Personal finance
GE Capital Purchasing MetLife Bank

Washington DC Might Divest from Bank of America, Wells Fargo

Miles By Discover Offers Relief to Noncommittal Travelers

Collection Agencies Resurrecting Old Debts Through Credit Card Offers

Treasury Doubles Purchase Limits on Electronic Savings Bonds

Cordray’s First Move as CFPB Head: Regulate Nonbanks

Weekly Wrap: Bank of America’s Worst Week Ever?

Dear U.S. Banks, Your Business Model Stinks

Shadow Banking Due for Some Time in the Spotlight

Weekly Wrap: Banking Slowly Dissolves?

Under the Roofs of Coffee Shops You’ll Find Your Online Bank

Brokerage Checking Still a Competitive Choice

Beware the Mirthful FOMC Meeting

Did ING Direct Customers Overreact to the Capital One Purchase?

No Balance Transfer Fee Offers Reappear But Hard to Exploit

Russell Simmons’ RushCard Lowers Fees, Is Still Bad

The Reason Why Freddie Mac Doesn’t Want to You to Refinance

New Bank Perks Cater to Tech-Savvy Customers

St. Louis Fed President: Raise Interest Rates

Whitney Warns: Banks to Banish Middle Class

Dime Savings Cites Regulations in Switch to State Charter

FDIC to Banks: Start Lending Again!

Weekly Wrap: Grey Days and a Sideshow

Weekly Wrap: Banking’s Spring Is Still Far, Far Away

American Express and Gen Y: BFF?

Weekly Wrap: Bank of America’s Worst Week Ever?
It’s never easy returning to work after New Year’s. Conventional wisdom has it that your first day back at work after the new year is the most depressing day of the year. If you think you had a rough week, think again. You probably don’t work for Bank of America’s PR division, and they had the worst week ever, as far as we’re concerned.

A Terrible Investment

The punches started on the long weekend, when CNN Money reported that Bank of America’s stock (NYSE: BAC) was the single worst performer on the Dow Jones Industrial Average in 2011, meaning all the 29 other stocks on the DJIA did better than Bank of America last year, which managed to shed 58% of its value in that time period.

Think of it this way: had you invested $100 with BofA on January 1st, 2011, you would have $42 on December 31st, 2011. Now imagine you had invested $1,000 or $1,000,000. If I have my terminology straight, that is what is what Wall Street types call a “terrible, terrible investment.”

While market capitalization is not your main concern as a consumer, customer service almost certainly is, when you’re shopping for a place to park your life savings, or become an indentured slave to for 30 years in the form of a mortgage. Bank of America didn’t fail to make news in this department, dear reader. They did quite well.
Newlywed Game

Recall that Bank of America had already made headlines in December, when an Atlanta couple was forced to degrade themselves on YouTube just to get the bank to approve their loan. On the heels of this story, an Albany area Bank of America refused to deposit checks for a newlywed woman because she had kept her maiden name, while the checks had been made out to Mr. and Mrs. Peter Iorizzo.

What they did not know is that Mr. Peter Iorizzo is a columnist for the Times-Union, an Upstate newspaper, and he was livid. In retaliation, he used his column space to take the bank’s inconsistent and rude customer service standards to task. Like Lennie in Of Mice and Men, Bank of America is just too large to understand its own strength and control its fine motor functions. It’s not that they’re cruel — they love bunnies! — they’re just too big to know what they’re doing.

Iorizzo’s new wife, by the way, just had to go to another nearby branch to get her checks deposited. Be sure to bring cash or a toaster next time you go to a BofA customer’s wedding.
Foreclosure for a Typo

As if this weren’t embarrassing enough, BofA almost foreclosed on a man who accidentally underpaid on his modified mortgage payments by $0.80. Making a payment for his newly modified mortgage over the phone, a Florida man named Tom Mudie accidentally pressed ’0r42; instead of ’8r42;, thereby shorting Bank of America roughly what it costs to buy a candy bar or can of soda.

Bank of America initially requested the 80 cents in check form, then returned the payment, along with the initial short payment, and kicked him out of the loan modification program. He was about to be foreclosed on until someone at the bank recognized the mistake. Turns out, a computer automatically kicked him out of the program, and almost out of his home.

See, it was just a computer glitch, not a human error, that almost removed Mr. Mudie from his home. Isn’t that comforting?

When your branch employees are seemingly unaware of how marriages work, and you’re willing to put foreclosure proceedings in the hands of robots, you might as well be trying to make your company look terrible. But Bank of America isn’t trying to be so bad towards their customers, they’re just too big and clumsy to not to. If Bank of America decides to go the extra step, there’s always next week!

Äë˙ ďĺ÷ŕňč

Weekly Wrap: Astrology is Bunk

Refinancing Your Mortgage Lines the Pockets of the Biggest Banks

Experian Unveils New Credit Score for the Underbanked

New Upromise Credit Card Gives 10% Cash Back at Major Online Retailers

The Best Experiences Your Credit Card Can Buy This Summer

Citi Offers New Way to Spend Rewards

Fed Study: CD Rates Are Less Attractive

Wells Fargo Raised Checking-Account Fee, Slashed Bill-Pay Fee

Weekly Wrap: Get Bullied, Get Rich

Taibbi: No Difference Between Banks and the Mafia

Why You Should Probably Raise Your Credit Limit, Especially When You Don’t Want the Money

Accounts Push Relationship Banking

Weekly Wrap: LIBOR Aside, You’re Still in Control

ftp client comparison;file management software for mac;best ftp clients

Fed Report Shows Mobile Banking Empowers the Underbanked

Top Gas Credit Cards to ‘Refill’ Your Wallet

Prepaid Cards for Payroll Purposes: Fair to Workers?

Weekly Wrap: Mobile Banking’s Onward March

Banks Close Revenue Gap from Overdraft Fee Losses

Banks Lack Social Media Efforts… Oh Really?

SpringCoin: Out to Automate Credit Counseling

Could Student Loan Forgiveness Help the Economy?

Chase United MileagePlus Club Card Takes Flight

Caviar and Champagne With Your Checking Account?

Weekly Wrap: Cash Rules Everything Around You? Not For Long

SmarterBank’s Checking Account Helps Pay Off Student Loans

Chinese Furious Over Banking Fees

Banks Should Use Prepaid Cards to Hook ‘Em While They’re Young

Prepaid Travel Debit Card Provider Eyes U.S.

Sallie Mae Credit Card Helps Pay Back Student Loans

Post-CARD Act, Banks Shift to Prepaid on Campus

Weekly Wrap: Things Are Not as They Seem

Gen Y Eyes Retirement with Rose Tinted Glasses

Low Interest Rates: A Ticking Time Bomb?

Are Discover Partner Gift Cards Worth the Rewards Points?

Kony Solutions’ Branding Problem: Bank Software Firm Has Killer’s Name

Weekly Wrap: Fancy Gadgetry, No Money

Weekly Wrap: Millenials’ Big Day at the Races

UFB Direct Adds Money Market Account With 1.15% APY