The U.S. Department of Justice on Feb. 16 filed a lawsuit in a California court seeking to seize the funds of hundreds of Chinese nationals who held illegal U.S. bank accounts obtained through a criminal ring. As Beijing tightens the limit on capital leaving the country, many Chinese nationals seek other channels to move funds…
DOJ Seeks Seizure of Bank Accounts Allegedly Held Illegally by Chinese Nationals
March 22, 2022
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BofA Is Bullish on Disney While Moffett Nathanson Is a Tad Defensive: Read Why
Two analysts have different stances on The Walt Disney Co.. With Disney’s earnings in the rear-view mirror, BofA says that a rampaging recovery in the Parks unit combined with an upcoming ramp to significantly higher content output has Disney “firing on all cylinders” in its new fiscal year. Disney’s parks division, in particular, is encouraging for multiple drivers, analyst Jessica…
The Industry Behind America’s Money Problems
February 25, 2022
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Commentary In their glorious magnanimity, Bank of America has announced it’s cutting its overdraft fees. Now when you stretch past your means, you’ll no longer be penalized $35 … but only $10. (Of course, that doesn’t start until May.) More banks are expected to follow this trend. It’s no small act of generosity on their…
Chart Wars: Will Bank of America or JPMorgan Soar Higher on a Break of This Key Pattern?
February 24, 2022
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Bank of America Corporation and JP Morgan Chase & Co. opened higher on Wednesday in tandem with the S&P 500, but selling pressure entered just after 9:35 a.m., when Newsweek released an exclusive report stating a full-scale Russian invasion of Ukraine was likely within 48 hours. Both stocks have been trading in a downtrend since Feb….
Customers Sue Bank of America for Not Refunding Overdraft Fees During Pandemic
NEW YORK—Bank of America Corp. is facing a lawsuit seeking class action status filed on Thursday by two customers who say the bank refused to honor promises to refund overdraft fees to clients who faced financial hardship during the pandemic. Anthony Ramirez, a truck driver living in California, and Masako Williams, an 85-year-old retiree living…
Business Chart of the Day: Time to Sell Bank of America?
Shares of Bank of America Corporation are overbought and at resistance, which means it may be time to sell. Resistance is a large concentration of sellers gathered around the same price. At resistance levels, there is more supply than demand for shares. Stocks tend to head lower after running into them. That’s what happened to Bank…
Bank of America Customers Made $335 Billion in Payments in January
NEW YORK—Bank of America said on Monday its customers made $335 billion in total payments in January, a 17 percent increase over January 2021. Credit and debit card spending was up 16 percent to $65 billion, with credit card spending up 28 percent, the bank said. The strong spending figures are good signs for the…
Starbucks Cancels Vax Mandate; Big Tech Fights Antitrust Bills | NTD Business
The world’s largest coffee chain is canceling its vaccine mandate after the Supreme Court rejected President Joe Biden’s vaccine requirement at large companies. The White House is making it easier for Americans to get a free at-home test. Where can you get them and how soon? More big banks report earnings. Bank of America and Morgan Stanley…
Bank of America to Reduce Overdraft Fees for Customers
Bank of America said it would eliminate insufficient funds fees in February and reduce overdraft charges from $35 to $10 for customers by May, in a Jan. 10 press release. The bank has become the latest financial institution to move away from the practice amid years of pressure from critics who say the fees unfairly target vulnerable…
Bank of America Employee Describes ‘Increasingly Stressful’ Working Conditions and Mandatory Waiving of HIPPA Rights
December 14, 2021
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Amid a work culture described as “increasingly stressful” due COVID-19 policies, one Bank of America employee has also reported that when using the corporation’s vaccination status tool, one must waive one’s Health Insurance Portability and Accountability Act (HIPPA) rights to proceed. “If you are like most people and you don’t read the fine print, you…
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