Shares of Bank of America dropped 18% to $6.71. They’ll probably hike ATM and account fees to rebound.
There is a special loathing here at Death + Taxes reserved for Bank of America, which we like to call the Evil Empire. No company so thoroughly attempts to screw its customers as the good old BofA.
When it was reported that Bank of America shares dropped 18% to $6.71 per share, a nice smile overtook our faces. How sublime would it have been to watch BofA executives witness Wall Street selling BofA stocks? About as sweet as it was when mail arrived stating Bank of America would be giving me a settlement for all the money they filched from my account until I gave them the boot.
This trading mayhem combined with BofA’s $410 million settlement for overdraft crimes is proof it’s not been a good year for the bank.
But, the resiliency of this serpentine organization should not be underestimated: they are already testing $5 ATM fees in select markets as well as account fees to replace the steady criminal overdraft fee revenue taken from them by the Dodd-Frank Bill.
Expect the new ATM fees to be fast-tracked around the nation and the new account fees to be raised to bring in some revenue.
What can you do to add to Bank of America’s hurt? Withdraw your money from BofA and put it in a credit union. You will not be charged overdraft fees and you will have a right to vote in an organization that is ethical.
To learn more about credit unions, read my article “5 Reasons to Put Your Money in a Credit Union.”