KeyBank Fraud Controls in Focus After Ohio Robbery and Foiled $5,000 Check Scam

Last week’s Federal Reserve meeting delivered a 0.25% rate cut, which immediately set off ripples across banking. In mid‑September, the Fed’s first cut prompted JPMorgan, Citigroup, Wells Fargo and others to trim their prime lending rates from 7.50% to 7.25%reuters.com. Now, following the Oct. 29 cut, banks are pushing prime down again. For example, Webster Bank confirmed a cut to 7.00% on Oct. 30markets.ft.com. By rule of thumb, the prime rate moves roughly in step with Fed funds + 3%, so a Fed funds rate of 3.75–4.00% means a 7.00% prime is expected.