UPDATE 11/1/2011: Bank of America has announced it is scrapping this fee.
Slate.com is reporting that Bank of America is planning new debit card fees. The proposed fee would be $5/month(usd) for customers who use their debit card to buy stuff.
*DISCLAIMER: I am not a licensed financial adviser and I have never even actually balanced a checkbook. However, I still feel 91.37% confident in recommending that Bank of America customers are best served by immediately canceling their accounts with BoA.
Whether you are a Bank of America customer or not, please contact BoA CEO Brian T. Moynihan at email@example.com to help in some way to prevent these fees from spreading.
Or as the FHFA explains it, these loans simply had:
“different and more risky characteristics than the descriptions contained in the marketing and sales materials provided to the Enterprises for those securities.”
I think it is great that the government is finally going after these banks, although, the language they use sounds mostly like someone complaining about a less than truthful Match.com profile.
“Cheryl was nice and all, but to call her build ‘athletic’(see different) was definitely a stretch. Can you be athletic at 5’4″ 217lbs? Plus, what she referred to as an outgoing personality, definitely ended up being more on the manic depressive side(see risky characteristics).”
Civil complaints are a start, but when are the criminal charges going to be filed?