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Be your own bank: U.S. Bank illegally used customer data to create sham accounts to inflate sales numbers for the last decade. Now they’ve been fined $37.5 million plus interest on unlawfully collected fees.

Be your own bank: U.S. Bank illegally used customer data to create sham accounts to inflate sales numbers for the last decade. Now they’ve been fined $37.5 million plus interest on unlawfully collected fees.



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19 Comments

  1. Consider the scale of things.

    $37.5M fee for the *billions* of profits they got over the last 10 years. They’ll just pay it, apologize, do a small campaign, and write it off as a “cost of doing business” then continue with their *billions* of profits like Wells Fargo has.

    37.5 million = 0.0375 billion… They’re roughly paying $0.03 out of every $1.00 of profit. It’s negligible.

  2. I closed an account years ago, paid ~$500 to close it after $8/day fees from a negative balance. ‘Something else went through’ after my account was closed, causing my account to be open again, I guess. $700 and my mother’s help later, I closed the account again.

    I have a collections balance from US Bank to this day that has been sold around from collector to collector over the years. Another $700 some monies. I’ll take the credit hit, thanks. 🙃

  3. I funded my wife’s small business with Bitcoin when it was at $40k. I used btc as a savings account instead of getting a loan and paying interest. I DCA back until I paid all my loan off. The loan was to myself. Shes getting successful at her business so I asked her to accept Bitcoin payments. She has cash app which accepts Bitcoin and easily changes it to fiat or just stores the btc. I was asked by the r/bitcoin community to tell when she would accept bitcoin. Well, she accepts Bitcoin now.

  4. Where are the banking apologist users who frequent this sub? They work v hard to publicly minimize the massive list of proven banking crimes and systemic risks in the banking-trust model and make every delusional excuse imaginable as to how and why banking institutions are good and necessary instead of the proven criminal organizations they actually are. Such ignorant / dishonest rhetoric.

    Banks are by-in-large criminal organizations – *opt out.* The bitcoin network is technically superior, open to all and fair. It’s a new era – the [triple entry accounting era.](https://youtu.be/hv34SPq4y_M)

  5. Banks commit fraud every single day and we are the ones ( Taxpayers ) pay for their actions. We must become our own banks and not let this greedy power money hungry corporations keep Fuxxing us in the @$$ with no vaseline or KY lol

What do you think?

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