'Regulators Probing Big Banks' Handling of Zelle Scams' - WSJ
Portfolio Pulse from Benzinga Newsdesk
Regulators are investigating major banks, including JPMorgan Chase, Bank of America, and Wells Fargo, for their handling of Zelle scams. The probe focuses on whether these banks are effectively shutting down accounts controlled by bad actors.
August 07, 2024 | 1:04 pm
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Bank of America is being investigated for its handling of Zelle scams, focusing on whether it is effectively shutting down accounts controlled by bad actors.
The regulatory probe could result in fines or other actions against Bank of America, likely causing a short-term negative impact on its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
JPMorgan Chase is under investigation for its handling of Zelle scams, specifically whether it is effectively shutting down accounts controlled by bad actors.
The investigation could lead to regulatory actions or fines, negatively impacting JPMorgan Chase's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Wells Fargo is under investigation for its handling of Zelle scams, with a focus on whether it is effectively shutting down accounts controlled by bad actors.
The investigation could lead to regulatory actions or fines, negatively impacting Wells Fargo's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100