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Bank of America has a terrible 2011. They had to give up a lot of their foreclosures, got bad press because they tried to raise rates on checking and the use of debit cards, and their stock price fell so low that it almost went below $5 a share. I haven’t been a big fan [...]
Bank of America seems to be imploding. From the time when they were first bailed out until last week when they announced they were laying off around 40,000 employees, they’ve struggled to get back to the prominence they held before things started to go haywire. Not that no one believes they didn’t know what was [...]
The housing industry has been in an uproar for a few years now, and things are starting to come to a head. First we hear about robo-signing of foreclosures. Next all 50 states and the federal government ask banks to stop foreclosures until this practice can be evaluated; some banks do it, then decide they’re [...]
When Malcolm X talked about chickens coming home to roost, he certainly should have been talking about banking. Bank of America must be feeling like the chickens came and stomped on their heads. They announced earlier this morning that they lost $7.65 billion in the third quarter and, of all things, blamed it on the [...]
Faced with the loss of many millions from the ending of all those bank fees due to being overdrawn, many banks are coming out with new ways to stick it to consumers so that they can build up their coffers once more. Of course last November I wrote about Citibank and Bank of America raising [...]
In what has to be a move to help them stave off some state attorneys general, as well as boost up some good publicity for a change, Bank of America is forgiving around $3 billion in debt owed them via bad home loans and people who are going through foreclosures. The amount comes to 30% [...]
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 do if you use your [...]
