bofa
New York (AFP) - US regulators ordered Bank of America to pay $250 million in fines and restitution for unfair fees and other banking violations that harmed consumers, authorities said Tuesday. Bank of America "double-dipped" on fees on customers for holding insufficient funds, repeatedly charging them a $35 penalty for the same transaction, said the Consumer Financial Protection Bureau. The US bank also withheld promised cash and points to consumers who signed up for credit cards, the CFPB said. In a third violation listed by the agency, Bank of America employees illegally applied for and enr...
AFP
New York (AFP) - Despite mounting worries over inflation, just-released bank earnings painted a resilient picture of the US economy and consumer, generating talk that any recession might be milder than earlier downturns. Reports from six US banking giants showed a significant drop in profits from the heady year-ago period, with most of the group establishing fresh provisions in case of defaults. Executives expressed caution about what's to come in light of the growing hit from higher gasoline and food prices, along with the burden of increased lending costs following several Federal Reserve in...
AFP
New York (AFP) - Two US agencies fined Bank of America a total of $225 million on charges it wrongfully froze unemployment and other public benefit programs at the height of the Covid-19 pandemic. The Consumer Financial Protection Bureau imposed a $100 million penalty on Bank of America (BofA) for "botching" the disbursement of state unemployment programs during Covid-19, the agency said. "Bank of America (BofA) automatically and unlawfully froze people's accounts with a faulty fraud detection program, and then gave them little recourse when there was, in fact, no fraud," the agency said in a ...
AFP
New York (AFP) - Bank of America announced plans to lift its minimum wage to $25 an hour and said Tuesday it is requiring US vendors to pay employees at least $15 an hour. The salary hike for employees will take place by 2025, the company said. In March 2020, the giant US bank lifted its minimum wage to $20 an hour from $17 an hour. "A core tenet of responsible growth is our commitment to being a great place to work which means investing in the people who serve our clients," said Sheri Bronstein, chief human resources officer. "That includes providing strong pay and competitive benefits to he...
AFP
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