… teller transaction will put them into the red. In addition, the legislation would limit the number of overdraft fees to one a month, six times a year. But many banks are trying to jump ahead of the legislation, making changes to their overdraft protection policies while doing just enough to argue that new legislation is unnecessary while not cutting into the massive profits they make on overdraft fees.

The article said:

“Bank of America, Wachovia and JPMorgan Chase & Co. said they …

Tags: Bank of America Debit card JPMorgan Chase Overdraft Wells Fargo

Permalink: /job_loss_unemployment/putting-the-breaks-on-bank-overdraft-fees/

According to an article in the Star-Telegram, Bank of America has agreed to pay $7.46 million to over 3,000 Texans who lost their homes in foreclosure because of subprime mortgages issued by Countrywide Financial, which is now owned by Bank of America. Each household will receive approximately $2,330 in restitution as part of the settlement. Just enough money for first and last month’s rent on the rental they will never own no matter …

Permalink: /subprime-mortgages/bank-of-america-to-payout-millions-to-texans/

Bank of America Corp. announced in a letter to the Texas Workforce Commission that there will be 85 job losses at a Dallas call center. The job losses are just one of the many actions Bank of America is taking to streamline its operations and save itself financially and avoid bankruptcy.

As most know, Bank of America has received a sizable bailout fund; but I suspect this fund won’t be …

Permalink: /job_loss_unemployment/more-job-losses-this-time-its-bank-of-america/

According to an article in the Star-Telegram, Bank of America reported a $2.39 billion fourth-quarter loss after receiving a $20 billion bailout AGAIN from the Bush Administration.

The article said:

BofA cited rising credit costs, significant write downs and trading losses in its capital markets businesses amid the deepening economic recession. Merrill Lynch posted a loss of $15.31 billion, or $9.62 per share, for the period – …

Permalink: /breaking-news/bank-of-america-bailed-out-again/

… were entitled to 60 days notice according to their union contract. After negotiations and plenty of bad publicity, Bank of America has offered to loan money to the now defunct Republic Doors and Windows so that they can pay the laid off workers severance and holiday pay. Republic Doors and Windows said that they wanted to give the workers more notice including pay; but Bank of America refused to allow them to spend any more money and abruptly cut off their line of credit. The loans still …

Permalink: /job_loss_unemployment/bank-of-america-help-company-pay-laid-off-workers/

According to Money.com in December 2008, Bank of America will begin implementing the most aggressive foreclosure prevention effort ever created by any U.S. bank. To help save as many as 400,000 troubled borrowers from foreclosure, Bank of America will cut monthly housing payments to no more than 34% of gross income. There are no prepayment penalties or modification fees for borrowers in the program.

Who May Be Eligible For The …

Permalink: /loans-mortgages/bank-of-america-cuts-mortgage-payments/

Air America Radio, a radio network that was launched in 2004 was abruptly shut down after experiencing severe financial troubles.  The left leaning radio network, which owned 100 radio outlets nationwide, filed Chapter 7 bankruptcy so that it can be liquidated to repay creditors.

“The very difficult economic environment has had a significant impact on Air America’s business. This past year …

Tags: Air America Chapter 7 Bankruptcy Radio

Permalink: /chapter_7_bankruptcy/air-america-radio-files-chapter-7-bankruptcy/

When determining how to handle your bank account before bankruptcy, there are few things you need to consider.

Do you owe money at the same bank where you have a checking or savings account? Oftentimes, debtors considering bankruptcy bank and hold their mortgage at the same place.  Or, they have automatic payments coming out of their bank accounts for a credit card or car payment.  If that’s the case and …

Tags: Bank account Bankruptcy Checking Creditors Lawsuit

Permalink: /bankruptcy/handling-your-bank-account-before-bankruptcy/

… and credit crisis threatened to crush banks such as Goldman Sachs, JP Morgan, Morgan Stanley and Bank of America, the American taxpayer and the taxpayers of other countries rushed to their aid with bailouts.  In return, we have seen foreclosures increase, bankruptcies increase and consequently, banker bonuses have increased for “performance” during 2009.  As we have all suspected, the bank’s definition of good performance is radically different from the average American’s …

Tags: American International Group Bailout Bank of America France General Motors Goldman Sachs JPMorgan Chase Kenneth Feinberg Morgan Stanley UK United States

… on hold for 30 minutes—an hour or “accidentally” dropped the line?  What about the quality of information you receive about avoiding foreclosure?  Is it correct? Timely?  If not, it could be because the person you’re dealing with on the other end doesn’t have any experience working in the mortgage industry.  A Star-Telegram article pointed out that many of the workers recently employed by the mortgage industry have absolutely no experience in the banking industry and …

Tags: Bank Bank of America Mortgage modification

According to an article in the Star-Telegram, credit card lenders such as Bank of America, Chase and Discover have switched many credit card customers from fixed rate credit cards to variable rate credit cards ahead of the new credit card legislation that will limit the credit card industry’s ability to increase rates in the future. But in an effort to counteract the bad press received about their actions, several credit card companies have pledged to not increase …

Tags: Bank of America Credit card Interest rate JPMorgan Chase

Student loans are almost impossible to discharge in bankruptcy, with exception of undue hardship as most graduates who have fallen upon hard times have eventually discovered.  But according to an article in Inside Higher Education, legislators are now moving to consider altering the bankruptcy code to change the way private student loans are treated during bankruptcy.

A quick overview:  Private student loans are borrowed from private lenders such as Sallie Mae or Bank …

Tags: Bank of America Government Accountability Office Loan Student loan