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Warren hits back at Chase after tweet admonishing people for lack of savings - The Boston Globe

posted onMay 4, 2019
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Article snippet: Senator Elizabeth Warren jumped onto a social media backlash against Chase on Monday, after the banking giant posted a tweet admonishing customers with low balances. Chase’s tweet, intended to be a joke, didn’t quite land with Twitter users Monday. The tweet followed a popular, often self-deprecating meme style in which a person poses a question with an obvious answer: You: why is my balance so low? Bank account: make coffee at home Bank account: eat the food that’s already in the fridge Bank account: you don’t need a cab, it’s only three blocks You: I guess we’ll never know Bank account: seriously? Chase’s question suggested its customers could save more money by making their coffee at home and curtailing luxuries like take-out lunch. The tweet was deleted after an uproar, with many accusing the bank, which sits at the top of the Fortune 500 rankings, of shaming struggling customers in an era when wages are not rising quickly and inequality is rampant. Warren was quick to remind Chase that its parent company, JP Morgan Chase, received billions of dollars in bailout money during the financial crisis of 2008 even as homeowners across the country were going into foreclosure. Warren, a current candidate for the Democratic presidential nomination, has long called for accountability for major Wall Street banks in the wake of the financial crisis. She spearheaded the idea for a Consumer Financial Protection Bureau that was created to provide stricter oversight of com... Link to the full article to read more

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