Bank Of America
Friday, October 14, 2011
When Bank of America announced that they were introducing a new $5 monthly fee for debit cards many customers were outraged. One of those customers is 22-year-old Molly Katchpole. She started an online petition at Change.org. The petition reads: "The American people bailed out Bank of America during a financial crisis the banks helped create... You paid zero dollars in federal income last year. And now your bank is profiting, raking in $2 billion in profits last quarter alone. How can you justify squeezing another $60 a year from your debit card customers? This is despicable." According to Katchpole, more than 200 thousand people added their signature to her petition — and the bank took notice.
Thursday, October 06, 2011
Bank of America's decision to charge customers $5 per month to use debit cards has prompted many, including President Obama, to criticize the banking giant. Other large banks, including Chase, Wells Fargo, SunTrust, and HSBC, are following suit, with plans to charge their customers varying monthly debit card fees. This leaves many Americans wondering what steps they should take next, and where they should do their banking.
Wednesday, October 05, 2011
For millions of Americans, debit cards have become a free and easy way to make their purchases. Last week, Bank of America announced that starting next year, it will charge its customers $5 a month to use debit cards. Other banks have begun to follow suit — Wells Fargo and Chase are charging $3 monthly debit card fees, while SunTrust is also charging $5. President Obama has expressed his distaste with this decision, saying "My hope is that you're going to see a bunch of banks say to themselves, 'You know what? This is actually not good business practice.'"
Monday, October 03, 2011
Last week and today, we've been covering added charges for basic banking needs as well as the Wall St. protest movement that seems to be emerging. Tomorrow, we plan to speak to a person from a big bank — or at least, someone who represents their point of view. We want to ask them questions from listeners. What would you ask a representative of big banks?
Monday, October 03, 2011
Last week, Bank of America announced that it would begin imposing a $5 monthly fee for checking accounts that use debit cards. Other large banks are expected to follow suit. We asked listeners for their reactions to these new charges, and received many responses, including this from J.B. from Massachusetts:
I am a BofA customer and I am not happy about the fee. I use my debit card all the time instead of a credit card, but that will change based on principle. I wonder, how big were bonuses last year and how big will they be this year? I wish they would look inside BofA for ways to save. Maybe cutting back $1 million from the CFO would help the bottom line as well!
Friday, September 30, 2011
For years we've been moving away from using paper and coins to pay for goods, and toward a cashless society. Now many people use debit cards as a convenient way to shop. But news from the Bank of America yesterday could change the way people feel about that. The banking giant announced it would impose a new monthly fee of $5 for checking accounts that use debit cards. Other banks are likely to follow suit. Why are we seeing increased banking charges and what can consumers do about it?
Wednesday, September 14, 2011
Bank of America confirmed on Monday that it plans to cut at least 30,000 jobs from the company, and eliminate $5 billion in costs annually by 2014. The banking behemoth currently employs 288,000 people. The first group of employees to be eliminated will be those working in consumer banking operations, and home loans, technology and support operations.
Wednesday, August 31, 2011
Our partner, The New York Times, reported yesterday that Nevada's attorney general is asking a federal judge to throw out a settlement made between the state and Bank of America, claiming the bank violated the broad loan modification agreement it made with Nevada in 2008. If the judge throws the settlement out, Nevada would likely sue Bank of America.
Friday, August 26, 2011
Since the beginning of the year, Bank of America has lost more than half of its stock market value. Earlier this month, AIG sued the bank behemoth for alleged mortgage securities fraud, and just this past week the company laid off 3,500 workers. With more in mortgage holdings than any other bank, its future success is essentially tied to the state of the faltering housing market. But yesterday, Warren Buffett announced he's investing $5 billion in Bank of America. What's in store for the beleaguered company?
Friday, August 12, 2011
By Janet Babin : Economic Development Reporter, WNYC News
When Bank of America decided to buy troubled mortgage lender Countrywide Financial during the financial crisis of 2008, it many have underestimated the foreclosure costs that would come along with it.
Monday, August 08, 2011
In an exclusive story in The New York Times this morning, Wall Street and finance reporter Louise Story writes that the behemoth insurance company American International Group Inc. is going to sue Bank of America, claiming the banking institution provided false information on mortgage bonds to AIG and ratings agencies, which lead to losses of more than $10 billion.
Wednesday, June 29, 2011
Nicole Gelinas, contributing editor of the Manhattan Institute's City Journal and author of After the Fall: Saving Capitalism from Wall Street and Washington, and Simon Johnson, former chief economist of the International Monetary Fund and co-founder of the blog The Baseline Scenario, discuss some of the big economic stories in today's news. The Fed's program known as QE2 is coming to an end -- did it work? Bank of America is planning to pay $14 billion back to investors who lost money on mortgage deals gone bad -- is it enough? And what's going on in Greece, exactly?
Wednesday, June 29, 2011
By Alec Hamilton : Assistant Producer, WNYC News
— Nicole Gelinas, contributing editor of the Manhattan Institute's City Journal and author of After the Fall: Saving Capitalism from Wall Street and Washington, on The Brian Lehrer Show.
Wednesday, May 18, 2011
It was not something that one or two banks was doing, so I think you're going to find that the probe will probably expand to all firms that were large in the area of securitizing mortgage loans and selling them to investors...If prosecutors have been holding back on bringing charges, some of these lawsuits and the discovery and material coming out in them can be very helpful in making a case.
— Gretchen Morgenson, business writer for the New York Times, on The Brian Lehrer Show.
Monday, October 11, 2010
Kerry Nolan and NYT correspondent David Sanger talk about a new call for a moratorium on foreclosures. Also, they discuss why the National Security Advisor is being replaced so quickly.