In 2010, Bank of America was forced to begin paying back federal and state authorities millions (over $140 milion, actually) for illegally reallocating funds collected from municipal bonds used for schools, libraries, hospitals and other local and state organizations.
Also in 2010, Bank of America’s former CEO, Ken Lewis steps down after forgoing a salary or bonus in 2009, a suggestion made by the US Treasury’s salary czar, Kenneth Feinberg. However, in Lewis’ time at BOA since 2001, he had taken home $148.8 million in cash and stock sales, with more than $135 million in retirement benefits, including the pension, and $10 million in life insurance benefits.
In September 2011, Bank of America earns a honking $57.5 billion dollar lawsuit for duping unknowing and underqualified Americans into buying mortgage-backed securities.
In October 2011, Bank of America has to retract plans to implement a foolish and idiotic five dollar monthly debit purchase fee after customers expressed utter outrage and dismay. The fee was originally intended to gather revenue lost in other areas.
The thought of a financial service corporation as large as BOA — they serve 80% of the American population — trying to squeeze additional revenue from horribly bruised customers is downright sickening. Federal financial institutions are supposed to uphold a customer’s best interests, not increasingly compromise or squander them. These are the hard-earned dollars of real individuals who look to these holding institutions to safeguard their money. This is water, BOA, get with the picture.
I am so incredibly glad this rotten and corrupt bank did not get away with their inane monthly debit fee today and I have never been more happy to be an NCUA credit union member.