Nosy banks

wanderingranger15 said:What exactly did you sign?

Basically, you’re signing up to be the guarantor for the next 30 years.🤣

So, JPMorgan Chase just got slapped with a fine totaling tens of millions of dollars because they failed to monitor transactions properly... what was actually going on behind the scenes there?
And honestly—if the issue was money laundering within their own institution—was it really necessary to penalize every single client instead of just targeting the suspicious ones?

Laura Chavez93 said:So, JPMorgan Chase just got slapped with a fine totaling tens of millions of dollars because they failed to monitor transactions properly... what was actually going on behind the scenes there?
And honestly—if the issue was money laundering within their own institution—was it really necessary to penalize every single client instead of just targeting the suspicious ones?

Hey there.
It happens.

The Fed Governor basically said it wasn't about active money laundering, but rather a failure to track the origins of massive transactions. It probably involved one of those foreign oligarchs.

Meanwhile, Wells Fargo just hiked up their service fees again. They bumped them up, and naturally, I gave them my red card.
Let whoever wants to pay them do it.

Fine, but why didn't they bother conducting their own internal investigation into those suspicious transactions—instead choosing to point fingers at everyday people and label them as money launderers
and then threatening you with account freezes unless you physically show up at the branch to fill out some survey?

Laura Chavez93 said:Fine, but why didn't they bother conducting their own internal investigation into those suspicious transactions—instead choosing to point fingers at everyday people and label them as money launderers
and then threatening you with account freezes unless you physically show up at the branch to fill out some survey?

Maybe it was because of the size of the transaction, I'm not sure.

Now that you call them out on it, they don't have any more excuses about following specific banking regulations or whatever...

Honestly, JPMorgan Chase isn't usually that pushy about these things.