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The first major thrifts to go were in Ohio and Maryland in 1985. That March, Home State Savings Bank of Cincinnati, Ohio collapsed after a depositor run triggered by news that it had lost $540 million in a securities scam. Not insured by the federal government via FSLIC, it was instead insured by a private state insurance program.
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The Federal Deposit Insurance Corporation (FDIC) may assume deposits of banks or allow other banks to assume them. The largest banks to be acquired have been the Merrill Lynch acquisition by Bank of America, the Bear Stearns and Washington Mutual acquisitions by JPMorgan Chase, and the Countrywide Financial acquisition also by Bank of America.
The American Bankers Association is urging federal action on online financial fraud. Banks are facing increased liability for scams, with $10 billion in losses reported last year.
Whether your bank refunds money lost in a scam depends on several factors: the type of scam, how you sent the funds, the bank’s policies and if you authorized the transaction. Learn more in our ...
His 2007 book, Bust: How I Gambled and Lost a Fortune, Brought Down a Bank-and Lived to Pay for It, is an autobiography describing his early addiction to gambling and how he, in a bank fraud conspiracy, contributed to the 2002 failure of Universal Federal Savings Bank in Chicago, Illinois.
A Washington senior lost her life savings of $624K in a gold bar scam — the fraudster pretended to be a US federal agent, carrying a gun to in-person meetup. ... She called the number and spoke ...