Bank of America

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. 

BofA Stock "Most Improved" For 2012

Jan 1, 2013

One of North Carolina's most publicly-criticized companies also saw the biggest improvement in stock price during 2012.   

Bank of America's stock ended the year at $11.61 a share, which is more than double its starting price in 2012.  

Keep in mind, of course, that five years ago BofA was trading around $40 a share, so there's a good distance to go if a full rebound is in the cards.

U.S. Sues BofA For $1 Billion For Mortgage Fraud

Oct 24, 2012
Jennifer Lang / WFAE

Federal prosecutors in Manhattan sued Bank of America for $1 billion on Wednesday, alleging the bank defrauded government-sponsored mortgage giants Fannie Mae and Freddie Mac.

The lawsuit is the latest legal mire for the Charlotte-based bank, which has already agreed to pay billions of dollars to resolve other lawsuits.

DNC Fundraisers Came Up $12.5M Short

Oct 18, 2012

The Charlotte host committee of the DNC has revealed it came up $12.5 million short of its fundraising goal for the convention and was forced to tap a line of credit guaranteed by Duke Energy. 

WFAE's Julie Rose has been pouring through documents filed with the Federal Election Commission late last night and joins All Things Considered Host Mark Rumsey to share some analysis.

BofA Gets Praise From Housing Counselors

Oct 15, 2012
Julie Rose

When Bank of America announces quarterly earnings this week, foreclosures and defaulting loans will once again be a key part of the equation.

The Charlotte bank has spent four years wading through a sea of troubled mortgages it took on with the 2008 acquisition of Countrywide. Along the way it's become a favorite target of vitriol - often landing on lists of "most hated institutions" in America. 

But recently, WFAE's Julie Rose discovered some of the people on the front lines of the foreclosure crisis are softening toward Bank of America. 

Bank of America is paying $2.4 billion to settle a lawsuit over its acquisition of Merrill Lynch. Shareholders accused the Charlotte-based bank of lying about the shape both companies were in at the time of the deal.

The bank’s then-CEO Ken Lewis raved about buying Merrill Lynch in 2008.

“Acquiring one of the premier wealth management, capital markets and advisory companies is a great opportunity for our shareholders,” Lewis said at the time.

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