tagged w/ Skank of America
-
Bank of America plans to introduce a $5 monthly debit card usage fee for many of its account holders beginning early next year, the company said on Thursday.
The largest U.S. bank by assets is implementing the fee to recoup lost revenue due to new industry regulations introduced since the 2008 financial crisis limiting overdraft and other fees.
"The economics of offering a debit card have changed," said Bank of America spokeswoman Anne Pace.
Bank of America [BAC 6.35 0.19 (+3.08%) ] is the latest large U.S. bank to introduce a regular monthly fee for debit card use, as new limits on overdraft and other penalty fees have pushed banks to introduce wider, monthly account maintenance fees.
Pace said customers expect certain features for their accounts, like overdraft and fraud protection, and the fee will offset some of those bank costs.
She declined to say how much the bank expects to earn through these fees or how many customers will be affected.
Customers who use the debit card for purchases will be assessed the fee. It will be waived for the bank's premium or platinum privileges accounts tied to the Merrill Lynch brokerage.
The fee will not be charged for using the card to access the bank's ATMs, Pace said.
The fee will be introduced early next year.
http://www.cnbc.com/id/44719143Bank of America plans to introduce a $5 monthly debit card usage fee for many of its... more
-
-
By ERIK HOLM
NEW YORK—American International Group Inc. plans to sue Bank of America Corp. Monday in an effort to recover more than $10 billion it lost on mortgage investments, and intends to object to the lender's proposed settlement with other mortgage-bond investors.
AIG's lawsuit and its separate attempt to intervene in the much-publicized $8.5 billion settlement throw another obstacle in the way of Bank of America's efforts to put its mortgage woes behind it.
The suit over the $10 billion in losses alleges "massive fraud" by Bank of America and two units it acquired, Merrill Lynch and Countrywide, saying they packaged securities that were backed by "hundreds of thousands of defective mortgages," according to a copy of the legal action AIG representatives plan to file in New York Supreme Court Monday morning.
The suit says Bank of America and its subsidiaries inflated home appraisals, allowed borrowers to misstate their income, ignored internal warnings about shoddy underwriting and selected the riskiest mortgages for securitization. The lender knowingly misrepresented the underwriting process in its descriptions of the mortgage-backed securities purchased by AIG, the suit alleges.
AIG contends it lost more than $10 billion on about 350 residential mortgage backed securities that it initially bought from Bank of America for about $28 billion. The size of AIG's losses makes the suit one of the largest of its kind brought by an investor since the housing bubble popped.
Bank of America spokesman Lawrence Di Rita said the bank's disclosures on the quality of mortgage bonds were robust enough for sophisticated investors, and called AIG "the very definition of an informed, seasoned investor, with losses solely attributable to its own excesses and errors. We reject AIGs assertions and allegations."
The insurer "recklessly chased high yields and profits throughout the mortgage and structured finance markets," he said.
AIG spokesman Mark Herr said Bank of America was attempting "to blame others for its own misconduct.
"Investors, no matter how sophisticated, were entitled to rely on its numerous written representations about the securities it sold," Herr said. "Now that it is clear that those representations were false, Bank of America must be held to account."
http://online.wsj.com/article/SB10001424053111904007304576496101837999390.htmlBy ERIK HOLM
NEW YORK—American International Group Inc. plans to sue Bank of... more
-
-
Without a doubt these Banksters are treasonist individuals who are killing America. Why can we not throw them to the gallows for their crimes against America.Without a doubt these Banksters are treasonist individuals who are killing America.... more
-
-
"LONDON (Reuters) - Leading banks have funded arms manufacturers, whose products include cluster bombs, to the tune of $5 billion in the past two years, despite an international accord to ban such weapons, a study said Thursday.
The report by Profundo consultancy and several NGOs said the banks loaned money to companies whose products include cluster bombs or their components.
It did not say the funds went directly to make cluster bombs. The manufacturers could use the money for any of their production lines.
The top five loan providers were Bank of America, Citigroup , JP Morgan, Barclays and Goldman Sachs, the study said.
The researchers used publicly available information, such as that supplied by stock exchanges and financial databases, to produce their study.
According to the research, the banks have provided financing for diversified manufacturer Textron, aerospace and defense group Alliant Techsystems and defense contractor Lockheed Martin , all based in the United States.
Cluster bombs, which open in mid-air and scatter a multitude of bomblets over a wide area, have killed and maimed tens of thousands of civilians, campaigners say.
Nations agreed to outlaw cluster bombs in May 2008. The resulting convention will come into force when 30 countries have ratified it -- 23 have already done so.
Neither the United States nor Britain, where the top five loan providers are based, have yet ratified the treaty.
The Convention on Cluster Munitions includes a ban on assisting anyone to make the bombs.
Bank of America and JP Morgan declined to comment while Citigroup and Goldman Sachs also had no immediate reaction.""LONDON (Reuters) - Leading banks have funded arms manufacturers, whose products... more
-
-
Commissions are often created to defer tough decisions; to forge a consensus around a hard solution to a genuine problem; and, rarely, actually to delve into underlying facts. The Angelides commission (http://www.nytimes.com/2009/07/16/business/16inquiry.html?_r=1), officially chartered by Congress this summer as the Financial Crisis Inquiry Commission, has the chance to be that third kind of commission, gathering the missing empirical data on fundamental questions that can guide future decision-making.
We already know an awful lot more about what happened last year than we did in 1932, when the legendary Pecora commission(http://en.wikipedia.org/wiki/Pecora_Commission) was created to investigate the Wall Street crash. We know the fundamental violations of sound banking practice and regulatory failures that brought us to the precipice. Yet there are still critical areas that would benefit from the commission's detailed analysis: four structural issues that have not yet received adequate attention and one particular transaction that is still highly ambiguous.Commissions are often created to defer tough decisions; to forge a consensus around a... more
-
-
Got a gripe with Bank of America? Put it on YouTube.
Ben Frasier of Douglas, Ore. said in a YouTube video that he wouldn't make any more payments on a $30,000 personal line of credit unless Bank of America would let him settle up with a lump sum.
Bank of America wasn't interested in the offer when Frasier made it over the phone. But after he made his demand publicly, and it received some media attention, Bank of America made an offer that Frasier is happy with.
The video-sharing website has become an effective complaint department for angry customers willing to put their faces to a declaration of "debtors revolt!" Ann Minch of Red Bluff, Calif., did it first in September, when she refused to pay a credit card debt unless Bank of America lowered her rate. After her story went viral, Bank of America agreed to her demand. And Darren Bryant of Pensacola, Fla., won attention from the bank within four hours of "going YouTube" after he wasted 20 hours calling the bank to no avail.
Another person uploads a "debtors revolt" rant against Bank of America and other big banks almost every day.
Bank of America is also known as Skank of America.Got a gripe with Bank of America? Put it on YouTube.
Ben Frasier of Douglas, Ore.... more
-
-
Bank of America CEO Ken Lewis took a pounding Thursday from the House Committee on Oversight and Government Reform. One of the most damning exchanges occurred between Lewis and Dennis Kucinich (D-Ohio), when Kucinich exposed Lewis' request for government cover from shareholder lawsuits stemming from BofA's troubled merger with Merrill Lynch.
Bank of America (Skank of America)Bank of America CEO Ken Lewis took a pounding Thursday from the House Committee on... more
-
