Citizens Bank Fined for Shorting Deposits

"Trust, but verify." – Ronald Reagan

President Reagan was actually quoting a Russian proverb to his buddy, Mikhail Gorbachev, when he made that statement. Perhaps the notion applies in this case as well.

First, let me say that in no way am I trying to justify Citizens Bank's practices. Trust is at the core of the financial services industry, and this apparent breach of trust potentially diminishes consumer confidence in the financial services sector. And we hear so much about threats from "disruptors" that the industry can scarcely afford a self-inflicted problem.

This particular problem exists because bank customers can't count or can't add (or maybe they can but choose not to). These are skills we mastered in the second grade – use them! I can remember both of my parents teaching me to count change when buying something at a store. They also encouraged two-way honesty: If the clerk shortchanged you, challenge it; if they overpaid you, give the excess back.

In today's very hurried and highly automated society, are we moving too fast to pay attention to our personal finances?

—John W. Hyche

Warren Amendment Backs NCUA Vendor Authority

Why should the CFPB have all the fun? The NCUA wants the ability to overreach its supervisory authority over credit unions, the same way the CFPB is reaching out so far that it is going after companies that it is specifically PROHIBITED from targeting in its enabling legislation.

—Jrwells

Credit Union Exec Indicted for Embezzlement

"Court documents do not detail how Barnes took the credit union's money or when the alleged embezzlement was detected."

I see this statement often in these types of articles. It's very disappointing, as knowing this information certainly helps other financial institutions detect and prevent fraud.

—Bill Board

I'm seeing far too much of this type of problem. It causes me pause. I wonder what has happened in the past few years regarding theft from credit unions. When I served on the board of a credit union, there was no way someone, over time, would have been able to do this.

—Wendell Fountain

Ransomware Targets Windows 10 Users

Hopefully antiviruses can detect that kind of threat, but I think the most effective way for preventing this is to use a cloud desktop with automatic daily backup features, where you can roll back to a previous state for your whole computer anytime, so if something like this happens today you can revert your system just like it were yesterday and get your files back.

—Mathieu Ferland

Apple Pay and Your Credit Union: Mobility Matters

Apple needs to stick to its knitting. They should continue to turn out all sorts of gadgets for which they are famous and stay out of financial services.

—WVF

I disagree. Pretty strenuously. You think it's financial services. I think of it as the fastest, coolest, most secure way to pay, and an easy way to manage spending. I'm only guessing, but it sounds like you don't have a good grasp of all that Apple is. The part you're missing is the user experience, which occupies a significant focus in everything that Apple does.

Sure, I could pull all the crap out of my pocket and sort through it to find the card I want to use. I know how long it takes with Apple Pay. Around five seconds – if you're not prepared for it. Having your iPhone or Apple Watch ready reduces that to one to two seconds. And none of your personal or financial information is revealed to either the clerk handling the transaction or the vendor.

—Scubaboy