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BUSINESS
February 25, 2013 | David Lazarus
It's perhaps not so surprising that a Bank of America customer discovered recurring payments on his credit card bill for a service he swears he never signed up for. This kind of thing happens a lot. What is surprising is that BofA told the customer to pound sand when he requested proof that he authorized the bank by phone to enroll him in its Credit Protection Plus program, which came with a $212.50 monthly charge. BofA's stance: Trust us, we're right. We have nothing to prove.
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BUSINESS
February 13, 2013 | By E. Scott Reckard, Los Angeles Times
Millions of Californians remain stuck in the state's increasingly expensive rental markets, unable to buy homes as they deal with tight credit markets and damage to their finances from the Great Recession. Sounds like a mess fit for two of the nation's most prominent turnaround specialists - California Gov. Jerry Brown, fresh off his state budget-balancing act, and Bank of America Corp. Chief Executive Brian Moynihan, still engaged in resurrecting that institution from the mortgage meltdown.
BUSINESS
February 1, 2013 | By E. Scott Reckard
Bank of America Corp. scrambled to restore service Friday to its enormous customer base -- 40 million households -- which spent most of the day without access to online, mobile and telephone banking services. A prominent consultant called the outage "inexcusable. " In tweets Friday, the bank said the outage stemmed from technical issues. That raised the question how such a massive outage could occur at BofA, the second-largest U.S. bank. The outage follows efforts by Chief Executive Brian Moynihan to overhaul bank operations to better cater to costumers' needs.
BUSINESS
February 1, 2013 | By E. Scott Reckard
Bank of America Corp. scrambled to restore service late Friday to its enormous customer base - 40 million households - which spent most of the day without access to online, mobile and telephone banking services. As one prominent consultant called the outage "inexcusable," the bank declined to comment on the causes of the shutdown. A spokesman referred reporters to a bank tweet late Friday saying it was "still working on our technical issue. " It remained unclear whether the bank had fallen victim to another of the hacker attacks that have targeted electronic channels at big banks sporadically since September.
BUSINESS
February 1, 2013 | By E. Scott Reckard
Bank of America Corp. customers were unable to access its electronic banking operations and telephone call centers Friday morning. "We're addressing the issue as quickly as possible," said Mark Pipitone, a technology and operations spokesman at the bank. "We're also working closely with our customers to help them alleviate any concerns. " The bank's ATMs were functioning normally, he said. Pipitone declined to provide details of what caused the extensive outage. It wasn't known if it was related to cyber attacks by a shadowy hacker group in the Middle East last September that disrupted the electronic operations at the nation's largest banks: BofA, Wells Fargo & Co., JPMorgan Chase & Co., Citigroup Inc., U.S. Bancorp and PNC Financial Services.
CALIFORNIA | LOCAL
January 23, 2013 | Times staff and wire reports
A.W. "Tom" Clausen, a no-nonsense Midwesterner who led San Francisco-based Bank of America before and after serving as president of the World Bank, died Monday at a hospital in Burlingame, Calif. He was 89. The cause was complications from pneumonia, according to his wife, Helen. Clausen began his career at a Bank of America branch in Los Angeles in 1950 as a part-time cash counter. He rose through the ranks to become president and chief executive officer of the bank and its holding company, BankAmerica Corp., in 1970 and led the institution for 11 years.
BUSINESS
January 17, 2013 | By Andrew Tangel and E. Scott Reckard
NEW YORK - Bank of America Corp.'s and Citigroup Inc.'s lackluster earnings led Wall Street to question how long it will take two of the country's biggest banks to emerge from the shadow of the financial crisis. While BofA's fourth-quarter profit fell 63% and Citi's climbed 25%, both disappointed investors who are growing impatient with the firms' efforts to cleanse their books of problem mortgages and prune sagging businesses. Both banks' bottom lines sank under the weight of settlements and steep legal expenses that only seem to keep mounting as state and federal officials seek payback for the housing meltdown that led up to the financial crisis.
BUSINESS
January 7, 2013 | By Jim Puzzanghera
WASHINGTON -- Bank of America Corp. said Monday it had agreed to pay more than $10 billion to Fannie Mae to settle claims related to troubled mortgages sold largely by Countrywide Financial Corp. during the subprime housing boom. BofA, which acquired Calabasas-based Countrywide in 2008, said it agreed to buy back $6.75 billion in residential mortgage loans sold to Fannie Mae and pay the housing finance giant an additional $3.6 billion in cash. The mortgages were sold to Fannie Mae from 2000 through 2008.
BUSINESS
January 7, 2013 | By E. Scott Reckard and Jim Puzzanghera, Los Angeles Times
In two of the biggest civil settlements since the financial crisis, the nation's biggest banks agreed Monday to cough up nearly $19 billion to resolve federal allegations of mortgage misdeeds. Bankers saw the settlements as a major step in providing more certainty for their balance sheets and possibly foreshadowing an end to the era of billion-dollar mea culpas and open-ended regulatory probes. In one case, 10 banks settled with regulators for $8.5 billion. In the second, Bank of America Corp.
BUSINESS
December 11, 2012 | By Tiffany Hsu
Customers last year were not pleased with Bank of America and its many fees, giving the institution its lowest satisfaction score since 2000. The score of 66 on a scale of 100 is 3% lower than the bank's tally in 2010, according to the American Customer Satisfaction Index . The Charlotte, N.C., company now trails all of its major banking rivals and is the only institution with a grade that's lower than its pre-recession level. It's the least popular bank for the fourth year in a row. JPMorgan Chase leads the pack of big banks, rising 6% to a score of 74. It beat out Wells Fargo, which has led the board since 2009 but last year slipped 3% to 71. Citigroup dipped 4% to 70. Quiz: The year in business The overall banking sector saw consumer satisfaction with checking, savings and loan services swell 2.7% to 77. But, taken on their own, smaller institutions do better with customers, scoring 79. Larger banks, with collected most of the $30 billion in overdraft fees charged in 2011, are losing more customers to more petite rivals and credit unions.
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