Tag: Banking

Wells Fargo Is Now Making Unexpected Account Closures

Wells Fargo is now making unexpected account closures according to Attorneys General in 16 states, sources are reporting.

More than a dozen state attorneys general (AGs) are accusing banking titan Wells Fargo of abruptly terminating customers’ accounts without warning.

In a letter addressed to Wells Fargo CEO Charles Scharf, 16 Republican AGs across the country accuse the trillion-dollar lender of ‘debanking‘ customers in a political and discriminatory manner, reports The Daily Hodl.

The AGs say Wells Fargo has started a new trend that looks at clients’ political views as a basis for retaining banking access.

“Within this context, Wells Fargo’s decisions to debank Republican candidates and gun industry participants reveal a new troubling trend…

Blanket prohibitions and policies against providing service to certain customers lead to the inevitable question – who is next?

Which types of companies or people will Wells Fargo determine cannot be allowed as customers?

Is this why Wells Fargo apparently closed the accounts of former Republican candidates Lauren Witzke and Pete D’Abrosca on the same day in 2021?”

The AGs say the alleged pattern may be in violation of state laws.

“Wells Fargo should cease its efforts to discriminate based on ESG (environmental, social and corporate governance) objectives, and publicly commit to serving Americans in a fair, nondiscriminatory, and lawful manner.

States possess meaningful authority over banks under civil rights and unfair and deceptive acts and practices (UDAP) statutes.”

The 16 AGs end the letter asking Wells Fargo to stop its debanking policies and respond to its concerns by April 4th.

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Also Read: A US Bank is Now Denying Customers Access to Money

Other Economy News Today

Market News Today - Wells Fargo Is Now Making Unexpected  Account Closures.
Market News Today – Wells Fargo Is Now Making Unexpected Account Closures.

Another bank now announces hundreds of unexpected layoffs in its retail operations as it transitions to online services.

Santander has cut about 320 of its U.S. roles in recent days, a person familiar with the matter told Bloomberg and Reuters.

Many of the layoffs are centered on the bank’s retail operations as Santander looks to give itself more of a digital focus, in line with a strategy Chair Ana Botin emphasized around this time last year at the bank’s investor day.

“Now it’s time to accelerate towards building a digital bank with branches,” Botin wrote in an Instagram post in February 2023.

Santander aims to launch a fully digital platform in the U.S. this summer in its consumer and commercial units, according to Reuters.

“We are evolving our US business, investing in digital capabilities and simplified processes to adapt to changing customer needs,” Santander said in a statement seen Sunday by Bloomberg and Reuters.

“These steps have resulted in an update to our staffing model that impacts a small percentage of our branch colleagues.

We will continue to support them throughout this process and are working to provide internal opportunities, where possible.”

The layoffs account for between 2.4% and 2.7% of Santander’s U.S.-based workforce, according to varying figures reported by the wire services.

The move comes at a time when Santander seeks to double its investment banking business in the U.S.

To that end, the bank has aimed to hire 150 employees to build out its investment banking operations in the U.S., Reuters reported in July.

Santander hired more than 100 bankers in 2023 through October, according to the Financial Times, with most of those roles in the U.S. and more than half filled by Credit Suisse alums, reports BankingDive.

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Also Read: A Massive US Bank is Now Closing Credit Cards

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Market News Today - Wells Fargo Is Now Making Unexpected  Account Closures.
Market News Today – Wells Fargo Is Now Making Unexpected Account Closures.

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The Better Choice: Crypto or Banking

Crypto or banking

Published by FrankNez Team.

Blockchain technology has blossomed over the past few years. With its launch comes other innovations such as DeFi, cryptocurrencies, digital assets, and NFTs. The offshoots of this technology mainly existed to solve the existing problems caused by centralised monetary systems.

It was 2007 that saw the launch of blockchain technology as a result of the economic depression brought about by the mismanagement of central banks. Several banks were heavy in debt; thus, fiat currency was minted excessively, which increased global inflation rates.

Satoshi Nakamoto created a digital currency called Bitcoin to provide a global remedy. This digital asset was created to solve this problem and do away with such concerns because it has a decentralized feature. In addition, the bitcoin creator made his code open source to be followed by other developers to create innovations similar to bitcoin and help solve banking problems.

This resulted in the creation of cryptocurrencies that work more efficiently than the banking systems. Moreover, crypto also provides better financial setups than banks. One of the present most significant disadvantages of crypto is volatility, as determined in the greed index and crypto fear. Thus, crypto cannot be used daily with various transactions.

Many experts believe this issue will be resolved as cryptocurrency becomes more popular in the financial market. This article will share the reasons why cryptocurrencies should work on providing more than what traditional institutions can offer in the financial industry.

Related: How to invest in Crypto for Beginners

Dissecting Crypto and Banking Systems

crypto and banking

Cryptocurrencies are virtual assets that work like traditional money and can function as a method of exchange.

These are decentralized digital currencies that work securely without third-party mediators.

In addition, crypto wallets store these currencies and can be purchased through crypto exchange platforms.

Financial experts consider crypto as the future of the financial sector.

For those seeking to break away from the central banking system and invest in crypto, most digital finance experts recommend a reliable platform that keeps your money safe such as Binance, Kucoin, and Bitcoin Loophole app.

Currently, banks rule the world’s financial systems.

These provide financial support like savings, loans, and other transactions.

Contrary to cryptocurrency, banks have drawbacks because they are centralized and are vulnerable to biases.

In addition, banks work slower than crypto and may charge loans and other transactions with too high-interest rates.

Related: List of 4 Best Crypto Exchanges for Beginners

Disadvantages of Banking Systems

Financial Inclusion

Traditional banking systems employ different techniques to reach their target clientele.

There are projects specific for select groups of people that exclude other individuals.

An example would be that these select groups of individuals can gain access to lower interest rates, soft loans, and extended payment durations.

Thus, the system becomes biased and unfair as it fails to include everyone.


Banks only operate during weekdays and not weekends.

Thus, individuals face problems during weekends or holidays when they try to finish important banking transactions.

Furthermore, people need to appear physically in banks to complete huge transactions that could consume too much time.

Additional Fees and Slow Transactions

Bank transactions come with additional fees and taxes.

For instance, banks that send and receive money during international remittances charge exorbitant transaction fees and taxes.

Furthermore, it takes a long time to process these transactions because of slow protocols that involve large sums of money.

Security Concerns

Fraudsters can easily hack different mobile banking apps.

This tends to be humongous amounts of money lost from accounts of various individuals.

In addition, banking systems are vulnerable to money embezzlement and fraud that may result in huge losses of money acquired through hard work. 

Can Be Biased

Account numbers and names control different financial services and bank transactions which may result in biases.

Bank officials can deliberately delay transactions with the bank in case of disputes.

Advantages of Cryptocurrencies

advantages of cryptocurrencies

Crypto was launched to solve problems within the present banking systems.

Here are some advantages of cryptocurrencies over banks in offering better financial services.

Decentralized Feature

There is no need for third-party involvement with cryptocurrencies, unlike banks.

Crypto’s decentralized feature diminishes the need for human interaction that removes biases.

Crypto is more dependable, reliable, and secure because of the difficulty in tampering with them due to the use of anonymous ID numbers in transactions.

Security Issues

Security issues are the number one issue that cripples financial systems.

Cryptocurrencies operate through blockchain technology that is difficult for fraudsters to hack the system.

Moreover, the automated processes of cryptocurrencies diminish their vulnerability to fraudulent activities because there is no need for third-party mediators.

Thus, the innovativeness of cryptocurrencies with security issues makes them appealing compared to banks.

Smart Contracts

Smart contracts operate in the blockchain systems of cryptocurrencies.

These smart contracts are programmed to provide instructions to the computer and process them with less human interaction.

With the removal of mediators, crypto can remove fraud and corruption, which is challenging to banks.


The automated process that governs cryptocurrencies diminishes the need to have human interactions.

Thus, crypto is accessible 24 hours a day, seven days a week, including weekends and holidays.

The crypto integration within financial systems makes them better than banking systems because of their availability.

Financial Inclusion

Cryptocurrencies do not have stringent requirements for entry.

This makes everyone gain access to crypto regardless of their financial status.

In addition, financial inclusion may help improve the economy as everyone gets equal chances.


Cryptocurrencies have different financial service features, unlike the uniform banking systems provide.

Thus, crypto has more diversity compared to banks.

This diversification makes crypto a level higher than traditional services, as crypto investments have the potential to grow more in diverse ways.

Instant Remittances

Crypto allows more daily transactions than banking systems that follow slow queues and protocols.


Crypto has numerous advantages that go above that of banking systems.

However, much is needed to be done to ensure the stability and sustainability of crypto in the financial market.

Take note that cryptocurrency is very volatile, and research must be done before engaging in this industry.

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5 Characteristics Your Core Banking Platform Must Possess

Core Banking Platform
Core Banking Platform

Published by FrankNez Team.

At present, many traditional banks are experiencing a period of crisis. Younger generations of customers, shifting expectations, and emerging technological paradigms are redefining the banking landscape all over the world.

Tech-savvy contemporary consumers now expect banking experiences that they can access 24/7 through a variety of convenient channels.

Moreover, they look for highly personalized service and support that can be tailored to their specific needs and life experiences.

Banks need to reinvent themselves, and quickly, if they are to meet these demands and remain relevant in the lives of today’s customers.

The emergence of new competitors like challenger banks, fintechs, and other nontraditional financial institutions only intensifies the pressure.

These competitors are leveraging digital technology and real-time data to offer superior customer journeys, and they are entirely capable of siphoning away traditional banks’ clientele if the latter fail to act.

Banks today must find ways to become more flexible and open than they ever have been in the past.

Many successful institutions have begun their transformation by upgrading their core banking platforms to incorporate the latest software products.

A future-ready core banking system allows traditional banks to take advantage of the following capabilities:

Interoperability and Openness

The best core banking platforms will be able to integrate into and work seamlessly with other systems and organizations from the get-go.

These banking solutions will come with open APIs and thousands of exposed microservices, making them eminently usable across a wide range of gateways and regulatory interfaces.

By leveraging these capabilities, banks will be able to address customer expectations for fast, frictionless, highly interconnected service.

The greater openness that new technology affords presents banks with two valuable opportunities.

On the one hand, they can utilize this technology internally to enhance their operational efficiency, improve their customer service, and expand their own range of offerings.

On the other hand, they can also seek more opportunities to collaborate with partner organizations across third-party platforms.

These partnerships will open additional distribution channels for banks’ own products and services, providing access to new customers and revenue streams in the process.

Efficient, Streamlined Digital Services

Banking Services

Customers today want to be able to access banking services round-the-clock through the digital channels that are most convenient for them.

They also generally expect to be able to use these services easily and independently, with little to no need for human contact.

By leveraging the automation features that come programmed into modern core banking platforms, banks can optimize their operations and digitize even more of their products and services with ease.

Automated decision-making protocols can take the place of manual processing cycles, effectively accelerating key procedures like client onboarding and loan approvals.

In the process, banks sidestep the costly risk of human error, save themselves abundant time and resources, and guarantee satisfied customers.

Omnichannel Customer Support

Banking clients today want the ability to communicate and transact with their bank through the platforms they find most comfortable and convenient.

Fortunately, the superior connectivity of modern core banking platforms enables banks to provide more involved customer support across a wide selection of digital channels.

This, in turn, allows them to cater seamlessly to different generations of customers with varying levels of technological literacy.

Younger and more tech-savvy customers, for instance, will probably be comfortable performing self-service functions and interacting mostly with chatbots and other AIs to resolve customer concerns.

Older customers, on the other hand, may be less adept at navigating digital banking platforms and can count on more hands-on assistance from customer support staff through voice or video call.

Superior Scalability

Today’s business environment demands that banks serve customers faster and in greater numbers than they ever have in the past.

Financial institutions are not only expected to efficiently handle millions of transactions each day, but they should also have the agility to do so across multiple discrete currencies and jurisdictions.

On top of their regular operations, they also have to keep abreast of ever-evolving regulatory standards.

Cloud-based solutions have historically been a reliable way for banks to scale their operations higher without sacrificing operational efficiency.

Cloud solutions are programmed to be inherently flexible, so they can easily be customized to grow with the business itself.

Best of all, banks can set up enterprise-grade cloud-based systems at a relatively cheap upfront cost and begin using them right out of the box.


Innovation isn’t just a one-time undertaking. Once banks embrace digital transformation, they must be prepared to innovate continuously throughout their lifespan in response to new technological developments and changing market conditions.

This adaptability will be their key to earning secure places in the banking environments of the future, and the right core banking systems are programmed to maximize it.

These systems are able to incorporate and deploy the latest technologies expeditiously, helping banks consistently improve the quality of their service and stay ahead of competition.

Enhanced data-gathering functions are especially important components of modern core banking systems that can help keep banks continuously innovation-ready.

State-of-the-art automation processes and artificial intelligence capabilities can help banks monitor customer behavior and preferences, as well as track how these evolve over time.

Armed with this insight, banks can then adapt their products and services as consumer demands change.

Modern core banking systems can equip banks with the openness and agility they require to survive in an increasingly digital business environment.

By capitalizing on these solutions and the benefits they offer, traditional banks lay the groundwork for a future in which they not only survive but thrive.

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