Bank of America

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.

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.

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.

BofA Plods Toward More Basics, Less Risk

Oct 16, 2013

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.

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.

BofA Trims Drive-Up Service In Some Branches

Aug 21, 2013
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.

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.

BofA Shareholders Get Folksy Welcome

May 8, 2013
Julie Rose / WFAE

Bank of America shareholders gathered for their annual meeting in Uptown Charlotte Wednesday morning.

Four years after the financial crisis, these meetings have settled into a familiar routine:  a few dozen protesters wave signs outside while activist investors control the microphone inside.  Today was no different, but the meeting did have a different atmosphere.

For the second largest bank in the country, this annual meeting sure got off on a folksy foot.

"Good morning!" called Bank of America board Chairman Chad Holliday to the crowd of about 250. 

Bank Of America Shareholders Approve Executive Pay

May 8, 2013

Bank of America held its annual shareholders' meeting in Charlotte today. CEO Brian Moynihan began the meeting highlighting the company's financial gains. He says the company has seen large growth in deposits and credit card accounts and has helped close to 2 million homeowners avoid foreclosure. He says internally, the company has been able to reduce costs to more quickly increase payouts for its shareholders.

Jennifer Lang

We've already established that Bank of America's 2008 acquisition of Countrywide was a costly move – and a mistake in the view of many. The Charlotte bank has spent tens of billions of dollars on settlements and losses tied to that mountain of messed-up mortgages. On Monday, Bank of America made some important progress.

Another day, another settlement - or really two,  in the case of Bank of America. And these are far from the last we'll expect to see.