Christian nonprofit claims it was 'debanked' by Bank of America over its religious views
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Fox News ^
| 8/25/23 | Jamie Joseph
A Christian ministry claiming it was "debanked" by Bank of America filed a consumer complaint this week to Tennessee Attorney General Jonathan Skrmetti to determine whether their accounts were closed due to religious discrimination. Indigenous
Advanced Ministries – a Memphis, Tennessee-based nonprofit engaged in charitable efforts for orphaned children in Uganda through various partnerships – was warned without explanation by Bank of America in April that the organization was "operating in a business type we have chosen not to service at Bank of America" and would be closed within 30 days. In May, Bank of America sent another letter stating...
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'Debanking' row breaks out after Bank of America shuts down account for ultra-conservative Christian charity that serves impoverished Ugandans
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daily mail ^
A 'debanking' row has broken out after an ultra-conservative Christian charity which provides necessities to Ugandan orphans had its account shut down by Bank of America. Memphis-based non-profit Indigenous Advance Ministries has filed a complaint to the Tennessee Attorney-General's office over concerns its accounts were closed because the bank disagrees with its
'religious views.' The organization - which claims to have had a banking relationship with BofA since 2015 - purports pro-life and anti-same sex relationship values on its website. BofA firmly denies it 'debanked' the body over these views, telling DailyMail.com that 'religious beliefs are not a factor in...
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James Comer says six banks, including JP Morgan, Bank of America, and Wells Fargo, submitted over 170 suspicious activity reports to the Treasury Department (VIDEO)
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twitter ^
| 7/27/2023 | kanakoa the great
BREAKING🚨 Rep. James Comer says six banks, including JP Morgan, Bank of America, and Wells Fargo, submitted over 170 suspicious activity reports to the Treasury Department regarding the Biden family, alleging their involvement in money laundering, human trafficking, and tax fraud. The
American banks also raised concerns about wire transfers received by the Bidens from foreign state-owned entities, notably from the Chinese government, allegedly for the purpose of money laundering and tax evasion. The foreign wires were found to be directed towards Biden's business associates before being funneled through 20 shell companies associated with the Bidens. Subsequently, the funds were...
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So did all the crooks fired from Wells Fargo get new jobs at Bank of America?
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American Thinker ^
| 07/14/2023 | Monica Showalter
Not too long ago, Wells Fargo got its head handed to it by regulators, drawing a $3 billion fine for opening fake accounts in real customers' names, to beef up their bonuses as well as fool shareholders into thinking the business was growing, potentially driving up the stock price. That's
no partisan take -- that's just plain dishonesty. The bank had to pay a $3 billion fine, at least one executive faced prison and a hefty personal fine of $17 million, and if anything, it was too little. A small fry bank that did this would rightly be shut down...
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Bank of America withheld credit card rewards, double-dipped on fees, regulators say
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Detroit Free Press ^
| 11 July 2023 | Susan Tompor
On Tuesday, the Consumer Financial Protection Bureau took Bank of America to task for a list of illegal actions that undermine customer trust. [Snip]
Bank of America agreed to pay a total of $150 million in fines and reimburse customers $100 million. [Snip] “Bank of America is a repeat offender. [Snip] Double-dipping: The bank had a previous policy of charging a $35 fee once — and then repeatedly for the same transaction — when a customer didn't have enough money in the account to cover the bill. If the company or person who was owed the money tried to resubmit...
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Thomas Massie says Bank of America shared private financial information of its customers (such as who had made purchases at gun stores) with the FBI WITHOUT a warrant
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Twitter ^
| June 13 | Rep. Massie
@RepThomasMassie According to FBI whistleblowers, Bank of America shared private financial information of its customers (such as who had made purchases at gun stores) with the FBI, without a warrant or legal process. @Jim_Jordan
and I are now demanding to know if other banks are doing the same.
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GOP Going After Bank of America, FBI for Troubling Violation of Americans' Rights Related to Jan. 6.
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Red State ^
| 05/26/2023 | Nick Arama
The House Weaponization Committee shone a big bright light on a concerning action by Bank of America that should concern all Americans. Now, the House GOP is taking action.On Thursday, the House Judiciary Chair Jim Jordan (R-OH) and Rep. Thomas Massie (R-KY) said they would be investigating what they’d learned from whistleblower
testimony — how Bank of America, without any legal process from the FBI, turned over to the FBI a list of all its customers who purchased anything within the neighborhood of the Washington, D.C., metropolitan area between Jan. 5 and Jan. 7, 2021. That means they turned over...
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Deposits at JPMorgan Chase, Bank of America and Wells Fargo Shrank by $465 Billion Y-O-Y; More than Twice the Total of 4,000 Small Banks
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Wall Street On Parade ^
| 5/8/23 | Pam Martens and Russ Martens
...the narrative has been that deposits are fleeing the small commercial banks and flooding into the biggest banks that are perceived as too-big-to-fail and thus offer a safer venue for deposits. Because
these mega banks are the same ones that the Fed has been bailing out since the financial crisis of 2008, We decided to check out that narrative for ourselves. Not only is that scenario wrong, but it is so decidedly wrong, and it’s so easy to get the accurate figures, that from where we sit it looks like there might have been an agenda by someone to harm...
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Half of America’s banks are already insolvent – this is how a credit crunch begins
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Yahoo Finance ^
| 5/2/23 | Ambrose Evans-Pritchard
The twin crashes in US commercial real estate and the US bond market have collided with $9 trillion uninsured deposits in the American banking system. Such
deposits can vanish in an afternoon in the cyber age. The second and third biggest bank failures in US history have followed in quick succession. The US Treasury and Federal Reserve would like us to believe that they are “idiosyncratic”. That is a dangerous evasion. Almost half of America’s 4,800 banks have already burned through their capital buffers and are running on negative equity. They may not have to mark all losses to market...
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The Fed, Bank of America and Hordes of Corporate CEOs Are All Warning That a Recession Will Happen This Year
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Discern Report ^
| 4/16/23 | Michael Snyder
If virtually everyone is expecting a recession, and most people start acting accordingly, do you think that will make an economic downturn less likely or more likely? Needless
to say, the answer to that question is obvious. Right now, banks all over the country are getting really tight with their money, large corporations are laying off workers at a frightening pace, and consumers are cutting back on their spending. In other words, it really is starting to look a lot like a recession out there, and economic conditions are only going to get even more harsh in the months ahead....
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Bank of America rakes in $15 BILLION as panicked customers ditch smaller lenders for ‘too big to fail’ firms in wake of SVB crisis - with ‘goliaths’ like JP Morgan also ‘winning’, analysts say
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DAILYMAIL.COM ^
| 15 March 2023 | HELENA KELLY
With 'goliaths' like JP Morgan also 'winning', analysts say Jittery customers are flocking to major banks in the wake of the SVB collapse One analyst said 'Goliath is winning' as some speed up their onboarding process to cope with the new demand It comes as SVB's spectacular fall from grace continues to
wreak havoc on Wall Street Bank of America has reportedly raked in $15 million in new deposits as customers flee small lenders for 'too big to fail' firms in the wake of the Silicon Valley Bank collapse. So-called 'goliath' banks such as JP Morgan and Wells Fargo are...
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Silicon Valley’s Titans Are Realizing a Lot of People Really Don’t Like Them; A bank run led to a wake-up call for America’s most coddled class of plutocrats. (a surprisingly decent read from New Republic)
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New Republic ^
| March 14, 2023 | Matt Ford
The Treasury, the Federal Reserve, and the Federal Deposit Insurance Corporation announced on Sunday that they will guarantee all deposits that were still held at the ill-fated Silicon Valley Bank when it collapsed last Friday. This is probably a good thing. SVB
was the sixteenth-largest bank in the United States, with tens of billions in holdings still trapped behind its crumbling walls. Vaporizing that much money might have had dire implications for other parts of the American financial system—and for thousands of innocent customers who believed their money to be safe within SVB’s coffers. The actions these government entities have...
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The Demise of Silicon Valley Bank-
The Rapid Collapse of the 16th Largest Bank in America (well-documented and accurate explanation)
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NetInterest ^
| March 10, 2023 | Marc Rubenstein
"When you’re not working, what do you do to de-stress?” That
was the last question Greg Becker, CEO of Silicon Valley Bank, fielded at an investor conference on Tuesday this week. “Cycling is my advice,” he replied. “Living in Northern California and being on the peninsula. That’s just—I think it’s the best bike-riding cycling in the world, period.”Three days later, Becker’s bank is in receivership. We’ve talked before about the interest rate risk that lurks on banks’ balance sheets and how the industry manages it. During the pandemic, banks took in record volumes of new deposits. Between the end of...
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Home Depot Co-Founder Bernie Marcus Tells Americans To "Wake Up" After Silicon Valley Bank Collapse: Attributes the bank’s failure to its decisions to focus on “woke” policies instead of risk management
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Epoch Times ^
| 03/12/2023 | Frank Fang
Home Depot co-founder Bernie Marcus asked Americans to “wake up” to the reality that the U.S. economy is in “tough times,” following the collapse of Silicon Valley Bank (SVB).“I can’t wait for [President Joe] Biden to get on the speech again and talk about how great the economy is and how it’s
moving forward and getting stronger by the day. And this is an indication that whatever he says is not true,” Marcus told Fox News on March 11.Marcus added,“And maybe the American people will finally wake up and understand that we’re living in very tough times, that, in fact,...
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Whistleblower: FBI’s D.C. Office Tried To Sic Local Agents On Innocents After Bank Of America Volunteered Gun Records
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The Federalist ^
| 03/06/2023 | Margot Cleveland
‘Bank of America, with no directive from the FBI, datamined its customer base,’ whistleblower George Hill told the House Judiciary Committee.An FBI whistleblower told congressional investigators that the D.C. field office pushed local offices to open criminal investigations into Americans based solely on financial transactions Bank of America tracked and voluntarily provided
to the bureau, according to testimony reviewed by The Federalist.“Bank of America, with no directive from the FBI, datamined its customer base,” whistleblower and recently retired FBI supervisory intelligence analyst George Hill told investigators for the House Judiciary Committee, according to Hill’s testimony. Hill had identified himself last...
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The Fed has to crush consumer demand with much higher rates if it wants to get inflation under control, Bank of America says
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https://markets.businessinsider.com ^
| Phil Rosen Feb 27, 2023, 10:26 AM
Americans' spending spree is keeping inflation elevated and sticky, meaning the Federal Reserve must crush consumer demand with more interest rate hikes that will likely induce a recession, according to Bank of America. In a Monday note, analysts explained that the Fed is unlikely to reach its 2% inflation target unless it
leans into much more interest rate hikes. The odds of a downturn are high in that scenario, they maintained, because the non-consumer sectors of the economy already look weak. "The strength in the January activity and inflation data suggests that the Fed might have to hike considerably further...
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Bank of America warns 'no landing' scenario could clobber stocks later this year
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foxbusiness ^
| 2/20/2023 | megan henney
Fed tightening 'always breaks something,' top Bank of America economist says The U.S. economy could be headed for a "no landing" scenario thanks to the hot labor market, but that might not be good news for the stock market, according to Bank of America analysts. In
an analyst note published Friday, Bank of America chief economist Michael Hartnett predicted a "no landing" scenario in the first half of the year, where there is no immediate slowdown in growth but inflation remains above trend. That would likely force the Fed to raise interest rates much higher than previously forecast — and...
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Bank of America and JPMorgan Chase Report Rising Delinquencies
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https://www.pymnts.com ^
| FEBRUARY 15, 2023 | BY PYMNTS
The two largest banks in the U.S. have reported rising delinquency rates on their credit cards. Both
Bank of America and JPMorgan Chase said in filings with the Securities and Exchange Commission (SEC) that their delinquency rates rose in January, two days after Discover Financial did the same. Bank of America reported that from December to January, its Master Credit Card Trust II’s delinquency rate rose from 1.03% to 1.09% and its net charge-off rate increased from 1.43% to 1.50%. JPMorgan Chase said that during those same months, its credit card delinquency rate rose from 0.76% to 0.83% but its...
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BREAKING: Funds ‘Suddenly’ Missing From Bank Of America Customer Accounts
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Republic Brief ^
| 01/20/2023 | Kari Donovan
On Thursday, posts on social media showed video footage of Bank of America customers standing in line at the Bank, frantic to get information about their bank accounts that had been reduced by large sums of money- with no explanation of what was happening to them.The footage prompted fears that the United
States is entering a time of financial crisis.One Independent Media source said Americans need to get ready for a ‘bail in’ and offered a laundry list of things Americans need to be thinking about as we enter some very tumultuous times.“Bail-ins are where they just take some money...
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Check your bank account: All your money may be missing after major bank suffers problem (Bank of America + Zelle)
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WND ^
| 1-18-23 | Randy DeSoto
Many Bank of America customers posted on social media Wednesday that they were experiencing major problems with the digital payment app Zelle. Individuals took to Twitter to share messages received from Bank of America that claimed they had negative account balances. Others
stated they were having difficulty getting through to the bank's customer service department. Twitter user Jeepeto Cuarenton shared an image indicating his account balance was $-2,060.44. WHAT THE HECK? @BofA_Help @BankofAmerica I want my money back ASAP! I don’t have money for gas! Stuck at home. Your customer service phone doesn’t work! WHATS WRONG? pic.twitter.com/MB0U0VcQHG — Jeepeto Cuarentón...
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