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...No wonder that a board game called “Eternal Debt” once became a hit in Argentina....
...JPMorgan Chase, Bank of America, Wells Fargo and Citigroup collectively made $253bn in net interest income (NII) for the whole of 2023 — a 19 per cent jump from 2022’s total....
...The following day, JPMorgan filed its own lawsuit against the Russian lender in a US court to prevent a seizure of its assets, arguing that it had no way to reclaim VTB’s stranded US funds to compensate...
...Banks may decide that some of the more antiquated asset managers are simply not worth the bother....
...There are, however, ways of moving money out of a bank account without going through the courts. Set-off allows a bank automatically to collect money that an account owner owes it....
...About $348bn of the $564bn are retail deposits, mostly checking accounts where consumers accept low-to-zero interest as part of a trade-off against fees and a demand for services....
...It pays 0.01 per cent annually on its checking accounts and 0.02 per cent annually on its savings accounts (or at least mine)....
...In it, Kevin reveals how, as the son of two blue-collar immigrant workers, he worked hard, won a place at Harvard, then landed a job at an investment bank....
...Therefore, it is not just his reputation or his bank account that are at stake. This time, Trump is at risk of losing his freedom....
...If we generously assume that half of those making full contributions to a stocks and shares ISA have no other investments, allocating savings above £20k into non-platform assets such as bank deposits, then...
...They have widened their investigation to include unexplained payments of around $300,000 into Boluarte’s bank accounts....
...The debtor explained its conduct very clearly: [The affiliate Scintilla] had no other business, operations, assets, or activities until the bank account was opened....
...More than half of adults do not have a bank account, according to regulator CNBV. “The penetration of financial services in Mexico is way lower than Brazil,” added the Colombian entrepreneur....
...Peru’s attorney-general Juan Villena told a congressional committee on Tuesday that the investigation had widened to include a Cartier bracelet worth $56,000, as well as deposits into Boluarte’s bank account...
...Another, from Chase Bank, tells me I can “earn $600!” by signing up for a checking and a savings account....
...This was the year in which banks realised that they could no longer take their savers for granted....
...Meanwhile, the White House has doubled down on the idea that free trade simply doesn’t account for the cost of negative externalities like climate change....
...Between banks, 401ks and other investments, the average person has seven different accounts when they retire, some subject to tax, others not....
...All of the nation’s largest lenders, including Bank of America, JPMorgan and Wells Fargo, submitted letters, none of which discussed share buybacks or dividends....
...It took forever for me to get around to opening up a TreasuryDirect account, and now you’re telling me that this market is actually a mess? Wait, no! Hahahaha no, no, the market is fine....
...These were transparent enough to hold policymakers to account, but it was the inclusion of an escape clause in case of a disaster that made the rules credible....
...Most large 401k and other retirement accounts are already set up to use mutual funds, and within such accounts, there is no particular tax advantage to using an ETF....
...It said the list might as well include state employees’ meals at its restaurants or accounts with its banks....
...The mechanics of the NAIC’s rule change (as described by Barclays, Bank of America, regulators, industry groups and various other sources) are . . . not especially simple....
...Another possible unintended consequence of curbing bank account fees is that banks withdraw credit from the people policymakers are trying to protect....
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