Bank of America does well again

Who is this new CEO Brian Moynihan and what does he think he is doing to the bank America loves to hate? First Bank of America decides to make people more responsible with their finances by not allowing debit purchases for accounts without the cash to cover the purchases. Now they are putting together a program for home debt forgiveness. This is beginning to sound like a big turn around for Bank of America.

The program is designed to get homeowners out from being underwater because of the real estate crash. It shows a willingness on the bank's part to help citizens fight for their financial welfare. You can read more about it by clicking on the link.

I guess maybe someone in the Bank of America hierarchy finally realized programs like these end up creating a long term value.

Bank of America does well

Hey

For all my bashing of Bank of America, I do have to finally give them credit.

Yesterday they imposed a rule not allowing debit card purchases if the customer does not have the funds to cover the transaction. This is a bold move that could win back my business. It shows that they are willing to sacrifice short term profits by decreasing revenue from overdraft fees in order to run the business of banking correctly.

Thank you Bank of America.

overcharges

There has been some movement on the overdraft legislation front. Bowing from pressure from consumer groups and Congress, the federal reserve announced yesterday that a new rule will go into effect July 1 2010 that limits banks from charging overdraft fees to those customers who approve them to do so. A story (below) in the Huffington Post follows up with more detail.

http://www.huffingtonpost.com/2009/11/12/overdraft-fees-require-cu_n_355442.html

Call your Congressman and tell them how you support this upcoming rule!It might make them further understand what is really going on!