r/Banking

i love how every major bank is sending out press releases about their new virtual assistants and algorithmic trading tools. meanwhile i had to physically mail a wet signature across the country last week just to change a mailing address on a joint account. we are apparently living in the future but half the branch managers i speak to still ask me to fax documents to them. are we ever going to actually digitize the core of banking or are we just going to keep slapping text boxes on top of systems built in the 1980s. very subjective based on the country of course.

anyone got any stories or insider info doubling down on this?

[PREVIEW] Helen Cahill, Financial Correspondent

The boss of JP Morgan said the Wall Street bank will hire more artificial intelligence specialists and fewer dealmakers amid increasing automation in the financial system.

Jamie Dimon, chief executive of JP Morgan, raised the prospect of a greater focus on AI hires as global banks are using the technology to cut tens of thousands of jobs.

In an interview with Bloomberg, Dimon said: “I think it will reduce our jobs down the road. There will be all different types of jobs, and I think we will be hiring more AI people and fewer bankers in certain categories, and it will make them more productive.

Dimon’s comments came after Bill Winters, the boss of Standard Chartered, faced a backlash among shareholders, employees and the former president of Singapore for saying the bank would use AI to replace “lower-value human capital”. Dimon said Winters is “a friend of mine” and that “all of us say something incorrectly”, adding: “He’s already come back and taken that back. It was an inartful way to say something.”

Read more: https://www.thetimes.com/business/companies-markets/article/jpmorgan-boss-ai-will-mean-bank-hires-fewer-dealmakers-nb0fkshdh?utm_medium=Social&utm_source=Reddit&utm_content=branded

I need to cash a check, but I lost my ID. I set up a custodial account for my daughter (she's an adult now) at Wells Fargo and that's who issued the check. If we both go the branch to deposit the check, do you think they'll allow it? I have every other type of ID, just not one with a photo.

So I'm a highschool student who just turned 18 not too long ago. I get an email today from my school email saying it's for a job opportunity that is working with the school district. because of that I blindly put trust into it because it came from my schools email and they knew the district.

I realize now on what an idiot I was because this guy immediately responds after I fill out an application and he says ill be his personal assistant. so he tells me to deposit and cash a check for 500 and send it to a person on an mobile banking app and I do. I know I realize now what a terrible mistake I made and I'm extremely scared. I told my mom and she told me they will take the money out of my account when it goes through. and since I sent the money to who knows where I made an even bigger mistake.

its late right now so my bank is closed but I contacted the mobile banking app and let them know what happened. they said they will be. investigating. I will call my bank first thing tomorrow when they open. I also emailed my principal and he said he will be getting law. enforcement involved. I am just so extremely scared that I can get arrested for this. I don't know I'm 18 now so I can legally go to jail and get into a lot off trouble for stuff like this. if anyone can help me please do, I'm terrified.

update: so I called my bank and they said I'd have to pay the money back but they are not closing my account because I didn't send out any banking information or stuff like that. so it's a win loose I guess.

Closing on my home friday may 29th, i am receiving a gift payment for closing down payment. Gift donor got a check overnighted from MFS (Massachusetts Investment Management) for $50,000. They are going to deposit the check into their bank account tomorrow in person with proof of the gift letter and transaction from MFS. Is there any chance the check can be cleared next day or at latest next tuesday with the holiday on monday in order to wire the money to the closing attorney?

I’m with Access Bank and my parents have just been taking money and they say they don’t need to give it back. I’ve lost around $2,000 and I’m sick of it. I’m 16 and live in Nebraska. And can I make an account with absolutely zero ties to my parents?
Thank you!

Question for anyone in the banking industry: What are your thoughts on Intuit forcing all of their users' credit card income into a Quickbooks Checking Account? We didn't sign up for the account. Their disclaimer states they are not a bank. Despite my designation to deposit into my Bank of America account, Intuit ignores that and continues to deposit into their account. We then must pay 1.5 percent to transfer funds to cover expenses. My stance is that this practice not only gouges us to gain access to our cash flow, it undermines the decades-long business relationship we've worked hard to maintain with our bank. Intuit expects us to move all of our transactions, sales tax payments, payroll, etc. out of our current bank - yet they continue to claim that they are not a bank. Lastly, we don't have access to credit card income until those funds are released by Intuit's third party partners, which they say releases them from the responsibility to provide instant deposits.

Moved to NC in 2019 and opened an account with PNC, and when I first did it had an awful savings rate like everywhere else. For some reason, my savings started giving me the HYSA savings rate in 2021 at some point and still is.

I just can’t figure out why, as my now wife has also been with PNC wince she moved here in 2019 and her separate account has always had 0.01%.

My account is still the same mid tier one as when it was opened but can’t see any reason for this situation. (Not complaining though)

Each time I make a payment to my capital one credit card I see an inquiry on my EWS Report

Not a huge deal just curious on others perspective.

[supprimé]

I have done some googling and it’s mostly saying I can’t get it off the card without opening an account and depositing additional funds but wanted to see if anyone here has an other info

Honestly the $50 is not worth opening up an account and dealing with this for me. Unless there is an easy way to just withdraw the money. If not should I just offer it to an unhoused person? It has money on it so I don’t want to trash it but it’s not worth much effort for me personally so just trying to figure out what to do with this thing

Any info is appreciated thanks

An elderly family member with dementia’s account had to be closed in their bank. How can a new account be opened for them in a new bank when they are not fully aware of who or where they are? Can the family member with POA handle that on their own?

Not sure if this is the right place to post, but I would appreciate some help!

My mother passed away last year and I recently received a letter from a debt collector claiming that I owe PNC Bank money.
I lived with my mother up until the end of 2017, and she gave me my own debit card to her account so I could buy groceries for her if I was at work and she needed something. I never used the card after I moved out, so PNC never sent me a new one after mine expired.

PNC is claiming that since I signed for a "signature card," that I am responsible for any debts owed.

I never agreed to be a joint owner of her bank account, and it has never been reported to any of the major credit bureaus, nor is it on my ChexSystems report.
I've requested all of their supporting documents regarding this claim, but can they legally hold me responsible for her charged off checking account?

Also, not sure if it matters at all, but my mom's PNC account was left to my aunt in her will; my aunt is also the executor of her estate, so I've asked her to reach out to PNC about this.

I was considering switching to E*Trade for my main checking account since they have a lot of benefits. One thing I noticed that they and many other banks offer is “ATM fee reimbursement”.

I assumed this applied to withdrawing money from out of network atms.

However, sometimes at a bar, casino, or some kind of event like a Ren Faire, they will have a generic atm that charges a flat fee for any transaction.

I rarely withdraw cash anyway so it doesn’t really matter but I was just wondering if the “ATM fee reimbursement” also applies to these types of ATM

I need a cashier's check for my apartment complex by tomorrow. I let some things slide (negligence on my part). I bank with USAA and Robinhood. How do I get a cashier's check? Can I open a bank account, fund it, and get it the same day? Can I go to a credit union?

Even if I had a friend go to the bank and pay him, don't I need it to be in my name? I don't remember the last time I got one, I think it was Navy Federal, and it was at the branch

So I tried opening a business account with Chase and got denied because apparently I had an old closed account from years ago that I honestly don’t even remember. They basically told me I can’t bank with them anymore.

Now I’m trying to figure out my next best move for business banking.

I already have a relationship with Navy Federal (credit card, history with them, etc.), so I’m wondering if I should just go all in with them for my LLC/business banking or if there are better options out there.

A little context:
LLC is already formed
Self-employed/music & brand business
Need something good for building business credit
Want a bank that actually grows with small businesses

Would you guys say Navy Federal for business banking, or should I look into somewhere else like Amex, US Bank, Capital One, local credit unions, etc.?

Would appreciate real experiences/advice.