Bank of America fined

AndySoCal · ‎07-11-2023

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

FIC Scores XPN v8 808 V2 831 (SDFCU) TUC V 8 803 07/25 EFX Bankcard v8 822 EFX FIC0 v8 800 Vantage score 4.0 817 via JC Penney
JC Penney 10/2008 4700 US Bank Cash 08/2010 12,000 Citibank Custom Cash 5/2015 11,100 State Dept. FCU 06/2023 25,000 02/2024 Redstone FCU Signature VISA 10,000 08/23/2024 Langley FCU Signature Cash Back Visa 10000 Commonwealth Credit Union 15000 07/25
Banking: Langley FCU Credit Unions: Lafayette FCU Fortera FCU State Department FCU Pelican State CU Redstone FCU Hughes FCU Commonwealth FCU
My personal blacklist Axos Bank, Bank of America, Synchrony Bank Capital One TD Bank Comerica Bank BMO

CreditCuriosity · ‎07-11-2023

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.

NoMoreE46 · ‎07-11-2023

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.

AndySoCal · ‎07-12-2023

@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.

FIC Scores XPN v8 808 V2 831 (SDFCU) TUC V 8 803 07/25 EFX Bankcard v8 822 EFX FIC0 v8 800 Vantage score 4.0 817 via JC Penney
JC Penney 10/2008 4700 US Bank Cash 08/2010 12,000 Citibank Custom Cash 5/2015 11,100 State Dept. FCU 06/2023 25,000 02/2024 Redstone FCU Signature VISA 10,000 08/23/2024 Langley FCU Signature Cash Back Visa 10000 Commonwealth Credit Union 15000 07/25
Banking: Langley FCU Credit Unions: Lafayette FCU Fortera FCU State Department FCU Pelican State CU Redstone FCU Hughes FCU Commonwealth FCU
My personal blacklist Axos Bank, Bank of America, Synchrony Bank Capital One TD Bank Comerica Bank BMO

NoMoreE46 · ‎07-12-2023

The CFPB is looking into possibly being able to

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

FireMedic1 · ‎07-12-2023

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.

TWO MORE MONTHS NO BK! (on Eq/Ex)

DatBoiQuick · ‎08-20-2023

Im not surprised, its BofA.

Personal Cards:

Business Cards:

RedundantCredit · ‎08-20-2023

@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.

Personal Cards

Business Cards

Goal Cards

DatBoiQuick · ‎08-20-2023

@RedundantCredit 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.

Personal Cards:

Business Cards: