Only A Third Of Bank ATMs Using Windows XP Have Upgraded Ahead Of April 8 Deadline

Only A Third Of Bank ATMs Using Windows XP Have Upgraded Ahead Of April 8 Deadline

Banks all over the world have known since 2007 that Microsoft would stop support for ATMs running Windows XP on April 8 of this year, but with that deadline looming, only one-third of those 2.2 million machines have upgraded their outdated software. [More]

(frankieleon)

Prosecutors May Seek Larger Penalty For Countrywide Exec Behind “Hustle” Scam

Last fall, Bank of America and former Countrywide executive Rebecca Mairone were found liable in federal court over a Countrywide scam that had bilked bailed-out mortgage-backers Fannie Mae and Freddie Mac out of piles of cash by selling them worthless mortgages. Mairone was originally expected to face a $1.1 million penalty, but that was before she got a big bonus from her new gig. [More]

(laverrue)

Bank Of America’s New Debit Card Charges $5/Month For Something That Is Free On All Accounts

Bank of America is in the news because it’s testing a new debit card that won’t let customers overdraft. For that privilege, cardholders will pay a $4.95/month fee and they won’t be able to write paper checks. Thing is, anyone with a bank account can turn off overdraft protection without being required to pay a fee. [More]

Bank Of America’s Compliance With Federal Mortgage Program Being Investigated

Bank Of America’s Compliance With Federal Mortgage Program Being Investigated

While it’s still settling multibillion-dollar tabs tied to the mortgage meltdown, Bank of America continues to face new legal and regulatory pressure. Yesterday, the bank revealed that it is being investigated by federal authorities to see whether it has complied with a program aimed to ease the mortgage-lending process. [More]

(frankieleon)

Bank Of America Customer Battles $245 In Cascading Overdrafts, Wins

We don’t want to admit it, but most of us have done it before. We’ve misjudged how much money was in our checking accounts, leading to a cascade of overdraft fees. It happened to Bob: he used his Bank of America debit card for each transaction during a night out and was hit with a total of $245 in fees. Sure, he could have taken the fees as an expensive lesson, but he chose to fight back instead. [More]

Bank Of America Addresses Junk Mail To “Lisa Is A Slut”

Bank Of America Addresses Junk Mail To “Lisa Is A Slut”

Only a couple weeks after OfficeMax sent out some junk mail addressed to “Daughter Killed in Car Crash,” a California woman says a mailing from Bank of America showed up at her mother’s home with her name printed as “Lisa Is A Slut” McIntire. [More]

More Than 2 Years Later, Court Finally Signs Off On $8.5 Billion Settlement… Sort Of

More Than 2 Years Later, Court Finally Signs Off On $8.5 Billion Settlement… Sort Of

In June 2011, Bank of America reached an $8.5 billion settlement deal with 22 groups of investors who had been misled into sinking their money into securities that they didn’t know were backed by worthless home mortgages. Today, more than two-and-a-half years later, it appears that this matter may be nearing an end, but maybe not. [More]

U.S. Wants To Add $1.23 Billion To Bank Of America’s Tab For Countrywide Scam

U.S. Wants To Add $1.23 Billion To Bank Of America’s Tab For Countrywide Scam

Back in October, a federal jury found Bank of America liable for a Countrywide Financial program that deliberately sold piles of worthless loans to Fannie Mae and Freddie Mac before the housing bubble went kaflooey. At the time, prosecutors had only sought $864 million in penalties, but now the Justice Dept. claims that number should be $2.1 billion. [More]

Capital One Is The Most Complained-About Credit Card Company

Capital One Is The Most Complained-About Credit Card Company

Since the Consumer Financial Protection Bureau opened its credit card complaint portal in Sept. 2010, more than 25,000 complaints have been filed with the CFPB. And while the 10 largest credit card issuers account for 93% of all those complaints, one company is responsible for more than 1-in-5 of all complaints filed with the Bureau: Capital One. [More]

Get Ready For A Flood Of Credit Card Offers From Your Bank

Get Ready For A Flood Of Credit Card Offers From Your Bank

The recession years had one pleasant side effect — a drop in the number of credit card offers filling consumers’ mailboxes. But now that all the banks have learned their lessons and will never again lend out money to people who won’t pay it back, they are once again ramping up the credit card offers. [More]

Banks Working With HELOC Borrowers To Prevent Potential Loan-Default Disaster Before It Happens

Banks Working With HELOC Borrowers To Prevent Potential Loan-Default Disaster Before It Happens

The housing bubble that imploded spectacularly in 2008, taking a big chunk of the U.S. economy with it, has a second wave waiting to strike in the form home equity lines of credit (HELOCs). Having learned from the lesson that preventing a disaster rather than recovering from one might, in fact, be a better way to go, lenders — at the urging of regulators — are now working proactively with borrowers to stave off potential doom before it happens. [More]

The 10 Colleges That Received The Biggest Payouts From Credit Card Issuers Last Year

The 10 Colleges That Received The Biggest Payouts From Credit Card Issuers Last Year

Last year, a group of around 15 credit card issuers paid a total of more than $50 million to various schools and school-affiliated organizations in order to market credit cards to people at those educational institutions. Around 70% of that money came from a single Bank of America-owned credit card company, and though hundreds of schools received some sort of payment for helping introduce cards to college students, just the 10 largest single payments account for nearly 30% of the $50 million. [More]

This Bank Customer Satisfaction Chart Is A Sad Reminder Of Rampant Consolidation

(source: ACSI)

Maybe last week’s news that there are now fewer banks in the U.S. than ever before didn’t bother you. But here’s a chart of historic customer satisfaction scores that stands as a reminder of how so many banks have been absorbed into larger banking Voltrons in just the last two decades. [More]

(brokentrinkets)

Number Of U.S. Banks Hits Record Low

Back in 1985, there were around 18,000 different federally insured banks operating in the U.S. But in the nearly three decades since, numerous failures and mass consolidation has left us with around 38% of that 1985 number, meaning Americans now have the fewest banking options since the federal government began tracking these stats back in 1934. [More]

Fulfilling That ‘Banker Bro’ Stereotype In Job-Hunting E-mails Is A Bad Idea

Fulfilling That ‘Banker Bro’ Stereotype In Job-Hunting E-mails Is A Bad Idea

It’s one thing (though still obnoxious) to be a brash, backstabbing alpha male when you’re out on the town with business associates. It’s another for a job applicant to be so dimwitted as to put that same arrogant attitude into an e-mail and assume it’s not going to be forwarded around, and probably end up on the smartphone screen of the very people you’re insulting. [More]

Bank Of America Accused Of Neglecting Foreclosures In Non-White Neighborhoods

Bank Of America Accused Of Neglecting Foreclosures In Non-White Neighborhoods

In 2012, a National Fair Housing Alliance survey of bank-owned properties in nine metro areas found that those buildings in predominantly white neighborhoods were more likely to be properly maintained by the bank while those homes in non-white parts of town were often being allowed to fall into disrepair, driving property values down for neighbors and causing public health and safety concerns. Since then, the NFHA has filed a federal discrimination complaint against the bank for what it alleges are violations of the Fair Housing Act. [More]

(David Blackwell)

Bank Of America Caught Refusing Mortgages To Women On Maternity Leave

Compared to $40 billion-plus in penalties, settlements, adjustments, and legal fees Bank of America has already racked up because it flat-out stinks at servicing home loans, a $45,000 payment split between two couples is a molecule in a drop of water in the bucket. But this story, in which BofA decided that pregnant homeowners were too big a risk for mortgage refinancing, is a good reminder of consumers’ rights under the law and of BofA’s general incompetence. [More]

Safe Deposit Key Refund Zombifies Bank Of America Account

Safe Deposit Key Refund Zombifies Bank Of America Account

It’s the end of the day, so let’s all gather around the soft glow of our monitors and tell spooky stories. I’ll start. Not that long ago, an ordinary consumer had a terrifying experience. He laid his Bank of America account to rest last August, never imagining that it would rise from the dead to eat his brains wallet. [More]