Tag Archive for (NYSE: BAC)

Bank of America (NYSE: BAC): Someone from This Fraud Machine Needs to Go to Jail

Last week Bank of America (BofA) got slammed by the Consumer Financial Protection Bureau for fraudulent marketing and sales of “add-on” products.

The CFPB found that they had ripped off credit card customers by selling them identity theft protection and credit protection programs, without ever actually providing much of anything.

Read all about BofA’s shady marketing practices… the other banks that have also engaged in fraud…

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Stock Market Today: New Rules for Big Banks

Stock market news today, April 9, 2014: The Dow Jones Industrial Average rose 10 points yesterday to finish at 16,256. The Nasdaq increased 33 points to finish at 4,112, while the S&P 500 added 6 points to end the day at 1,851.

Today, the FOMC will release minutes from its March meeting. Investors are seeking clues on when Fed Chair Janet Yellen and the central bank will exercise an increase in interest rates.

The post Stock Market Today: New Rules for Big Banks appeared first on Money Morning – Only the News You Can Profit From.

Big Dow Index Changes: What They Mean for Your Stocks – Money Morning

This is a syndicated repost courtesy of Money Morning. To view original, click here. Reposted with permission. In the biggest Dow Index changes in nearly a decade, Alcoa Inc. (NYSE: AA), Hewlett-Packard Co. (NYSE: HPQ), and Bank of America Corp (NYSE: BAC) are being dumped from the closely watched 30-stock index. Athletic gear maker Nike…

Here is What’s Wrong With Bank of America (NYSE: BAC)

If you have a mortgage with Bank of America (NYSE: BAC) and want to refinance, don’t bother.

You are not worth the bank’s time. Or at least I wasn’t.

That’s what I learned first-hand last week when I called Bank of America to refinance a home mortgage I’ve had with them for years.

My jaw practically hit the floor when Alejandro from BofA’s mortgage department told me this over the phone.

“Because of excessively high demand,” Alejandro said, “we can’t accept your refinancing application. But we can take a reservation and have an agent call you in 90 to 120 days.”

Huh?…You can’t be serious.

I really have to wait three or four months to even apply for a lower interest rate when I’ve been an existing customer for years?

Yeah, I bet, I thought to myself…

They’ll call me when interest rates are much higher or when BofA works its way through its part of the $25 billion robo-signing settlement reached over its abuses in the foreclosure process.

Of course, all of this is after BofA received $45 billion in taxpayer bailout funding.

And after they reportedly shifted the risks associated with $75 trillion in derivatives from its investment banking and trading units to BofA’s depository arm, a unit flush with FDIC-insured deposits.

But that is another story for another day.

How Bank of America Treats its Customers

Suspecting something wasn’t quite right, I made a second call to BofA to inquire about a new loan.

Not ten minutes later I was put through immediately to an underwriter who was all too happy to help a new, unknown prospect – a.k.a. me – take on more debt. Imagine that.

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