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catmama47
81 Posts |
 Posted - 11/09/2011 : 07:08:03 AM
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One of the most recent things that I heard about Bank of America is that several Orange County Loan Officers have left, found jobs at other financial institutions.
I had also heard that B of A is letting some 30,000 employees go, bank branches closing.
However, on a positive note regarding B of A, I'm thrilled that they chose not to do a $5 monthly service charge on the ATM card.
That was a very smart move on their end.
What I'm seeing is that most merchants are now charging their customers to use their ATM Debit cards. All you need to do is drive around, look at gas prices and you will see that. Most of them are "highway robbers" Arco is smart, they charge a very nominal 35 cent fee.
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jbelmont
California
3106 Posts |
Posted - 10/10/2011 : 11:51:21 AM
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I think that Bank of America was very stable for a long time, and then reduced their stable position by taking on other people's problems. To me, the value of a business is how well they can stay rock solid when others are floundering. I wonder what Warren Buffet has to say about the whole banking mess?
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Lee-AR
Arkansas
678 Posts |
Posted - 10/09/2011 : 4:07:47 PM
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Most of what you're hearing is correct. (Stupid, but correct.)
Banks are the ones who pushed using debit cards because it's way cheaper for them to handle than a check. Now (in BofA's case) because they willingly took on Countrywide's mess and undoubtedly are hurting, they're just gonna try to pass on some of the pain to people who didn't cause the problem. I also haven't seen a single credit card reduce their interest rate, so that's horsefeathers.
They are shutting down broker-generated mortgages, not in-house. Really not sure about that re BofA, but that's what Wells Fargo has done.
Believe Citi is toying with the debit card charge idea, but haven't (last I heard) actually done it.
As to what is happening? Near as I can figure is Banks got very used to the champagne and don't want just beer anymore.
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jbelmont
California
3106 Posts |
Posted - 10/08/2011 : 2:58:31 PM
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I am hearing all types of rumors about B of A. I am hearing that there will be new laws making reducing the amounts that companies can charge as interest and fees on credit cards. So, I hear that many banks will try to charge more for debit cards to make up the loss.
I am hearing that Bank of America is having a lot of financial trouble and might not make it.
I also heard that Bank of America is shutting down their mortgage department?
Citibank is going to charge $20 a month for some of their checking account holders.
What is happening in the world of finance?
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