The people were heard. Bank of America has announce that they will follow Wells Fargo and Chase Bank and not charge their customers a $5.00 fee a month to use their debit card. After months of bad press and threats from customers that they would move their accounts to other banks, including smaller [...]
Browsing the archives for the News category
1 Nov 11
29 Oct 11
In a reversal of policy, Chase and Wells Fargo announced that they will not charge their customers for using their debit cards. The retail banking arm of JP Morgan Chase will stop charging customers a $3 a month fee for using debit cards. Chase which operates in 23 states along with Wells Fargo [...]
Posted in Bank of America, Chase, News, Wells Fargo
13 Oct 11
When it comes to buying your first home, one of the most important thing is qualifying for the mortgage for your real estate property. Banks focus on what is called your “debt-to-income” ratio. Debt to Income ratio is the percentage of your gross monthly income, before taxes, that you spend on debt. [...]
Posted in Information, Lending, News
5 Feb 11
Bank of America has agreed to pay $410 million dollars to settle a federal lawsuit alleging the company charged excessive overdraft fees against it customers. The law suit was a combination of several lawsuits filed in 14 different states, all consolidated into one federal case in Florida. Other banks involved in the suit [...]
Posted in Bank of America, Citibank, News, Wells Fargo
5 Jan 11
According to the AP, Bank of America is going to run a pilot program in three states that will allow its customer menu of checking accounts with a variety of fee options. The testing will be done in Georgia, Massachusetts and Arizona. The test includes ways to avoid fees by linking multiple accounts, credit [...]
Posted in Bank of America, Information, News
17 Dec 10
The state of Arizona is alleging that Bank of America Corp. violated consumer fraud law by misleading consumers trying to get home loan modifications.
The bank also violated the terms of a 2009 consent agreement it signed requiring the bank’s Countrywide mortgage subsidiary to implement a loan modification program, According to the Attorney General office.
Hundreds [...]
Posted in Bank of America, News
17 Dec 10
The Bank of Montreal announced today that they will be acquiring Marshall & Ilsley Corp, headquarters in Milwaukee, for $4.1 billion in stock to rescue the distressed US Bank.
Posted in News
3 Oct 10
Bank of America is delaying foreclosures in 23 states as it examines whether it rushed the foreclosure process for thousands of homeowners without reading the documents. The move adds the nation’s largest bank to a growing list of mortgage companies whose employees signed documents in foreclosure cases without verifying the information in them.
Bank of [...]
Posted in Bank of America, Information, Lending, News
11 Aug 10
A California federal judge ordered Wells Fargo to change what he called “unfair and deceptive business practices” that led customers into paying multiple overdraft fees, and to pay $203 million back to customers.
Wells Fargo adopted the policies beginning in 2001, and they became widespread across the banking industry. It is unclear how the ruling would [...]
Posted in Information, News, Wells Fargo
31 Jul 10
According to the AP, President Barack Obama is going after Senate Republicans who have stymied his proposal to create a $30 billion fund to help unfreeze lending for credit-starved small businesses.
Obama made clear that it’s not only a policy disagreement, but a reason for voters to steer away from Republicans in November’s pivotal Congressional elections, [...]
Posted in Information, Lending, News
