I like how the article paints the banks as getting the shaft "It costs the banks
X.X billions.". Raping your customers catches up with you.

Good. They deserve it.

/30-year customers
//closed our accounts and went with a CU this year

They cost themselves that money. When you're a evil immoral bastart, expect to get that badness turned back upon you eventually.

Twitch Boy: Two weeks later: customers quietly being charged a $5 a month "sanction mitigation fee."

Exactly. Dont think for a second that the bank is going to pay for this.

BAC stock is very close to a 52 week low right now. We'll see if this will drive the price even lower.

This penalty wipes out 60% of the money that Warren Buffett invested several months back.

Question: when the banks say they are losing money, do they really mean profits are still positive, just not as high as last year or as high as expected? Because you know which way my cynical ass is leaning.

Support your local credit union, support yourself. Not some shareholders and an overpaid Chief Extraction Officer.

Bank CREDIT UNION

That's where it's at.

Twitch Boy: Two weeks later: customers quietly being charged a $5 a month "sanction mitigation fee."

And then you just walk BofA back into court.

Even people who've had good experiences with BoA ought to sever all ties just because they're human beings who should want to stand in solidarity with other human beings against the alien life form that is Bank of America.

Noise in their system. They should be shut down and all their executives arrested for fraud.

it would be humorous to hear that BofA did something funny like move their corporate HQ to some other country, and then listen to all the 99%-ers happy about this news, piss and whine about THEYRE TAKIN DEM JOBS OVERSEAS

not that they'd ever do that, that would be brazen. but still, I can fantasize a little bit.

My tiny violin, let me play it for you.

thalidomide new and improved: it would be humorous to hear that BofA did something funny like move their corporate HQ to some other country, and then listen to all the 99%-ers happy about this news, piss and whine about THEYRE TAKIN DEM JOBS OVERSEAS

not that they'd ever do that, that would be brazen. but still, I can fantasize a little bit.

Glad you could join us here on Fark, Mr Moynihan.

somemoron: Question: when the banks say they are losing money, do they really mean profits are still positive, just not as high as last year or as high as expected? Because you know which way my cynical ass is leaning.

Support your local credit union, support yourself. Not some shareholders and an overpaid Chief Extraction Officer.

not sure what irks me so much about the "better or worse than analysts expectations"... do we base our entire economy on some arbitrary expectation and the ability to "temporarily" fudge accounting numbers or literally make up an expectation just to beat it? oh heaven forbid you had a profitable year but didn't meet 500% growth that they expected you...

Atomic Spunk: BAC stock is very close to a 52 week low right now. We'll see if this will drive the price even lower.

This penalty wipes out 60% of the money that Warren Buffett invested several months back.

RTFA-

It's not a penalty, it's just foregone profits by not being able to charge overdraft fees unless the customer opts in to the plan.

Came here to point out the $3 Billion fine will "trickle down" to the customers.

Leaving satisfied it's already been pointed out.

// Just imagine the fees if a bank and an airline merged!

The bank's customers will surely not pay for this. Companies always just suck up losses.
Spiffy tag, indeed, subtard (and occutards)

LeroyB: Came here to point out the $3 Billion fine will "trickle down" to the customers.

Leaving satisfied it's already been pointed out.

// Just imagine the fees if a bank and an airline merged!

Does nobody read TFA. There is no fine. The $3 billion are fees they aren't collecting because they aren't allowed to charge overdraft fees (or permit overdrafts) for accounts that don't opt-in. BoA isn't writing a check.

And, BoA, like any other business, will try to extract every penny they can from their customers without alienating them to the point where they drive business away. They added the $5 debit card fee, customers went nuts, so they dropped it. If they can't pass the cost on to customers in other ways, it will hurt earnings. Looks like that is happening and it is probably reflected in the stock price, as it is below $5 again.

Debeo Summa Credo: LeroyB: Came here to point out the $3 Billion fine will "trickle down" to the customers.

Leaving satisfied it's already been pointed out.

// Just imagine the fees if a bank and an airline merged!

Does nobody read TFA. There is no fine. The $3 billion are fees they aren't collecting because they aren't allowed to charge overdraft fees (or permit overdrafts) for accounts that don't opt-in. BoA isn't writing a check.

And, BoA, like any other business, will try to extract every penny they can from their customers without alienating them to the point where they drive business away. They added the $5 debit card fee, customers went nuts, so they dropped it. If they can't pass the cost on to customers in other ways, it will hurt earnings. Looks like that is happening and it is probably reflected in the stock price, as it is below $5 again.

And, it'll be harder to extract the same amount of money if they lose a significant number of customers. At least, one can hope.