Bank of America

Local News
2:50 am
Mon April 28, 2014

Bank Of America Suspends Dividend Increase After Misreporting To Fed

Credit Julie Rose / WFAE

Bank of America has suspended its planned dividend increase, after the Federal Reserve found problems in data the bank reported during its most recent stress test.

Read more
Local News
4:11 pm
Mon February 10, 2014

Former BofA Executive Pleads Guilty To Fraud Conspiracy

A former Bank of America executive has pleaded guilty for his part in a conspiracy and fraud involving investment contracts stemming from the proceeds of municipal bonds. 

Read more
1:09 pm
Thu January 30, 2014

Feds Seeking $2.1B From Bank Of America

Credit Jennifer Lang / WFAE

The U.S. Attorney General’s office is seeking to more than double the fines Bank of America faces for fraudulent mortgages that helped lead to the financial crisis.

The federal government is asking for $2.1 billion in damages, the total amount it says Bank of America’s Countrywide unit received for its defective loans from Fannie Mae and Freddie Mac in 2007 and 2008. The new number is a substantial increase from the $863 million plaintiffs had sought, representing the amount they say Fannie and Freddie lost from the loans in 2007 and 2008.

Read more
Local News
4:43 pm
Wed January 29, 2014

Bank Of America Backs Incubator Program For Financial Tech Startups

Charlotte business incubator Packard Place is launching a new program for financial tech startups. Its goal is to find innovative technologies for all aspects of the financial services industry, from consumer banking to corporate finance. WFAE’s Duncan McFadyen reports Bank of America has signed on as the program’s top sponsor.

Read more
2:13 pm
Wed January 15, 2014

Bank Of America Profits By Reducing Expenses

Credit Jennifer Lang / WFAE

Bank of America shares jumped almost 2 percent overnight, up to over $17 a share, as the company announced better-than-expected profits in its fourth quarter.

Read more
Charlotte Observer
4:32 pm
Tue December 10, 2013

Bank Of America Lowest Among Peers In Customer Satisfaction Index

Bank of America remains in last place among big banks in a widely watched measure of customer satisfaction, and is the only one that has yet to return to the higher scores it earned before the financial crisis.

The results mark the third year in a row Bank of America has held the dubious distrinction of being at the bottom of the American Customer Satisfaction Index rankings of the four largest commercial banks.

Read more
Local News
12:27 pm
Wed October 16, 2013

BofA Plods Toward More Basics, Less Risk

Bank of America continues its steady plod toward a more boring future focused on banking basics, rather than the risky behaviors that drove profits during the high-flying years.

Read more
Technology & Digital Life
10:04 am
Wed October 9, 2013

Banks Get Closer To An Actual, 'Automated Teller'

Bank of America's new ATM allows a virtual teller to speak with the user.
Credit Ben Bradford / WFAE

ATMs first appeared on street corners more than four decades ago and their basic function has remained relatively the same since.

“It’s like a bank that never closes,” a commercial for United California Bank announced in the 1980s, when ATMs were growing more common. “It makes your life a little easier, because anytime, any day of the year, it takes deposits and gives you cash.”

But to save on cost and attract a younger, plugged-in generation of customers, banks are finding new uses for the ATM that will change how we get our money.

Read more
Local News
5:00 pm
Wed August 21, 2013

BofA Trims Drive-Up Service In Some Branches

Bank of America is eliminating drive-up teller service at six branches in the Charlotte region.
Credit Sue Waters / Flickr

Bank of America is eliminating drive-through teller service at some of its branches across the country – including six locations in the Charlotte region.

  A bank spokeswoman says the decision was made in locations where use was low. Drive up ATMS will still be available at those branches.  Retail banking analyst Will Weidman, vice president of Applied Predictive Technologies, says banks are trying find a balance between traditional services like drive-through windows and new technologies that let people bank from home and on mobile devices.

Read more
Local News
12:16 pm
Wed August 7, 2013

U.S. Justice Department Sues Bank Of America Over Mortgage-Backed Securities

Bank of America sign.
Credit MoneyBlogNewz / Flickr

The U.S. Justice Department is suing Bank of America for allegedly misleading investors who bought some $850 million of mortgage-backed securities, bonds that are backed by a huge pool of mortgage loans. The government is accusing the country’s second-largest lender of hiding information about how risky some of the loans were.

Read more