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UK regulator fines Santander over handling accounts of deceased customers

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“The Financial Conduct Authority (FCA) said Santander UK did not transfer funds worth more that 183 million pounds to beneficiaries, directly affecting 40,428 customers” writes Alice Tidey for cnbc.com. Britain’s financial watchdog said it had fined Santander UK Plc 32.8 million pounds ($41.49 million) after it failed to effectively process the accounts and investments of customers who had died. “We have now transferred the majority of customer funds and made significant improvements to our whole probate and bereavement process.”.  Source: cnbc.com Share This:

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Twitter tanks after disclosing that its support form exposed data to IP addresses in China and Saudi Arabia

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“Twitter tanked 6.8 percent Monday after disclosing that one of its support form exposed user data to IP addresses in China and Saudi Arabia” writes Anushree Fadnavis for cnbc.com. Twitter said the data exposed included things like country codes of phone numbers linked to accounts and whether accounts had been locked by Twitter.Full phone numbers and other personal data were not exposed, according to Twitter.It notified people whose accounts were affected and said they do not need to do anything further to secure their accounts, according to the blog post. Source:…

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Instagram was the ‘most effective’ platform for Russian actors spreading misinformation, says Senate-commissioned report

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“Of the 116,000 Instagram posts the company provided for the report, researchers found 187 million engagements on the platform” writes Christina Farr for cnbc.com. When reached for comment, a Facebook spokesperson pointed CNBC to several blog posts about how they have handled Russian activity on their platforms, including Instagram.The IRA could also potentially identify “committed audiences” to target people with similar profile traits through Facebook’s ad platform. Source: cnbc.com Share This:

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Markets News 

Robinhood just upped the ante on consumer deposits with 3% interest paying accounts

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“Commission-free trading startup Robinhood has upped the ante on the battle for consumer deposits with the launch of high interest rate paying accounts, per the company’s blog post” writes Mekebeb Tesfaye for businessinsider.com. As such, this is an added feature to existing Robinhood accounts and is not a separate account or a bank account, per the company’s website.The startup’s interest rate significantly undercuts established lenders and is likely to attract their customers’ deposits.For incumbents, that the likes of Robinhood are now expanding out of their core propositions to attract their…

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Robinhood didn’t give key industry watchdog a heads-up about the launch of its free checking account

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“On Robinhood’s website, it explains that users need to sign up for a Robinhood account to get the checking and savings accounts” writes Liz Moyer for cnbc.com. Robinhood announced on Thursday it would offer no-fee checking and savings accounts alongside its brokerage accounts, with an enticing 3 percent annual interest rate.Brokerage firms often offer accounts for customers to hold cash until it can be invested in securities, but those accounts aren’t meant to be strictly for savings, Harbeck said.But it says users do not need to invest to use the…

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Robinhood is launching high-interest, no-fee checking and savings accounts in its latest bid …

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“This year, Simple’s rate for checking accounts of 2.02% is the best among lenders while CIT Bank and Citizens Access rate of 2.25% is tops among savings accounts” writes Dan Defrancesco for businessinsider.com. It’s people that actually have less money,” Bhatt says.Adding checking and savings accounts to Robinhood has been nearly two years in the making, Bhatt said, and was a natural next step for Robinhood.The trading app, which first made headlines five years ago when it launched its no-fee brokerage business, announced on Thursday it will begin offering checking…

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Robinhood launches checking and savings with an almost unheard-of 3% interest rate

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“Customers of Qapital, originally an automated savings app, now have debit card-linked savings accounts and the ability to invest” reports fastcompany.com. To draw in more customers, the company is offering a 3% interest rate on those accounts—a basically unheard-of rate.Robinhood customers will also have access to 75,000 ATMs and around-the-clock customer service.It’s still a relatively low number when compared with industry veterans like Fidelity, which manages 26.7 million accounts.Robinhood, the brokerage app known for its popularity among millennials, is getting into more traditional consumer banking with the launch of a…

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