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(Christian Science Monitor)   After finding Bank of America with its hand too far in the cash drawer, the CFPB slams it on them, hard, forcing them to refund nearly $800 million to customers it sold BS "identity theft protection" and "credit card Insurance" to   (csmonitor.com) divider line 19
    More: Spiffy, Bank of America, Too Far, CFPB, identity theft, credit cards, credit monitoring, telemarketing, customers  
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784 clicks; posted to Business » on 10 Apr 2014 at 12:00 PM (37 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



19 Comments   (+0 »)
   
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2014-04-10 11:48:38 AM  
The cool thing about this is that they are forcing actual REFUNDS of the money, not "write the government agency a huge check that will disappear into the general Treasury account" or " each consumer gets $0.25 and the lawyers who brought the class action suit split $10 million"   kinds of settlements, but they are making BOA figure out who they stole the damn money from and making them give it back.


No WONDER the GOP wants so badly to shut down or Cripple the CFPB.  Making people give back money they stole fair and square is SO un-American
 
vpb [TotalFark]
2014-04-10 11:48:47 AM  
They had to give back what they stole, and they were fined about 6% of that.  That will put the fear of God into them.
 
2014-04-10 11:54:21 AM  

vpb: They had to give back what they stole, and they were fined about 6% of that.  That will put the fear of God into them.


This.

My favorite one is the bank mortgage life insurance. You take out an "optional" policy with the bank as the beneficiary, so if you die, they get their money back.

We already have a product for that. It's called regular term life insurance.  Except you get to designate who gets the money. All of it.  And it's cheaper.
 
2014-04-10 01:05:51 PM  
Join a Credit Union - never have to deal with this garbage, and have any profits rolled into lower interest rates and better services.
 
2014-04-10 03:17:21 PM  
God damn about time. They would call me up four times a week to try to sell me that shiat. Telling them not to call didn't work and the DNC list didn't apply because they bought my home loan. The only thing that worked was getting rid of the home line and not telling them my cellular number.
 
2014-04-10 03:49:00 PM  
No one gets arrested.  No one goes to jail..  They just pay a fine and move on to the next one.
 
2014-04-10 05:29:32 PM  
I"ll be happy when they, and other major banks, are forced to process credits and debits in the order in which they're received, and NOT process debits first and then credits.

/tired of paying overdraft fees when they randomly post my paycheck at 8PM instead of 12AM, when it's received.
 
2014-04-10 05:43:11 PM  

aevorea: I"ll be happy when they, and other major banks, are forced to process credits and debits in the order in which they're received, and NOT process debits first and then credits.

/tired of paying overdraft fees when they randomly post my paycheck at 8PM instead of 12AM, when it's received.


#1 reason for why I ditched BoA.
 
2014-04-10 06:57:55 PM  
imageshack.com
 
2014-04-10 07:01:36 PM  
Isn't all identity protection a scam?
 
2014-04-10 07:53:39 PM  
*later to be reduced by appeal to a 10,000$ fine and a new ATM fee for customers....
 
2014-04-10 09:02:01 PM  

aevorea: I"ll be happy when they, and other major banks, are forced to process credits and debits in the order in which they're received, and NOT process debits first and then credits.

/tired of paying overdraft fees when they randomly post my paycheck at 8PM instead of 12AM, when it's received.


Widely believed to be on its way.  The CFPB is apparently look into issuing new rules on overdrafts
 
2014-04-11 02:44:04 AM  
If people are still banking with BoA, Chase, Citigroup, etc., can they really claim to be surprised when these banks steal from them? I mean, they are known crooks. It's like hiring Thieving Maids Cleaning Service to clean your house and then getting upset when they steal your stuff.

Frankly, if I ran a big bank that helped destroy the economy and was filled to the rafters with lying, thieving scum, and it was clear that there were no real punishments to our crimes, you'd better believe I'd continue to fleece my victims / customers. I'd secretly call these things "Stupidity Fees" but I'd slap fancy focus-grouped names on it like they did.
 
2014-04-11 06:55:32 AM  
$800 million.  Or, as BOA calls it, "Lunch money"

I was considring refinancing my house with these guys.  The more I hear about them, the more I am going to stick with the people I have.
 
2014-04-11 07:47:52 AM  
I once refinanced my house to get away from BofA. Who three months later bought the loan.

Lying sacks of shiat refinance company store up and down they were direct lenders and had never sold loans.
 
2014-04-11 03:24:49 PM  
Too bad it wasn't hard enough so it sliced their hands off at the wrist and they bled out.
 
2014-04-11 03:33:41 PM  

Chevello: I once refinanced my house to get away from BofA. Who three months later bought the loan.

Lying sacks of shiat refinance company store up and down they were direct lenders and had never sold loans.


For future reference: make sure it's in the mortage contract itself that the loan cannot be resold. Uaed car salesmen tell you anything; get it in writing.

Also, note BoA must follow the terms of the original mortgage contract; they cannot simply make up their own and charge you fees as a result. They are wont to purchase loans and try to claim you are now subject to the terms of the 'standard' loan contract BoA originates, but this is not true.

/not legal advice
 
2014-04-11 09:22:43 PM  
Good government regulation makes good things happen.
 
2014-04-12 12:51:55 AM  

Sim Tree: Chevello: I once refinanced my house to get away from BofA. Who three months later bought the loan.

Lying sacks of shiat refinance company store up and down they were direct lenders and had never sold loans.

For future reference: make sure it's in the mortage contract itself that the loan cannot be resold. Uaed car salesmen tell you anything; get it in writing.

Also, note BoA must follow the terms of the original mortgage contract; they cannot simply make up their own and charge you fees as a result. They are wont to purchase loans and try to claim you are now subject to the terms of the 'standard' loan contract BoA originates, but this is not true.

/not legal advice


Yeah, well I fell into the trap. My own damn fault for not looking hard enough at it all. They own the house now and it has been sitting empty since 2008 not making them any money. Market in that neighborhood is still dropping, and it's likely a teardown after this nasty winter. It was a cool house too. Damn shame that it hasn't been able to be a home to anyone.

Life is hard. It's harder when you're stupid.
 
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