The Daily Money: Will Wells Fargo's 'rent card' pay off?
Good morning! It's Daniel de Visé with your Daily Money, Wells Fargo edition.
Yes: The big bank is in the news.
A new Wells Fargo credit card program with a novel feature – you can use it to pay your rent – may not be working out quite as the bank had hoped.
Wells Fargo is losing as much as $10 million a month on the new card, the Wall Street Journal reports. Wells Fargo and its business partner, Bilt Technologies, dispute the findings and say they have high hopes for the initiative.
Launched in 2022, the card offers an unusual feature: Cardholders can use the plastic to pay rent without triggering fees from landlords, all while earning reward points.
Read all about it here.
Wells Fargo workers fired for 'fake working'?
Meanwhile, more than a dozen Wells Fargo employees were fired last month following an investigation into “fake working,” Bloomberg reports.
The company found that employees were creating the impression of active work by simulating keyboard activity, according to Bloomberg. They were reportedly “discharged” on May 8.
Here's more on the "fake work" caper.
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Did you know McDonald's was using AI to take drive-thru orders?
Well, apparently so. And now we learn that the chain will halt the trial by the end of July, evidently to mull future AI options.
Reports cite a memo from a McDonald’s exec, obtained by CNBC. It says, "After a thoughtful review, McDonald's has decided to end our current partnership with IBM on AOT (automated order taking) and the technology will be shut off in all restaurants currently testing it no later than July 26, 2024."
The chain reportedly partnered with IBM in 2021 to test-run the AI ordering technology at over 100 McDonald's locations.
Our report, for the record, was written entirely by human hands.
About The Daily Money
Each weekday, The Daily Money delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you.
Daniel de Visé covers personal finance for USA Today.
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