Why don't penalties for fraudulent or criminal practices START at 100% of all revenue generated by such prectices and go up from there? If the only penalty for stealing $1,000 was a $10 fine, I'd just keep stealing - why are companies expected to do otherwise?
Because they can afford to buy legislators and we can't
According to the article, that’s what happened. They paid back the $103 million of fraudulent overdrafts and a $150 million fine on top of that as punishment.
Google tells me BofA's net worth is around $228-billion, so these fines and refunds add up to about 1/10th of 1% of the company's value.
What does the bank get for that money? No charges against anyone involved in at least tens of thousands of felonies, which seem quite similar to many thousands of earlier felonies nobody at the bank was charged with, in 2014 and 2022.
If I committed tens of thousands of felonies, repeatedly, could I get BofA's deal? I'm worth about $5,000, including my life savings and everything I own, so I'd have to pay a $5 fine.
$150 million fine for the $222 billion company. Seems about right
it's pretty sad, but these massive companies EXPECT fines, and put them in their budget. they don't give a fuck. it's just the cost of doing business.
Yeah really. The average person overdrafts and they charge $35 for it, making that person even more poor.
$150 million? That's like what... five BofA overdraft fees?
They made $1.6 billion off overdraft fees in 2019...
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Not a big enough fine. That’s just the cost of doing business to them.
I love my Credit Union. Been a victim of Wells Fargo in the past and it was delightful finally closing my accounts with them years ago. Haven't looked back. Haven't had any weird fees since.
Unfortunately, this still seems like a drop in the bucket vs. what they made off with.
Chump change for these crooks, and will be written off as the cost of business.
When we start giving bankers prison sentences, things will start to actually change.
there was a royal commission in australia into the banking industry, and there were a LOT of changes recently. probably about 2 years ago now. they're not allowed to charge exhorbitant fees anymore. the US needs one of those, or the equivalent.
I implore anyone with a banking account with a corporate bank to switch to a nearby credit union or AT LEAST look into it.. Ive been a customer at 3 credit unions and all have been great experiences. I cannot say the same about my Bank of America experience from 15 years ago that pushed me over to CUs.
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