Posted on Thursday, 4th February 2010 by debtpreventions

A 2009 USA Today survey found that each of the 10 largest banks allow consumers to overdraw checking accounts.  By doing so, banks reaped a record $38.5 billion from overdraft fees that year, nearly twice the $20.5 billion collected from credit card penalties, such as late and over-limit fees.
“Overdraft fees are the mother lode of [...]

Tags: Bank, Checking, Consumer
Posted in Consumer | Comments (0)

Posted on Thursday, 4th February 2010 by debtpreventions

The now retired and former CEO of Bank of America Corp, Ken Lewis has been named in a civil fraud suit by New York AG Andrew Cuomo.
The suit alleges that Lewis and former CFO Joe Price mislead investors and the government when purchasing Merrill Lynch & Co in 2008.  Cuomo contends that the two officers [...]

Tags: Bank, Lender
Posted in Bank | Comments (2)

Posted on Saturday, 23rd January 2010 by debtpreventions

Banks on Wall Street are inserting “clawback” provisions and deferred stock awards to executives in an effort to reduce public scrutiny of excessive cash bonuses.
In a recent filing, Morgan Stanley said its CEO James Gorman will receive deferred stock valued at $5.4 M but no cash bonus for 2009.  If he meets certain performance targets, [...]

Tags: Bank
Posted in Bank | Comments (2)