Wall Street giant Bank of America added to its reputation of putting the customer last in the second quarter. The lender took advantage of higher interest rates handed down by the Federal Reserve to charge clients more, and this led to windfall profits.
The company is already under heavy fire for its blatantly woke policies. It is an industry leader in attempting to restrict loans to the gun industry and has even handed over private transaction records of firearms purchases to the federal government.
This was done to supposedly combat “domestic extremism.”
Bank of America also embraces critical race theory doctrine. The corporation claims the U.S. is built on “White supremacy” and urges White employees to “cede power to people of color.”
And now, thanks to repeated interest rate increases spurred by President Joe Biden’s inflationary policies, it is raking in profits.
These rose 14% to a staggering $14.2 billion in the second quarter.
Love it! A woke company gets hit hard!!!
Bank of America hit with $250 million in penalties after allegedly denying customers promised cash rewards, double-charging them, and damaging their credit scores https://t.co/7q7Pkuwbpl
— AmericanPatriot (@AmericaProud99) July 16, 2023
This total will easily cover the $250 million in penalties Bank of America was hit with last week. The Consumer Financial Protection Bureau (CFPB) revealed that the financial giant would be punished over allegations of taking advantage of its customers.
It is required to dole out $100 million to its fleeced clients. Another $150 million is to be paid in penalties to the CFPB and the Office of the Comptroller of the Currency.
Why? Bank of America is accused of “systematically double-dipping on fees imposed on customers with insufficient funds in their account.” In other words, imposing harsh measures on those least able to afford them.
How did they do this? The excessive fees were collected through a policy that slammed overdrawn consumers with a $35 charge. According to the CFPB, Bank of America would then hit the customer with repeated charges for the exact same transaction that brought the initial fee.
Investigators charge this practice was carried out over several years.
Officials also accused the company of keeping back reward bonuses promised to credit card users. Further, it is believed to have misused customers’ personal information to open accounts without their knowledge or consent.
The bank was allegedly using confidential data from the trusting public to open bogus accounts and make more money.
And now word came that Bank of America is raking in huge profits through charging its customers higher interest rates. This is the same company that proclaimed itself to be a responsible social engineer, imposing radical leftist ideology for the greater good.
It will hardly be surprising if and when knowledgeable consumers take their financial business elsewhere.