Overdraft fees could drop to as low as $3 under new Biden proposal
The cost to overdraw a bank account could drop to as little as $3 under a proposal announced by the White House, the latest move by the Biden administration to combat fees it says pose an unnecessary burden on American consumers, particularly those living paycheck to paycheck.
CEOs of the nation's biggest banks warn that new regulations could harm the economy
The heads of Wall Streetโs biggest banks used an appearance on Capitol Hill to plead with senators to stop the Biden administrationโs proposed changes to how banks are regulated, warning that the proposals could negatively impact the economy at a time of geopolitical turmoil and inflation.
Bank of America hit with $250M in fines and refunds for 'double-dipping' fees and fake accounts
Bank of America must reimburse customers more than $100 million and pay $150 million in fines for โdouble-dippingโ on overdraft fees, withholding reward bonuses on credit cards and opening accounts without customer consent.
Bank of America profits grow 15%, avoids industry crisis
Bank of America said its profits grew 15% last quarter, the latest of the big banks to do exceptionally well this earnings season as investors and consumers flock to Wall Street for safety after the failure of Silicon Valley Bank and Signature Bank.
Bank CEOs questioned on consumer protections, social issues
The CEOs of the nationโs biggest banks returned to Capitol Hill for a second day Thursday, and Senate Democrats strongly urged them to do more to help and protect their customers, while Republicans questioned whether banks should weigh in on hot-button social issues.
US employers add 916,000 jobs in March as hiring accelerates
Americaโs employers unleashed a burst of hiring in March, adding 916,000 jobs in a sign that a sustained recovery from the pandemic recession is taking hold as vaccinations accelerate, stimulus checks flow through the economy and businesses increasingly reopen.
US jobless claims rise to 719K as virus still forces layoffs
California added 141,000 jobs in February as more than a quarter of a million people returned to the workforce. The California Employment Development Department said Friday, March 26, that the state's unemployment rate in February was 8.5%, down from 9% in January. The Labor Department said Thursday that the number of claims increased from 658,000 the week before. Less than a year ago, the jobless rate had hit 14.8%. Some economists are even more optimistic: Joe Brusuelas, chief economist at the tax advisory firm RSM, is predicting 1 million added jobs for March.
US employers add just 49,000 jobs as unemployment falls to 6.3%
The increase of just 49,000 positions in January made scarcely any dent in the nearly 10 million jobs that remain lost since the virus intensified nearly a year ago. The unemployment rate fell sharply in January from 6.7% to 6.3%, the Labor Department said Friday. Most of the drop in unemployment occurred because some people out of work found jobs, but others stopped looking for work and were no longer counted as unemployed. And without an increase of 80,000 temporary jobs, the economy would have posted a net loss for January. Still, more than 4 million Americans have lost jobs and stopped looking for work since the pandemic began.
Shooting investigated near Orange County bank
ORLANDO, Fla. โ The Orange County Sheriffโs Office is investigating a shooting that happened late Sunday near a bank. Deputies were called to East Colonial Drive and Econlockhatchee Trail behind a Bank of America for reports of a shooting. Deputies put caution tape near what appeared to be an entrance to a nearby trail, but no other details have been released. Itโs not known if anyone was injured in the shooting.
Bank profits remain resilient despite lingering pandemic
In the early months of the U.S. pandemic, banks set aside tens of billions of dollars to cover losses that could come from loans that were suddenly going bad. On top of the stimulus, banks entered into this pandemic the healthiest theyโve been in years and certainly healthier than they were before the financial crisis of 2008. JPMorgan set aside $611 million to cover potentially bad loans in the third quarter, a fraction of the $10.47 billion the bank set aside to cover bad loans in the second quarter. On Wednesday, Bank of America said it set aside $1.4 billion to cover potentially bad loans, far less than the $5.1 billion it set aside three months earlier. Most of the worry seems to reflect investors' uncertainty about whether banks will have to set aside additional billions in the future.
Bank of America profit falls 15.6% in third quarter
CHARLOTTE, N.C. โ Consumer banking giant Bank of America says third-quarter profit declined 15.6% from a year earlier, but saw less need to put aside money to cover potentially bad loans, citing improvements in the U.S. economy. The North Carolina-based bank said Wednesday that it earned a profit of $4.88 billion, or 51 cents per share, down from a profit of $5.78 billion, or 56 cents per share, in the same period a year earlier. BofA had $1.4 billion in loan-loss reserves in the third quarter, down from the $5.1 billion it set aside in the second quarter. BofAโs loan-loss reserves were higher than JPMorgan's, which only set aside $611 million in the quarter, but less than the $2.26 billion that Citigroup had set aside. The bankโs net interest yield โ a measurement of how much profit the bank is earning on the loans it approved โ was 1.72% in the quarter, down from 2.41% a year earlier.
Asian stocks follow Wall St lower as stimulus hopes fade
Stocks are pulling slightly higher in the early going on Wall Street, Wednesday, Oct. 14, as investors pore over another batch of earnings reports from big U.S. companies. (AP Photo/John Minchillo, File)Asian stocks followed Wall Street lower on Thursday as hopes U.S. leaders will agree on a new economic stimulus before the Nov. 3 presidential election faded. The Shanghai Composite Index lost 0.1% to 3,337.51 and the Nikkei 225 in Tokyo fell 0.5% to 23,517.63. On Wall Street, companies that rely on consumer spending, banks and technology and communication stocks bore the brunt of the selling. Wells Fargo dropped 6% after its earnings were lower than Wall Street expected.
90-year-old crashes into Florida bank, injures 3 customers, troopers say
BRADENTON, Fla. Three customers were injured when a 90-year-old driver crashed his car into a Florida bank, authorities said. The crash happened Tuesday afternoon at a Bank of America branch in Bradenton, according to a Florida Highway Patrol report. A 66-year-old man inside the bank sustained critical injuries, and a 57-year-old woman was seriously injured, officials said. Another customer, an 85-year-old man, had minor injuries. The driver also had minor injuries, while a 77-year-old woman riding with him was unharmed, officials said.
Bank of America's 2Q results hurt by pandemic like others
NEW YORK Bank of America's second quarter profits were sawed in half and the consumer banking giant set aside billions of dollars to cover potentially bad loans caused by the pandemic. Bank earnings this quarter have begun to paint a picture of American families and businesses struggling to pay bills with swaths of the nation's economy shut down. Those provisions come on top of the tens of billions they set aside in the first quarter when the pandemic first began to bloom. Because it is so consumer-focused, BofA is feeling the effects of the coronavirus pandemic more acutely than other major banks. The bank also revised down its outlook for the U.S. economy, following similar actions by other banks this week.
Dozens of Central Florida Bank of America branches close due to coronavirus
ORLANDO, Fla. A total of 60 Bank of America branches in Central Florida are closed because of the coronavirus pandemic. In an email, Bank of America confirmed some branches are closed in the Central Florida region due to the ongoing global health crisis. Bank of America spokesperson Matthew Daily would not confirm if the closures were due to employees or customers testing positive for COVID-19. According to the branch locator, 60 banks around the 10-county Central Florida region are impacted. Heres a list of the closed branches as of July 6 by city:
Bank of America pledges $1 billion to fight racial inequality
Bank of America is pledging a billion dollars to help fight racial inequality. The banks CEO Brian Moynihan made the announcement in a press release Tuesday. Moynihan said, Underlying economic and social disparities that exist have accelerated and intensified during the global pandemic. We all need to do more.Bank of America said over the next four years, the billion dollars would go to community programs and minority-owned small businesses. The money will expand health services, like vaccination clinics, in communities of color and help recruit new bank employees in economically disadvantaged communities.