Latest Bank of America Corporation News

Ford, US Bancorp fall; Bank of America, Tegna rise

Jan. 19, 2022 16:24 PM EST

Stocks that traded heavily or had substantial price changes Wednesday: Alliance Data Systems Corp., down $3.37 to $65.69. BJ's Wholesale is reportedly ending its co-branded credit card partnership with the marketing services and customer loyalty program company. ...

Bank of America profits rise 28%, wage expenses up too

Jan. 19, 2022 10:33 AM EST

NEW YORK (AP) — Bank of America said its profits rose 28% last quarter from a year earlier, but the bank faced the same wage inflation as its Wall Street counterparts. The bank said Wednesday that it earned a profit of $7.01 billion, or 82 cents per share, in the fourth quarter....

Asian shares mostly lower after retreat on Wall Street

Jan. 18, 2022 23:07 PM EST

TOKYO (AP) — Asian shares fell in cautious trading on Wednesday after stocks on Wall Street sank to a new low for the year. Tokyo, Shanghai, Seoul and Sydney were lower while Hong Kong edged higher. Technology shares led the decline Tuesday on Wall Street....

Truist cuts down overdraft fees, joining other big banks

Jan. 18, 2022 14:43 PM EST

NEW YORK (AP) — Truist Bank said Tuesday it is reducing its overdraft fees, becoming the latest big bank to announce an overhaul of overdraft policies that often impact the most vulnerable customers. The bank plans to roll out a new checking account this summer that will have a...

Bank profits soared in 2021, but inflation is front of mind

Jan. 14, 2022 14:14 PM EST

NEW YORK (AP) — Three of the nation’s biggest banks reported blowout profits for 2021 on Friday, helped by the improving economy and consumers and businesses willing to spend and take on loans. But Inflation is clouding the outlook for 2022, based on comments from bank...

Bank of America slashes fees for account overdrafts

Jan. 11, 2022 18:52 PM EST

NEW YORK (AP) — Bank of America slashed the amount it charges customers when they spend more than they have in their accounts and plans to eliminate entirely its fees for bounced checks. It's the latest move by the nation's biggest banks to roll back the overdraft fees they long...

Banks slowly reconsider overdraft fees, amid public pressure

Dec. 14, 2021 16:13 PM EST

NEW YORK (AP) — The banking industry appears to have overdone it on overdraft fees. After decades of raking in billions of dollars from mostly poor Americans short of cash in their accounts, the biggest banks — under pressure from lawmakers and regulators — are slowly...

BofA CEO: Consumers spending at fastest pace he's seen

Dec. 13, 2021 07:25 AM EST

NEW YORK (AP) — The head of the nation’s second-largest bank said consumers are spending “at a faster rate” than he’s ever seen but he remains concerned about how inflation and supply-chain issues will influence the economy going into the winter. In an interview this month...

Murdaugh killings in South Carolina unsolved 6 months later

Dec. 08, 2021 17:04 PM EST

COLUMBIA, S.C. (AP) — More than six months after the wife and son of a prominent South Carolina lawyer were gunned down at the family's estate, their killings remain unsolved. But while little is said about the deaths, the legal drama around Alex Murdaugh continues, from lawsuits...

Capital One drops all overdraft fees, latest bank to do so

Dec. 01, 2021 11:19 AM EST

NEW YORK (AP) — Capital One said Wednesday that will get rid of all overdraft fees, the latest bank to do so this year and one of the largest financial institutions to shy away from the long-hated practice. The Virginia-based bank said it will still allow customers to...