Bank of America fined $30M by US for debt collection
Source: AP
By MARCY GORDON
WASHINGTON (AP) — Bank of America has been fined $30 million by U.S. regulators, who accused the bank of violating consumer protections for members of the military in collecting debts.
The Office of the Comptroller of the Currency, a Treasury Department division, announced the civil penalty Friday against the second-largest U.S. bank. The agency says Bank of America has started taking steps to correct the problems and "is committed to taking all necessary and appropriate steps" to do so.
The regulators say the bank violated the law protecting service members by taking improper legal action against military customers for delinquent credit card accounts and overdrafts. The improper practices allegedly occurred from January 2006 to the present.
The OCC also said Bank of America had failed to have effective policies and procedures to ensure its compliance with the law, the Servicemembers Civil Relief Act.
FULL story at link.
Read more: http://bigstory.ap.org/article/7e690a8856c24e5f9c2874613bf1b53d/bank-america-fined-30m-us-debt-collection
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for my direct deposited unemployment checks they claimed they "lost" in 2012! I thought that cashing it at the local BoA branch would be taking the path of least resistance, and even brought along extra ID as a precaution. But they weren't happy until I showed that I had an account at ANOTHER bank!
The IRS has been mad at me, too, because I deducted the money from my income that year though the federal taxes were withheld. But true to my word, I've put a check in the mail for the income taxes due!
rocktivity
