Posts tagged as:

Bank of America

Attorney Refuses to Pay Bank of America Credit Card Debt

January 20, 2010

California attorney Ben Pavone refuses to pay his credit card debt until Bank of America lowers his interest rate. Pavone has also threatened to sue Bank of America if they try and ruin his credit because of his non-payment.
Pavone asked BOA for an increased credit limit a few months ago, when he needed the extra [...]

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Judge Blasts Bank of America in SEC Trial

January 14, 2010

Note to banks accused of misleading investors: hypocritical defenses will not fly.
Bank of America told its investors that it would not pay bonuses to Merrill Lynch executives as part of the merger. At the same time, BOA authorized Merrill Lynch to pay up to $5.8 billion in discretionary year-end bonuses; $3.6 billion in bonuses were [...]

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Credit Card Companies Make it Hurt Before New Laws

December 10, 2009

Despite the new credit card laws go into effect in February, credit card companies are putting the financial hurt on customers.
According to a report from Safe Credit Card Project:

99.7% of bank cards allowed card issuers to boost rates on outstanding balances.
90% of bank cards increased their penalty rates.
Interest rates jumped an average of 20% from [...]

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Practical Effects of NAF’s Exit From Arbitration

September 9, 2009

National Arbitration Forum’s recent withdrawal from consumer arbitrations has cast a dark shadow on the use of arbitration as an alternative dispute resolution process and created ripples throughout the system.
For example, Bank of America has dropped its arbitration requirement for all consumer transactions. Undoubtedly, this was a reactionary move to NAF’s withdrawal—Bank of America realized [...]

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Bank of America Drops Mandatory Arbitration Clause

August 13, 2009

Bank of America just announced that it will no longer require consumers to arbitrate disputes concerning credit cards and other consumer accounts. Great news! The collapse of pre-dispute, mandatory binding arbitration continues. Hopefully other credit grantors will follow suit.
Bank of America ends arbitration of card disputes | Reuters

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Banks making (more) predatory loans with taxpayers money

April 14, 2009

Citibank, U.S. Bank, Bank of America, Wells Fargo, and Pacific Capital Bancorp have been called out by the Congressional Oversight Panel for using taxpayer money to turn around and rip off taxpayers.
Essentially, taxpayers end up paying twice: once to the government, once to the banks.
Bailed-Out Banks Face Probe Over Fee Hikes | WSJ (via Consumerist)
(photo: [...]

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Creditors willing to haggle with debtors in tough economic times

January 6, 2009

In anticipation of an increase in economic and credit turmoil, creditors and debt collectors are racing to collect as much as possible from their debtors and to minimize future losses. While many banks are cutting credit lines, raising fees, and reducing lending, creditors are also giving debt collectors more latitude to work with debtors in [...]

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Credit card insiders speak out against abusive practices

September 24, 2008

Earlier this year, former employees of MBNA and Bank of America contacted AFFIL looking for a way to speak out about disturbing sales practices they were trained to use as employees. Their stories confirm what we’ve long suspected: that credit card companies extend credit to those who can’t afford it, and engage in [...]

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Bank Of America Lets Identity Thief Withdraw $40,000 In A Single Day

July 27, 2008

Bank Of American Lets Identity Thief Withdraw $40,000 In A Single Day | Consumerist

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Angry Consumers Flood Federal Reserve Board with Complaints

July 1, 2008

Press release from Americans for Fairness in Lending. Full release after the jump (it is not yet up on AFFIL’s website, so I cannot link to it).

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Bank of America to pay two Countrywide execs $19 million for running company, economy into the ground

March 30, 2008

In an odd sort of thank-you note, Bank of American will give two top Countrywide executives, CEO Angelo Mozilo (pictured) and President David Sambol, $19 million in stocks. Bank of America took over Countrywide, the company made famous by writing loans all but guaranteed to fail. Countrywide’s loose lending habits were a significant contribution to [...]

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BoA execs singing bastardized version of U2’s “One”

February 6, 2008

Warning: the following video may make you want to vomit.

Choice quotes:

“Pick a card that shows your heart and your pride.”
“We’ll make lots of money forever, I can sing.”

Whiskey. Tango. Foxtrot.

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