2y ago

Bank of America fined $150 million for consumer abuses including fake accounts, bogus fees

2y ago

Bank of America fined $150 million for consumer abuses including fake accounts, bogus fees

16 comments

Nope they never learn
- When the fines are less than the profits, what’s there to learn? Just the cost of doing business.
  
  Exactly
Cost of doing business.
I'm glad I bank with Wells Fargo
- LMAO I enjoyed this comment. For those who don’t know, Wells Fargo also did something similar and was signing up their custodians for credit accounts without their permission.
  The bank paid a fine and of course no one went to jail (legal immunity).
  “If the punishment for the crime is less than the profits you made committing that crime, that is legal immunity. That is a very, very loud signal in a system of democracy that says, ‘Do it again, only this time leverage more!’" - Andreas Antonopoulos
- Excuse me, but you dropped this, /s
When I was in my early twenties, I decided to open my first savings account (already had a checking account) at BofA. The agent at the branch didn't tell me there was a minimum balance of $50 and let me open it with $20. Immediate penalty. I was too young and naive to know how to stand up for myself. I'd get that shit reversed today on grounds that she failed to properly inform me. At ~22, I just took the hit.
I'm sure she got commission on that shit, else why would she let that happen? The banking industry is fraudulent from top to bottom.
It sure is weird how if I committed millions of dollars in fraud, I'd go to prison for 10-20 years.
- Are you sure? Have you tried it?

16 comments