Current Events > Bank of America accused of opening fake accounts and charging illegal junk fees

(+) Yeah! (+)

Again?

I think it was Wells Fargo before.

How do I get my money? I've been with Bank of America for a long time.

How do I get my money? I've been with Bank of America for a long time.

I think it was Wells Fargo before.

Yeah, Wells Fargo was the one who was caught doing this before.

and this is why we need bank regulations

The real problem is that fine-based punishment is only a punishment for the poor.

These motherfuckers need to be in jail and their company assets seized

They just keep doing it as all they get is just a small fine.

They just keep doing it as all they get is just a small fine.

We need prison time for these things.

You'll get your identify theft insurance for one year and like it.

exactly

its legal for the rich to break the law they just have to pay for it with some pocket change

In a just country Bank of America wouldn't be in business anymore.

It's ridiculous how pathetically low the fines are for these companies when they get caught doing this stuff. Bank of America's net income in 2022 was $26 billion. $100 million is less than half a percent of that. They're fine with doing this kind of shady stuff because there's not much risk in it for them even if they're caught.

You can't just shut down a bank. That would fuck over so many people.

Yeah, Wells Fargo was the one who was caught doing this before.

It's ridiculous how pathetically low the fines are for these companies when they get caught doing this stuff. Bank of America's net income in 2022 was $26 billion. $100 million is less than half a percent of that. They're fine with doing this kind of shady stuff because there's not much risk in it for them even if they're caught.

There's clearly an economic incentive if not a business imperative to engage in these practices. That's the real issue here, but that'll never be addressed because the real issue here is profit seeking under capitalism.

You can't just shut down a bank. That would fuck over so many people.

There been numerous stories on reddit about people working for BofA doing this and/or getting fired for refusing.

The real problem is that fine-based punishment is only a punishment for the poor.

These motherfuckers need to be in jail and their company assets seized

Isn't this something Well's Fargo is infamous for?

Man, the greed of these fucking banks just knows no bounds.

Why would anyone voluntarily use Wells Fargo or Bank of America?

Sounds like they're too big to fail and should be broken up anyway then. You could also nationalize them as already mentioned, and put their leadership in jail where they belong for fucking over consumers.

The fines just need to be crippling. Such as being forced to pay a 40 billion dollar fine.

Again?

So who's going to jail for stealing 80 million dollars from Americans?

This isn't the first time the bank has been penalized for conducting illegal practices. Bank of America shelled out $727 million to the CFPB in 2014 for illegally deceiving roughly 1.4 million customers through deceptive marketing products. The bank was also ordered to pay a $20 million civil money penalty for charging 1.9 million consumers for a credit monitoring and credit reporting services they never received, according to the CFPB.

The bank was also slapped with two other penalties in 2022 totaling $235 million: a $10 million civil penalty for unlawfully processing out-of-state garnishments--removing customer funds for debts--against customer bank accounts; a $225 million fine for automatically and unlawfully freezing customer accounts with a fraud detection program during the COVID-19 pandemic.