Bank of America news - Today’s latest updates (2024)

FAQs

What recently happened with Bank of America? ›

Bank of America fined $225 million for botching pandemic aid

More than 100,000 people will be compensated for the bank's faulty fraud detection program, which froze customer accounts.

User reports indicate no current problems at Bank of America

Clients can review their account balances and transactions, deposit checks and tranfer money through online banking and mobile banking apps for iPhone, iPad, Android, Windows Phone, Blackberry, Kindle Fire and other mobile operating systems.

Bank of America Corporation and FleetBoston Financial Corporation today announced a definitive agreement to merge, creating the nation's premier financial services company. The company will bring unmatched convenience, innovation and resources to customers and clients throughout the nation and around the world.

Overall, Bank of America appears to be in a relatively healthy financial position and is not currently in imminent danger of collapse. However, as with any financial institution, there are always risks involved, and customers and investors should always monitor the bank's financial health and risk profile.

Not enough activity with your account

According to the deposit agreement accounts of major banks such as Chase, Wells Fargo and Bank of America, a bank may close your account if you maintain little to no activity and keep it at a zero balance.

Is Bank of America FDIC insured? Yes, all Bank of America bank accounts are FDIC insured (FDIC #3510) up to $250,000 per depositor, for each account ownership category, in the event of a bank failure.

Bank of America pros and cons

If you can qualify for their Preferred Rewards program, it's worth it. You'll get higher interest rates on your checking accounts, discounted interest rates on loans, and extra perks on some credit cards.

Threats. Economic Volatility and Interest Rate Fluctuations: BAC's performance is susceptible to economic downturns and interest rate changes. The bank's net interest income benefits from higher interest rates, but an unpredictable economic environment can lead to market volatility and credit risk.

The CFPB has taken numerous actions against Bank of America for violating federal law. In July 2023, the CFPB and the Office of the Comptroller of the Currency (OCC) ordered Bank of America to pay over $200 million for illegally charging junk fees, withholding credit card rewards, and opening fake accounts.

What is the future of Bank of America? ›

We are combining our industry-leading expertise with cutting-edge technology to build smart, forward-thinking solutions that enable us to continue leading the way in helping people live better financial lives, as well as companies and institutional investors improve their financial performance.

The Bank of United States, founded by Joseph S. Marcus in 1913 at 77 Delancey Street in New York City, was a New York City bank that failed in 1931. The bank run on its Bronx branch is said to have started the collapse of banking during the Great Depression.

If your bank closes, you should receive notification of what will happen to your money from the FDIC or NCUA, the acquiring bank or both. You'll automatically have an account at the new bank, or the FDIC or NCUA will issue you a payment returning your funds.

In 1832, Jackson's political opponents decided to make the Bank an election issue by forcing an early renewal of the Bank's 20 year charter, but the plan backfired when President Jackson vetoed the bill. By 1836, all of the Second Bank's funds had been transferred to state banks.