Dec 13, 2021 | Blog
Investors Should Be Aware Of Communications, Including Phone Calls, Voicemails, Emails, And Letters That May Falsely Appear To Be From The SEC
The SEC recently advised that it is aware that several individuals recently received phone calls or voicemail messages that appeared to be from an SEC phone number. The calls and messages raised purported concerns about unauthorized transactions or other suspicious activity in the recipients’ checking or cryptocurrency accounts. According to the SEC, these phone calls and voicemail messages are in no way connected to the SEC. If you receive a communication that appears to be from the SEC, do not provide any personal information unless you have verified that you are dealing with the SEC. The SEC does not seek money from any person or entity as a penalty or disgorgement for alleged wrongdoing outside of its formal Enforcement process.
SEC staff do not make unsolicited communications – including phone calls, voicemail messages, or emails – asking for payments related to enforcement actions, offering to confirm trades, or seeking detailed personal and financial information. Investors, you should be skeptical if you are contacted by someone claiming to be from the SEC and asking about your shareholdings, account numbers, PIN numbers, passwords, or other information that may be used to access your financial accounts. Again, the SEC cautions to never provide information to someone claiming to be from the SEC, until you have verified that the person actually works for the SEC.
How Can You Confirm That You Are Dealing With The SEC?
If you receive an unsolicited communication from someone claiming to be from the SEC, use the SEC’s personnel locator at (202) 551-6000 to reach the staff member directly and ask the person if the communication was from them. You can also call (800) SEC-0330 or e-mail [email protected] to check if a communication is from the SEC.
If you receive a communication that falsely appears to be from the SEC, submit a complaint at sec.gov/oig to the SEC’s Office of Inspector General (“OIG”) or call the OIG’s toll-free hotline at (833) SEC-OIG1 (732-6441).
Additional Information For Investors
Investor Alert: When Engaging With the SEC on Social Media, Use Our Verified Accounts and Be Alert for Impersonators (Sept. 2018)
Investor Alert: SEC Impersonators Pretend to Help Investors Buy Stock (Apr. 2018)
Investor Alert: Beware of Government Impersonators Targeting Fraud Victims (June 2016)
Updated Investor Alert: SEC Warns of Government Impersonators Demanding Money (Aug. 2015)
Source: Investor.gov
Dec 13, 2021 | Blog, Consumer Protection
Important Information For Consumers About Understanding Common Bank Deposit Account Fees, The Options Available, And Ways Consumers Can Minimize Or Avoid Bank Fees
Deposit Account Fees
Banks are required under federal law to disclose any fees they charge in connection with a deposit account. Ask your bank, or any bank you are considering opening an account with, for the account opening disclosure and fee schedule. All deposit-related fees that your bank can charge must be listed in these documents. Common fees might include monthly maintenance or automated teller machine (“ATM”) withdrawal fees.
Overdraft Fees
Overdraft fees occur when you don’t have enough money in your account to cover your transactions. The cost for overdraft fees varies by bank, but they may cost around $35 per transaction. These fees can add up quickly and can have ripple effects that are costly. Some banks also may charge what are known as continuous overdraft fees, or daily overdraft fees. These are charges assessed every day the account remains overdrawn.
In general, for debit card transactions at ATMs or at merchants, consumers must opt-in, or agree up front, that the bank can charge you an overdraft fee for any debit card transaction that overdraws the account. If you do not opt-in, you cannot be charged a fee; however, your bank may refuse your purchase if it will overdraw your account.
If you do opt-in for overdraft protection or coverage, then your bank may pay a debit card purchase or ATM transaction, even if the transaction overdraws your account. You will be charged any overdraft fees that are incurred as a result. The opt-in form should be provided by your bank with the other account opening disclosures. If you change your mind at any time after opting-in, you can still opt-out by contacting your bank.
If you have a separate savings account, you might think about linking your savings account to your checking account when your bank provides this option. If you overdraw your checking account, the bank can pull funds from your savings to cover the shortage, as long as you have enough funds available. Your bank may still charge you a fee for transferring the funds automatically, but it is typically less than an overdraft charge.
“NSF” Fees
While you have a choice to opt-in or opt-out of overdraft coverage for debit card transactions, you may not have a choice when it comes to using paper checks or other ways of making payments or purchases from your account. Keeping track of your account balance will help you avoid charges for overdrawing your account in those situations, and also if you choose to opt-in for debit card transactions. Banks are not required to obtain your opt-in for Non-Sufficient Fund (“NSF”) fees. If you write a check for more money than you have in your account without any overdraft coverage, the check will not be paid but you will still be charged an NSF fee.
Also, Automated Clearing House (“ACH”) transactions, such as your direct payment or bill pay services, may be declined if you do not have enough funds in your account and be subject to an NSF fee.
Banks typically charge a NSF fee for each transaction, and these fees too can be costly as they can have ripple effects similar to overdraft fees. It is your responsibility to stay current with the checks and transactions you have made from your bank account. Make sure to look at your bank statements and try to use online banking and alerts to help you keep track of your bank account transactions.
Monthly Maintenance Fees
Banks can charge a monthly fee to maintain deposit accounts. These fees may be lower or waived in certain situations, such as when you have direct deposit, maintain a minimum balance, or make a certain number of transactions each month. You might consider a bank that allows you to avoid monthly maintenance fees by direct depositing your paycheck. Ask if other fees can be waived with direct deposit. Signing up for paperless statements and getting multiple products from one bank (instead of several banks) may be a way to eliminate some monthly maintenance fees.
Minimum Balance Fees
Some accounts may have a minimum balance requirement to avoid a fee. If you are required to have a minimum balance in your account, be sure to maintain that balance to avoid fees. Ask if your bank offers low balance alerts to notify you, so that you don’t unknowingly drop below the minimum balance requirement.
ATM Fees
Some banks charge for using ATMs not in their network. To avoid charges, use only the ATMs that are in your bank’s network, or those that allow you to use your ATM or debit card for free. Also, ask if your bank reimburses you for using any ATMs outside its network. Some banks will do that for a certain number of transactions per year.
Finding The Right Bank Account
The FDIC recommends comparison shopping at a number of banks before you open an account. To help you choose an account based on what is important to you, use the FDIC’s checklist: How to Pick a Bank Account. Choose the services you need and skip those that you don’t, especially if they come with a price tag. Get a copy of the bank’s deposit account disclosure and fee schedule, and read them carefully so you know the cost of the services you require. Choose the account that has the services you need at the lowest cost.
Today, there are more transaction account options than ever before. Some banks offer customers the option of a ‘checkless’ checking account. These card-based accounts may offer consumers the ability to avoid overdraft charges completely. There are also banks that offer accounts with low-fees, and no overdraft or NSF fees, such as Bank On certified accounts. These accounts may also provide other free services such as ATM withdrawals. To obtain additional information on these low-fee bank accounts, please click #GetBanked.
The FDIC also recommends to call your bank and ask if they can waive fees you have incurred, especially if you have not had a lot of fees in the past. If your bank cannot waive specific fees, ask if the bank has a different account that does not have fees for the services you need. If not, and you find the fee to be costly, consider shopping around for an account at a different bank.
For additional information, please click the Consumer Financial Protection Bureau’s New insights on bank overdraft fees and 4 ways to avoid them.
Source: FDIC.gov
Dec 13, 2021 | Filed Securities Cases
KEHOE LAW FIRM, P.C. IS INVESTIGATING WHETHER EXICURE, INC. (“EXICURE” OR THE “COMPANY”) (NASDAQ: XCUR) VIOLATED FEDERAL SECURITIES LAWS.
On December 13, 2021, a class action lawsuit was filed against Exicure in United States District Court, Northern District of Illinois, on behalf of persons and entities that purchased, or otherwise acquired, Exicure securities between March 11, 2021 and November 15, 2021, both dates inclusive (the “Class Period”).
According to the class action complaint throughout the Class Period, the Exicure Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Exicure Defendants failed to disclose to investors (1) that there had been certain improprieties in Exicure’s preclinical program for the treatment of Friedreich’s ataxia; (2) that, as a result, there was a material risk that data from the preclinical program would not support continued clinical development; and (3) as a result of the foregoing, the Exicure Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
TO VIEW A COPY OF THE CLASS ACTION COMPLAINT, PLEASE CLICK EXICURE COMPLAINT.
On November 15, 2021, Exicure filed a Form 12b-25 with the SEC which stated that the Company “. . . is unable to file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 (the “Q3 2021 10-Q”) with the Securities and Exchange Commission . . . within the prescribed time period without unreasonable effort or expense.”
Exicure stated that “[o]n November 9, 2021, the Audit Committee of the Board of Directors of the Company was notified of a claim made by a former Company senior researcher regarding alleged improprieties that researcher claims to have committed with respect to the Company’s XCUR-FXN preclinical program for the treatment of Friedreich’s ataxia. The Audit Committee has retained external counsel to conduct an internal investigation of the claim. The Company is currently unable to predict the timing or outcome of the investigation. Despite working diligently in an effort to timely file its Q3 2021 10-Q, the Company requires additional time to complete certain disclosures and procedures, including disclosures relating to the internal investigation.”
On this news, the price of Exicure’s stock dropped significantly, thereby injuring investors.
During intraday trading on December 13, 2021, Exicure’s stock price was down almost 35%.
Investors who purchased, or otherwise acquired, Exicure securities during the Class Period and suffered financial losses are encouraged to contact either John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected], or Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], to discuss the Exicure securities class investigation or potential legal claims.
