bank of america

Banks Drop Fees for Hurricane Sandy Victims

With much of the northeastern United States either hunkered down for Hurricane Sandy or evacuating to higher ground, two of the nation's largest banks have given consumers breaks on fees until the storm passes.

U.S. Sues Bank of America for $1 Billion for Mortgage Fraud

The top federal prosecutor in Manhattan says he's suing Bank of America for $1 billion for mortgage fraud against Fannie Mae and Freddie Mac. U.S. Attorney Preet Bharara says Countrywide had procedures designed to process loans at high speed and generated thousands of fraudulent loans.

Is Prepaid the Future of Plastic? Fee-Hungry Banks Hope So

There's a new wave of plastic filling the middle ground between credit cards and debit cards: refillable cards -- or prepaid cards -- that act like a hybrid of both. They're an attractive option for consumers -- and a convenient way for banks to sidestep recent consumer protection laws.

Bank of America Beats the Street with a Narrow Profit

Bank of America said Wednesday that it narrowly turned a profit from July through September, good enough to beat Wall Street expectations. The bank earned $340 million in the quarter, which works out to a fraction of a penny per share. But financial analysts expected an 11-cent loss.

Vikram Pandit Quits as Citigroup CEO

Vikram Pandit abruptly stepped down as CEO of Citigroup on Tuesday after steering the bank through the 2008 financial crisis and the choppy years that followed. Also resigning: President and Chief Operating Officer John Havens. Citigroup offered no explanation for the sudden departures.

How High Credit Card Rates Could Be Good News for You

Despite ultra-low mortgage and savings interest rates, the average credit card rate is still high, and has barely budged over the past year. That's not so lucky for you as a spender -- but it could guide you to a windfall as an investor.

B of A to Pay $2.43 Billion to End Lawsuit Over Merrill Lynch

Bank of America has agreed to pay $2.43 billion to settle a class-action shareholder lawsuit related to its acquisition of Merrill Lynch. Plaintiffs alleged that Bank of America and some of its officers made false or misleading statements about both companies' financial health ahead of the deal.

US Court Revives Mortgage Debt Class-Action vs. Goldman

Thursday's decision by the 2nd U.S. Circuit Court of Appeals in New York could subject banks to a wider array of claims by mortgage securities investors, by letting them sue over securities in which they did not specifically invest themselves.

Should the 'Already Banked' Consider Prepaid Debit Cards?

Seems like every big bank has started offering prepaid debit cards, giving people without bank accounts a way to pay with plastic. Now, smaller bank Kaiku Finance is launching the "Kaiku Card" -- and it's hoping that regular customers will slip its prepaid cards into their wallets too.

Why Your Credit Card Needs an International Upgrade: The EMV Chip

When you're traveling abroad, the last thing you might be worried about is whether your credit card will speak the native language, but because U.S. cards lack a certain key bit of technology, many times, they won't. But in some cases, that will soon be changing.

What to Do When Your Bank Branch Closes

In the past year, more than 750 bank branches in the U.S. have closed. If yours is the next one to shut its doors, there are things you need to think about -- even if you rarely set foot inside.

9 Great American Companies That Will Never Recover

Sometimes, companies that were once leaders fall hopelessly behind. They may struggle on for years, but their chances to engineer turnarounds have passed. 24/7 Wall St. has found nine of these companies -- names you know well, but that will never be great again.

Countrywide Bank Won Influence with Discount Loans to VIPs: Report

The former Countrywide Financial Corp., whose subprime loans helped start the foreclosure crisis, made hundreds of discount loans to buy influence with members of Congress, congressional staff, top government officials and executives of Fannie Mae, according to a House report.

Your Smartphone's Camera Will Revolutionize How You Bank

It's call remote deposit capture technology: Snap a smartphone picture of a check, and deposit it electronically. And while only 3% of banking customers use it now, it could be the killer app that lures most of us into online banking.

Global Woes Hold Only 'Modest Contagion' Risk for U.S. Banks

A "modest contagion" for financial stocks "should allow domestically focused financial stocks to stabilize in the coming weeks," despite the JPMorgan Chase trading mess and the "deteriorating conditions in Europe, according to KBW analyst Fred Cannon.

Bank of America Bad-Loan Provisions at 2007 Level

Because Bank of America serves about half the nation's households, the results could be seen as a statement about the progress Americans have made in managing their household finances, saving more and paying back debt.

The Worst Company in America: It's Not a Bank or a Retailer

After a March Madness-like five-round poll, the Consumerist.com voters have picked the worst company in the country. And you may be surprised by which one beat out such hated corporate heavyweights as Bank of America, AT&T and Walmart.

Brokerage Credit Cards: Can One Boost Your Portfolio?

It's easy to understand the allure of brokerage credit cards. They're cash-back cards that route the the kickbacks into a brokerage account for capital appreciation. Free money creating more free money: What could possibly go wrong?