The discontinuance of new mortgage loans by BofA is in response to an ongoing dispute over the expenses on defective mortgages and Fannie Mae’s position on repurchases, reports say.
It’s rare that a novice credit union member signs up for his or her CU’s credit card right off the bat. The first account is usually a savings or share account, often followed by a checking account for the debit card. Sometimes if there is an indirect lending program, new...
Three months after the backlash grew when Bank of America attempted to levy a monthly debit card usage fee to spawn Bank Transfer Day, the financial institution is not saying whether the nationwide effort had an impact on any account closures.
BofA is not releasing any details on whether it experienced any account closures during the fourth quarter or around BTD.
Bank of America is calling recent reports that it is cutting or closing the credit lines for all of its small business clients "speculation."
A failed attempt to charge a monthly debit usage fee contributed to Bank of America being ranked last in a customer satisfaction index.
Bank of America made official last week what many anticipated when a spokesperson acknowledged that it will no longer issue credit cards in agent relationships with credit unions and smaller banks.
The bank has stopped issuing credit cards with between roughly 40 and 50 credit unions.
Credit unions which currently issue cards with Bank of America have also been told that their contracts will not be renewed after they expire.
Bank of America alone is in danger of losing 10.3% of its retail customers over the next 12 months, study says.