Everyone might not see it this way, but I think this is a pleasant surprise.
Bank of America has taken the proactive step of saying that they’re eliminating overdraft fees on debit card purchases. Well, that’s kind of a misnomer, but it works for the moment.
What they’re going to [...]
Last August I wrote a post talking about this study that said 416 banks were in trouble. It seems that the news is much worse about six months later, as the prediction now is that 702 banks, which is one out of every 11 banks in the country, are in [...]
With the new credit card legislation came another new provision that effectively takes a lot of non-voluntary money away from banks.
Overdraft fees were a big thing for banks. At some point, they started charging fees to people while still paying bills if you happened to go over your limit. [...]
Once again, no one can be surprised by this move, after so much bad financial news and negative press. Citigroup and Bank of America got more bad news last week when their bond rating was downgraded from “stable” to “negative” by Standard & Poor. The initial outlook on both [...]
Man, when it’s time to pile on…
On Thursday the Attorney General of New York, Andrew Cuomo, who might be running for governor of the state later in the year, charged former CEO Ken Lewis with fraud as it regards Bank of America’s purchase of Merrill Lynch at a time when the [...]
What’s the fallout of paying off TARP money when you’re really not ready? Citigroup ended up losing $7.6 billion in the 4th quarter of 2009, and Bank of America ended up reporting a loss of around $5.2 billion for the same time period.
They stated that their loss was due [...]
I hadn’t talked about it before, but I guess it’s time to bring it up. On Friday, 5 banks were closed, following the closure of another bank on Thursday, bringing the total to 15 banks in the month of January. At this pace, it will easily beat last year’s [...]