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Bank of America

Ironically, For-Profit College Gets a Loan Mod from Bank of America

Adam Rust's picture

Posted October 17, 2014

Rather than declare Corinthian Colleges, Inc. to be in default on their loan, Bank of America has formally announced that they will give the for-profit school more time to make up for their missed payments. Ironic, it seems, as a recent report says that some servicers of private student loans demand immediate and full repayment upon default of student loan debt.

Bank of America Hops Across the Blurry Line between Prepaid and Checkless Checking

Adam Rust's picture

Posted March 13, 2014

Instead of building a new Durbin-exempt prepaid debit card, Bank of America is creating a checkless checking account that is almost the same thing.  The best points of comparison to B of A's  Safe Balance are products like Liquid or GoBank.

As the name implies, deposits in a Safe Balance account are "safe" from overdraft fees. By itself, this is nothing new.

Bank of America Hints at Plans to Exit Payday Lending

Adam R.'s picture

Posted December 18, 2013

Bank of America may be on the verge of implementing plans to divest from its investments in payday lenders. 

A report in yesterday's Charlotte Observer seems to indicate that this decision may have been made internally in the last few months.

Bank of America said in a statement that it has not “pursued new credit relationships in the payday lending industry” for several years, and it made the decision earlier this year to get out of that line of business entirely. The bank said it is ending its current relationships with such companies over time.

Bank Notes: Advance America, Bank of America

Adam Rust's picture

Posted April 3, 2012

Advance America takes next step with sale to Grupo Elektra, SA: Advance America reported that the 45-day "go-shop" period, a regulatory procedure whereby a company offers to hear alternative purchase proposals, had passed without the reception of other bids.

Bank of America may be selling invalid debts to collectors: American Banker reports

A Short Review of Checking Account Disclosures

Adam Rust's picture

Posted March 2, 2012

The Consumer Financial Protection Bureau is clear about its intent to pay attention to how financial products are represented to the public.

"On transparency and disclosure," says Richard Cordray, "a key insight here is that more disclosures don't always make things better. As it accumulates, there can be so much dense, fine print that it can actually make things much worse. Consumers find it hard to penetrate, and they often will not read it. That's a concern, and that's why we're trying to make things more transparent, simpler and clearer with our "Know Before You Owe" project."

Here is a simple page count of the disclosures that accompany basic checking accounts at some of the big banks.

Wells Fargo: 86 pages

Bank of America Renews Line of Credit with Buy-Here-Pay-Here Dealer

Adam Rust's picture

Posted February 8, 2012

Even as reports continue to show that getting a mortgage loan at Bank of America is difficult for many people, SEC filings show that the Charlotte bank has no problem extending financing to firms that do offer high-cost loans.

A recent example is the loan arranged by Bank of America for America's Car Mart last October. Bank of America

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