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BofA follows in Wells Fargo's footsteps and opens phantom customer accounts....

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BofA follows in Wells Fargo's footsteps and opens phantom customer accounts....

Did we discuss this yet? Media had been a bit quiet on this one but its a head scratcher.

Has the banking industry no shame? They should get baddies also and be made to only get secured overnight loans following a 7-10 day letter in the mail. Smiley LOL

08/2019:
12/2019:

~ This is Chess... It ain't Checkers!!! ~


Message 1 of 5
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Frequent Contributor

Re: BofA follows in Wells Fargo's footsteps and opens phantom customer accounts....

Link?







Message 2 of 5
Established Contributor

Re: BofA follows in Wells Fargo's footsteps and opens phantom customer accounts....


@Standby wrote:

Link?


https://finance.yahoo.com/news/bofa-bac-under-cfpb-investigation-132001990.html

 

Hopefully they will provide better bank bonuses.

Message 3 of 5
Contributor

Re: BofA follows in Wells Fargo's footsteps and opens phantom customer accounts....


@SilverSmith wrote:

Did we discuss this yet? Media had been a bit quiet on this one but its a head scratcher.

Has the banking industry no shame? They should get baddies also and be made to only get secured overnight loans following a 7-10 day letter in the mail. Smiley LOL


A few months ago, shareholders were able to cast their vote on the company's board members. I voted to have Moynihan removed from the CEO position. While not the worst bank CEO in existence (Cit's Michael Corbat is IMO), Bank of America needs fresh leadership. 

 

With the tarnished reputation large banks have, BoA should be focusing on creating a positive enviornment for their customers. Charging a $3 fee for outgoing ACH transfers isn't the way to do that... That is why customers leave for credit unions. Now when people see stories like this, even more people will leave and reduce the company's profits; thus, shareholder return. 

Message 4 of 5
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Frequent Contributor

Re: BofA follows in Wells Fargo's footsteps and opens phantom customer accounts....

$3 ACH transfers??? Whoa... just scrapped a thought I had following that nugget.

08/2019:
12/2019:

~ This is Chess... It ain't Checkers!!! ~


Message 5 of 5
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