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Bank of America fined

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AndySoCal
Valued Contributor

Bank of America fined

Add another reason why I will not bank with them

 

https://www.cnbc.com/2023/07/11/bank-of-america-fined-fake-accounts-bogus-fees.html 

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Message 1 of 9
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CreditCuriosity
Moderator Emeritus

Re: Bank of America fined

Saw earlier.  Every bank has their hand in the cookie jar among other things some are just worse than others and worse I have seen that continue to get caught a few times a years is WF.  Banks will keep getting fined, but as long as the net is a profit these things will continue.

Message 2 of 9
NoMoreE46
Community Leader
Senior Contributor

Re: Bank of America fined

Wow and yet there's a push to get rid of the CFPB.

 

Seems like there is need to put more bullets in the revolver when the Big Banks play Russian roulette with it's consumers.  

Message 3 of 9
AndySoCal
Valued Contributor

Re: Bank of America fined

@NoMoreE46 

It remains to be seen what the caused the false new account openings. If it is related to performance bonuses or performance evalutions something needs to be changed. The fees being charged multiple times that should have been caught and corrected. The raising to fees etc that is bank management.  The more fee revenue helps the bottom line in the report shareholders (stock).  By contrast, I bank where the majority of fees that banks charge they do not. The credit union shareholders are the account holders. If I ever decide to leave my bank I would use a credit union for my checking and savings.

FICO Scores XPN v8 802 V2 831 (SDFCU) TUC 803 v8 EFX 807 (10/2023)
Discover 09/90 19,000, JCPenney 10/2008 4,700 US Bank Cash 12,000 Citibank Custom Cash 5/2015 11,100 State Dept. FCU 15,000 06/2023 , 02/2024 Redstone FCU Signature VISA 10,000 Banking: Ally Bank Credit Unions: Lafayette FCU Fortera FCU State Department FCU Pelican CU

Pelican State CU Redstone FCU

Message 4 of 9
NoMoreE46
Community Leader
Senior Contributor

Re: Bank of America fined

The CFPB is looking into possibly being able to

go after/ prosecute individuals in the future to further deter this stuff.

Message 5 of 9
FireMedic1
Community Leader
Mega Contributor

Re: Bank of America fined

Strange part: "Failed to properly issue rewards to credit card users" Havent seen that one on here yet. Wonder what they meant. the fine is chump change to them. Wonder how much they made over the fine.


Message 6 of 9
DatBoiQuick
Regular Contributor

Re: Bank of America fined

Im not surprised, its BofA.

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Message 7 of 9
hwwilliams
Valued Member

Re: Bank of America fined


@FireMedic1 wrote:

Strange part: "Failed to properly issue rewards to credit card users" Havent seen that one on here yet. Wonder what they meant. the fine is chump change to them. Wonder how much they made over the fine.


Considering the amount of people on this forum that love Bank of America for their preferred rewards system I wonder if any of them have noticed issues with their credit card rewards.

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Message 8 of 9
DatBoiQuick
Regular Contributor

Re: Bank of America fined


@hwwilliams wrote:

@FireMedic1 wrote:

Strange part: "Failed to properly issue rewards to credit card users" Havent seen that one on here yet. Wonder what they meant. the fine is chump change to them. Wonder how much they made over the fine.


Considering the amount of people on this forum that love Bank of America for their preferred rewards system I wonder if any of them have noticed issues with their credit card rewards.


I have the same thought.

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Message 9 of 9
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