RETAIL BANKING | Staff Reporter, Singapore

Global Weekly News Wrap Up: Wells Fargo to shell out $386m to customers; JP Morgan kills mobile banking app a year after launch

And banks in the EU have paid $24.2b to central bank since 2014.

From Reuters

Wells Fargo & Co will pay customers at least $386m to settle class-action claims that the bank signed them up for auto insurance they did not want or need when they took out car loans.

National General Insurance Co, an underwriter, will pay an additional $7.5m, making the total customer payout at least $393.5m, according to the filings. 

From CNBC:

A year since it launched, JP Morgan Chase is shutting down its mobile banking app Finn which was meant to lure millennials with zero fees and emojis.

The bank alerted Finn customers that it will port over their accounts to Chase on Aug. 10. Monthly fees will be waived indefinitely for Finn customers, and account numbers won’t need to be changed, according to JP Morgan spokesman Pablo Rodriguez.

From CNBC:

European banks have transferred $24.2b (EUR21.4b) in revenues to the European Central Bank (ECB) in the five years since negative interest rates were introduced in 2014 which has lowering the deposit rates in a bid to stimulate the economy.

German banks account for a third (33%) of all eurozone deposit charges from 2016 to 2018, with French banks accounting for a further 24% and Dutch banks paying 13% of total charges.

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