Latest news with #refunds
Daily Mail
3 days ago
- Business
- Daily Mail
ANZ, Bendigo Bank, Westpac and the Commonwealth Bank are among the country's biggest financial institutions in customer refund spree
Australia's major banks will refund more than $60 million to low-income customers who were charged high fees on their accounts even though they were eligible for cheaper products. The Australian Securities and Investments Commission announced on Tuesday that some 770,000 customers will be handed refunds from the banks in the wake of a series of landmark reviews. ASIC found last year that at least two million low-income Australians who relied on Centrelink payments had bank accounts that were charging high fees. More than a million people have already been moved to low-fee accounts, saving an expected $50 million in annual fees, according the the Australian Securities and Investments Commission's (ASIC) Better and Beyond report, its next in the series. There were 21 banks included in the latest report, which found even larger numbers of low-income Australians paying too much. 'What started as an initiative focused on addressing avoidable bank fees for low-income customers in regional and remote locations, particularly First Nations consumers, revealed a much wider problem affecting customers nationwide,' commissioner Alan Kirkland said. Since July 2024, the four banks involved in the initial report- ANZ, Bendigo Bank, Westpac and the Commonwealth Bank (including Bankwest) have paid more than $33 million in refunds to the customers identified. Three-of-those-four banks have committed to refunds to a broader group of low-income customers who have been in high-fee accounts. The Commonwealth Bank and Bankwest have indicated they don't intend making payments to customers outside the initial cohort, ASIC's report said. Several other banks have also reviewed the impact of high-fee accounts on low-income customers and have committed to remediation. The further $60 million will be refunded to more than 770,000 customers as a result. ASIC Chair Joe Longo said, while banks had made improvements during the commission's surveillance, there was still work to be done. 'It should not take an ASIC review to force $93 million in (total) refunds or make banks assess their processes to ensure the trust and expectations placed in them are justified,' he said. 'Banks need to truly hear the messages in this report - read it, review it, and ask themselves some difficult questions about what led to this situation.' Nine banks had made it easier to access low-fee accounts, while another seven had improved processes for moving customers to those types of accounts. Six more banks were now collecting data to identify First Nations customers, following a recommendations from the commission's initial review. 'Our intervention has forced many banks to take action, but more needs to be done to ensure financially vulnerable consumers are not put in this position again,' Mr Kirkland said. 'We encourage consumers to challenge their banks to ensure that they are in the best account for their needs. 'More importantly, we encourage banks to do more to proactively identify low- income customers and move them to low-fee accounts.'
WIRED
21-07-2025
- Business
- WIRED
Trump's Commerce Secretary Loves Tariffs. His Former Investment Bank Is Taking Bets Against Them
Louise Matsakis Zoë Schiffer Jul 21, 2025 2:51 PM A subsidiary of Cantor Fitzgerald, which is run by the sons of US Commerce Secretary Howard Lutnick, is letting clients essentially bet that President Donald Trump's tariffs will be struck down in court. Brandon Lutnick, chairman of Cantor Fitzgerald, speaks during the Bitcoin 2025 conference in Las Vegas, Nevada. Photograph:Cantor Fitzgerald, a financial services company led by the sons of US Commerce Secretary Howard Lutnick, is creating a way for investors to bet that President Donald Trump's signature tariffs will be struck down in court. Traders at the firm's investment banking subsidiary, Cantor Fitzgerald & Co., say they have the capacity to buy the rights to hundreds of millions of dollars in potential refunds from companies who have paid Trump's tariffs, according to documents viewed by WIRED. Lutnick ran Cantor Fitzgerald for nearly 30 years until he was confirmed by the Senate in February, when he turned over control of the firm to his sons, Kyle and Brandon, who are both in their 20s. Since joining the Trump administration, Lutnick has emerged as one of the most vocal supporters of the president's tariff policies, which he has said would raise 'hundreds and hundreds of billions of dollars' in revenue for the United States, eventually eliminating the need for Americans making under $150,000 to pay taxes. But the investment bank that made Lutnick a billionaire is now letting certain clients wager that Trump's tariffs will eventually be ruled unlawful, at which point companies that have paid the import duties can apply to get their money back. In a letter seen by WIRED, a representative from Cantor said the firm was willing to trade tariff refund rights for 20 to 30 percent of what companies have paid in duties. 'So for a company that paid $10 million, they could expect to receive $2-$3 million in a trade,' the representative wrote. 'We have the capacity to trade up to several hundred million of these presently and can likely upsize that in the future to meet potential demand.' Cantor has already landed at least one major deal, according to the letter viewed by WIRED. 'We've already put a trade through representing about ~$10 million of IEEPA Rights and anticipate that number will balloon in the coming weeks,' the Cantor representative claimed. Experts say the deals are a form of litigation finance, an increasingly popular category of investing in which financial firms seek to make money from potential legal settlements. Many lawsuits can take years to resolve, and the structure can allow individuals and companies to get money upfront or their lawyer fees covered. The catch is that investors may only pay a fraction of what plaintiffs could eventually receive, and profit by pocketing the difference. 'The fact that it's Cantor Fitzgerald, that raises some questions,' says Tim Meyer, a professor of international business law at Duke University School of Law. 'It's quite interesting that the Commerce Secretary's firm is the one that is betting the tariffs will be struck down. That strikes me as very interesting—and quite telling about what those with connections to the administration think about the merits of the tariffs.' 'Secretary Lutnick knows nothing about this decision because he has no insight or strategic control over Cantor Fitzgerald,' wrote Kristen Eichamer, press secretary for the Department of Commerce, in an email to WIRED. 'He has fully complied with the terms of his ethics agreement with respect to divesture and recusals and will continue to do so.' Cantor Fitzgerald did not respond to a request for comment from WIRED. Trump announced in February that the US would put steep tariffs on goods from Mexico and Canada under the International Emergency Economic Powers Act (IEEPA). He widened the trade war in April to include nearly every nation that sells goods to the US, which Trump said would now be subject to "reciprocal' tariffs ranging from 10 to 50 percent. In response, there was a flurry of lawsuits, including one from a group of small businesses that sued the Trump administration in the US Court of International Trade (CIT), arguing that the president exceeded his authority and the tariffs should be ruled illegal. The trade court sided with the plaintiffs, but the Trump administration appealed the decision, and the appeals court allowed the duties to remain in place while the case is still pending. That has forced companies to continue paying the tariffs until a final decision is reached, when they may then finally be eligible to apply for tariff refunds. Oral arguments are set to begin at the end of this month, but the case could then go to the Supreme Court, meaning it may not be resolved for more than a year. In the interim, affected businesses have argued in court filings that they could go out of business or suffer other harms from continuing to pay for tariffs. 'The small business plaintiffs in these cases have basically said 'this is an existential issue for us,'' says Meyer. Ryan Petersen, CEO of the logistics technology company Flexport, says that receiving a tariff refund from the US government can be an onerous process, even under normal circumstances. Companies need to file what's called a post-summary correction, essentially an update to the customs paperwork for a shipment. 'When you file those things today, it takes six to 12 months to get your money back once approved, it's a physical check that arrives in the mail,' says Petersen. Facing an uncertain timeline and mounting financial pressures, some companies may decide it's wiser to accept an offer like Cantor's, even if it means walking away from a potentially bigger refund later down the line. I 'think it may be attractive for some people,' says Petersen.
Yahoo
16-07-2025
- Business
- Yahoo
Parents out thousands as Beehive NW closes abruptly
PORTLAND, Ore. (KOIN) — Families are out thousands of dollars and scrambling to find childcare after the abruptly closed. And it's not the first time people running the program have been involved in this situation. Parents are angry and disappointed, as are the kids. Christine Pond told KOIN 6 News her daughter was 'very, very sad' when she heard the news. So were the neighbor kids, she said. 'Lots of tears.' The website for the Beehive NW summer camp said the program was open from June through August at the Taborspace in Southeast Portland, promising trips to various parks and lakes around Oregon and Washington. But Sunday night, the parents got an email: The camp was closed for good. No refunds. No care for the children. 'We're not just out childcare, we're out the money and then have to double down to pay for more childcare,' said Rachel Bolognone, a mother of two children that were signed up for camp. Serving 'crazy fun street eats' from an old ambulance, an Oregon food truck hits the road on Food Network The Beehive also offered afterschool care. Parents told KOIN 6 News they pre-paid hundreds for that, as well. That program is also canceled. Both parents said they will likely need to take time off from work, now losing income on top of the lost tuition. 'My daughter won't have the opportunity to have childcare next year. She's going to have to stay with me. So that means I'm also not going to be working as much,' said Pond. KOIN 6 News asked the owner of The Beehive, Christian Bringelson, if he knew they were running out of money, why keep it going for so long? Why not refund the parents and pay his employees before the money was gone? He first said that he held out hope, but in the end, he said he doesn't know the answer to that question. 'We didn't make out like a bandit from this. This is not a situation where, like, I'm rolling in dough because we hustle parents or anything like that. We made a huge financial mistake by taking this on,' Bringelson said. '100%, this is wrong. But I don't have any other info either when I'm in fight or flight.' The registered agent to the Beehive is his girlfriend, Lesley Marshall. 'It should have ended with Lesley's business,' Bringelson said. 'Our empathy and trying to make things right. got too carried away.' According to the Oregon Secretary of State, the registered agent's sole responsibility is to 'accept physical delivery of legal documents on behalf of the business. They are required to have a physical street address in Oregon where they can be located during normal business hours.' Portland named among 'cities on the rise' as Oregon falls in state business rankings In a statement on Tuesday, Marshall told KOIN 6 News: 'We have been trying so hard for so long to make this work. We continued the old business and did all the programs ourselves for years for families to make good on our debt. Ask any of our families and our commitment is unquestioned. It has never taken off; it has always struggled. We have given everything to this because it is something we care about. We are at the point though that we cannot even afford to feed ourselves. This business has taken absolutely everything.' Bringelson said he rebranded the old business and a lot of our parents returned, though he couldn't say how many. Iof a child in the after-school program Northwest Adventure Program. She said she never heard back from Marshall to return, nor did she get a refund, though she was able to dispute the charge on her credit card. Parents aren't the only ones out money. An employee told KOIN 6 News they are owed around $1,400 on their last paycheck that they never received. The families said they are working with the Portland police to file a report and are looking into taking civil action through the courts as well. 'So my sentiment now is that I'm pretty, pretty upset. And I really, I just don't want this to happen to more families in the future,' Bolognone said. Asked if he intends to refund the families and pay his employees what he owes them, Bringelson claimed he has no money. 'I'm currently losing our indoor space, our van for transport, my personal home. I don't have anything, so that's, you know, as soon as I get a job and I can start paying back people,' he said. He also added, 'We tried a Go Fund Me. That didn't work.' Parents were not happy when they heard that. ' I am appalled,'Bolognone said. 'People were donating as recently as just three weeks ago.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
14-07-2025
- Entertainment
- Yahoo
Kanye West's Concert Descends Into Chaos As Fans Demand Refund With Loud Chant During The Show
Kanye West's fans were left frustrated and disappointed after the rapper arrived late to his recent live show, only for the event to be further marred by technical problems. According to reports, the chaos led to loud chants from the 70,000-strong crowd demanding refunds. Some fans have since labeled the event as the "worst concert ever," with others also accusing Kanye West of lip-syncing to several of his songs. Last Friday, tens of thousands of Kanye West fans packed Shanghai Stadium in anticipation of the high-energy performance the rapper is typically known for at his shows. However, their loyalty to the rapper was met with disappointment, as they were treated to a subpar show plagued by numerous technical issues. This came after the rapper arrived more than 40 minutes late to the show, despite fans already waiting for him for several hours before the event. At some point during the chaotic event, fans who could no longer tolerate the issues began chanting for refunds right there at the venue, as seen in a viral clip on X. Interestingly, tickets for the event had ranged from a hefty 980 yuan (about $137) to 2,680 yuan (nearly $374), with many fans opting for the higher-priced seats despite the cost. It is unclear whether the rapper apologized to the crowd for his tardiness and the technical issues. However, he did take to his X account to thank fans for attending the event. He wrote, "Thank you to my fans in China and the Chinese government. The energy was amazing. Love all of you forever. Can't wait till the next show." After the show, a fan who attended the event took to X to express his disappointment over the underwhelming performance. "So I've been a fan of Kanye West since I was a teen. MBDTF opened my ears to the sonics in music," said the individual, referencing West's "My Beautiful Dark Twisted Fantasy," which won the Best Rap Album at the 54th edition of the Grammys. "Was hard to get tix for him in Shanghai, but got it. Was hyped af. Couldn't even sleep night before. But. Worst concert I've ever been to. @kanyewest u can be better," added the fan. The fan continued to express their frustration in follow-up posts, including calling for the singer not to tour and accusing him of lip-syncing during the Shanghai event. "@kanyewest you should not tour. It's not for you. Stick to the studio. You waste people's time, excitement, and money by pretending that you're a performer," he wrote in one post. "Mostly lip synching. His microphone must have been up less than 20 per cent of the time," the irate fan further noted in another post. An explanation for West's tardiness and the technical disruptions was offered by the event promoter, StellarAmber Group, on China's social media platform, Sina Weibo. They claimed that heavy rainfall around the time of the concert contributed to the disappointing production, as it prevented them from setting everything up according to West's specifications on time. "However, for this long-awaited return after 17 years, Ye's team insisted on prioritizing artistic integrity. After emergency adjustments, the show was delayed to ensure the best possible experience and to minimize the disappointment for the audience," read the statement, per Global Times. "We are deeply moved by the understanding and patience shown by many of the attendees and express our heartfelt gratitude. We also extend our sincerest apologies for any inconvenience caused and appreciate everyone's attention and support." Amid the drama surrounding the Shanghai show, a representative for West responded to sexual assault accusations made by the rapper's former assistant, Lauren Pisciotta, per the Daily Mail. Pisciotta first filed the suit against the rapper in 2024 and has revised the claims multiple times before recently submitting another amended complaint. According to West's rep, Milo Yiannopoulos, "each new revision" of the complaint from Pisciotta "contradicts" the previous ones she has made. He further described the most recent amended complaint as "fantasy fiction" that "discredits all past, present, and future testimony." "We stand ready to annihilate Ms. Pisciotta's tall tales before a jury—an exoneration so inevitable that even she, lost in her fog of fantasy, must surely see it coming," Yiannopoulos also stated.
CNET
11-07-2025
- Business
- CNET
Your State May Be Sitting on a Stack of Cash That Belongs to You. Here's How To Check for Unclaimed Property
Your state may have money or unclaimed property that's yours. Sarah Tew/CNET You might have a stack of cash that your state is holding onto, waiting for you to claim it. Your closed accounts, insurance policies, refunds and more may be returned to an unused or closed account you had once before, and were eventually sent to the state for safekeeping. These types of funds are called unclaimed property, and a quick search can tell you if you have money waiting for you. According to the National Association of Unclaimed Property Administrators, the average unclaimed property is worth $1,154 and one in seven people has something waiting for them. There's a process to receive your unclaimed property, but it might not be nearly as difficult as you might think. In fact, every state has a dedicated website for you to search for unclaimed property. Below, we'll show you how to find unclaimed property that may belong to you and how to claim it. How do I search for unclaimed money or property in my state? You can learn whether a state is holding property for you using a property search tool from from National Association of Unclaimed Property Administrators. Its map of the US provides links to every state's website for unclaimed property. It also includes links to property search tools for Puerto Rico, the US Virgin Islands, Washington, DC, and some Canadian provinces. Be sure to check each state, territory or district you've lived in to see if you have something to claim. And if you searched a while ago and didn't find anything, search again. "If you have searched for your name before and not found any unclaimed property, or found property in your name and claimed it, be sure to check back again as new properties are reported to the state annually," California State Controller Malia Cohen told CNET. In most cases, you'll be taken to a page where you can search directly for unclaimed property; in others, you may need to click through from a home page to the unclaimed property search page. You will usually only have to provide your last name to search for property, although adding your first name, location or address will help narrow the search. Two other free services -- and FindMyMoney -- offer built-in searches on their websites, but not for every state. lets you search 41 states, the District of Columbia, Puerto Rico and Alberta, Canada, while FindMyMoney provides its own search tool for 28 states and Washington, DC. FindMyMoney links out to the state search engines for the other 23 states. Some states, such as Ohio, work with to let people search for property and file claims. Once the claim is filed with the state handles the communication, verification and eventual payment of the claim. I have unclaimed property that belongs to me. How do I claim it? There's no federal system for claiming your property -- the process will vary from state to state. And you do not need to be currently living in a state to claim your property, so check other places you've lived. Most states use a system similar to an online shopping service, where you add a property to claim, and then "check out" by providing information such as your current address and Social Security number to verify your identity and prove you're the rightful owner of the property. Once you file your claim, the state may contact you by email for any further information it needs to process the claim. Some states will allow you to provide supporting documentation online, while others require it to be filed by mail. Your state may keep a small amount -- in Kentucky, it's $1 for any property over $10 -- as a holding fee. Most states do not have a deadline for claiming property, though some may auction it off after a set period of time. If so, you will still usually have the right to claim its value from the state. How long does it take to get my money or property back? As with the process for claiming, the timing for receiving your property will vary from state to state. The California state controller, for example, says that simple claims involving cash can be resolved in 30 to 60 days. More complicated claims involving multiple heirs or businesses may take up to 180 days. Why would a state be holding onto my property anyway? After a specific "dormancy period" -- usually one to three years -- businesses will send money and property to state-run unclaimed property offices when they can't locate the owner. The state will then hold these items until their owner claims them. The property can be money in a savings or checking account, stocks, annuities, life insurance policies or the contents of safe deposit boxes, among many possible items. New York state currently has a whopping $18.4 billion in unclaimed property, and the state comptroller's office says it pays out $1.5 million per day. For more, find out why more people are applying for Social Security earlier.
