housing prices in those markets have nose-dived, and lenders are now demanding full documentation of income and assets.
Losses on liar loans could total $100 billion, according to Moody's Economy.com. That's on top of the $400 billion in expected losses from subprime loans.
Fannie Mae and Freddie Mac, the nation's largest buyers and backers of mortgages, lost a combined $3.1 billion between April and June. Half of their credit losses came from sour liar loans, which are officially called Alternative-A loans (Alt-A for short) because they are seen as a step below A-credit, or prime, borrowers.
Many of the lenders that specialized in such loans are now defunct - banks such as American Home Mortgage, Bear Stearns and IndyMac Bank. More lenders may follow.
The mortgage bankers and brokers who survived were more cautious, but acknowledge they too were swept up in the housing hysteria to some extent. In the mortgage industry, they are called "liar loans" - mortgages approved without requiring proof of the borrower's i... more -
Intelligent Finance Closes Doors to New Customers & Cuts 400 Jobs
According to the financial firm, the changes will come as part of a general restructuring exercise - and will result in Intelligent Finance only offering offset mortgages. Current credit card, loan and account holders will not be immediately affected by the move. According to the financial firm, the changes will come as part of a general restructuring exercise - and will result in Intelligent Fi... more
-
Wachovia: Every Dollar Counts!
Way2Save from Wachovia: Because every dollar counts...
-
BANKS: NO HATS, NO SUNGLASSES, PLEASE
A security policy that starts Friday at several South Mississippi banks requires customers to remove hats, hoods and sunglasses before entering the building.
It's a sign of the times in response to a string of bank robberies, according to area bank officials, who said the policy can help identify bandits and is routine in some states.
Bank robberies have dropped significantly in states where bankers associations prohibit customers from covering their heads or eyes, said Paul Maxwell, vice president and corporate communications manager of Hancock Bank.
"In Missouri, bank robberies have dropped 47 percent," Maxwell said.
At least 16 banks and credit unions have been robbed since January in Harrison, Hancock and Jackson counties. Four heists occurred within 24 hours in April, when one of the robbers used an assault rifle to take hostages from a credit union in Waveland.
An unobstructed surveillance view of what bank visitors look like also can deter fraud and identity theft, officials said.
Signs to advise customers of the policy will be in place by Friday. A security policy that starts Friday at several South Mississippi banks requires customers to remove hats, hoods and sunglasses before... more -
American states change rules to speed seizure of unclaimed assets
Cash-strapped American states have been accused of replenishing their coffers by pouncing on unused bank accounts, share certificates and travellers' cheques.
Under US law, public authorities can seize funds if they are left untouched for a certain period. Several states have cut this waiting period in order to get their hands on potentially lucrative assets more quickly. An estimated $5.2bn (£2.6bn) in unclaimed assets went to US state governments in 2006 - an increase of a third on 2003, according to figures by USA Today.
Michael Fitzgerald, Iowa's state treasurer, said most states made every effort to return property to its owners but others were less diligent. "There are a few states that try to increase revenue this way and they give us all a bad name," he said.
States including Washington, Alabama and Oregon have changed their regulations so that they can seize abandoned property within three years, instead of five years. Most states advertise unclaimed property in newspapers in an effort to trace the owners - though California recently stopped doing this.
Other forms of unclaimed property include cheques from insurance companies, often thrown away as junk mail, and dividend payouts to shareholders.
Fitzgerald said financial lost property was on the increase, partly because people are moving more often: "We're a very mobile society. Evert time you move, mail goes astray."
According to the Centre on Budget and Policy Priorities, a Washington-based think-tank, 29 US states face budgetary shortfalls totalling $48bn this year.
The sub-prime mortgage crisis and the ensuing downturn in US house prices has caused property tax takes to drop. Sales tax on furniture, appliances and construction materials has been similarly weak.
The biggest budget gaps, according to the think-tank, are in areas where the housing slump has been most acute - such as Nevada, California and Arizona.
Local governments are also facing a surge in the cost of fuel. One district in Seattle has cut back on school buses. In part of Ohio, sheriffs' deputies have been told to use golf buggies instead of cars. The National Conference of State Legislatures described states' tax revenue as "anaemic" and their financial positions as "worse than expected". The few exceptions are Alaska and North Dakota, which are benefiting from higher minerals prices. Cash-strapped American states have been accused of replenishing their coffers by pouncing on unused bank accounts, share certificates ... more -
Overdraft Fees Rising At The Nation's Ten Largest Banks.
You don't want to overdraw your account if you're at one of the following banks: Bank of America, Chase, CitiBank, Fifth Third Bank, National City Bank, PNC, SunTrust, U.S. Bank, Wachovia, and WAMU. According to the Consumer Federation of America, consumers are paying at least $17.5 billion in fees each year.
An article from the Tennessean:
"The mysteries of bank overdraft policies, including the way fees are calculated and the rising cost, have drawn closer scrutiny from federal regulators lately as banks increasingly rely on such fees to generate more income.
Consumer advocates say banks are taking advantage of the nation's reliance on debit cards to make more money from shoppers' mistakes. When most customers used checkbooks, they could easily write down each purchase in a ledger provided by the bank and subtract that amount from their account balances." You don't want to overdraw your account if you're at one of the following banks: Bank of America, Chase, CitiBank, Fifth Thi... more -
Biggest loss In UK banking history
Britain's second-biggest bank has unveiled the largest loss in UK banking history today of £691m after taking a credit crunch hit of almost £6bn. Britain's second-biggest bank has unveiled the largest loss in UK banking history today of £691m after taking a credit crunch hit... more
-
The 8th bank failure in 30 days
"This bank failure will cost the FDIC's insurance fund $72 million, the regulator estimated."
... "The number of bank failures is expected to surge in coming years as the credit crunch slows economic growth and hammers some lenders that grew too fast during the recent real-estate boom." "This bank failure will cost the FDIC's insurance fund $72 million, the regulator estimated." ... more
-
related topics
Banks
Contributors (274)
Banks
