What is the public opinion on Bank of America's $150 million fine?
07/12/2023 •
The public largely believes the $150 million fine is insufficient given Bank of America's repeated misconduct and the profits they likely made from illegal activities. — The majority of viewpoints express outrage, frustration, cynicism, and disappointment towards Bank of America's actions and the perceived lack of significant consequences. The recurring theme across comments is the need for harsher penalties and true accountability.
Stats
| 65% | 204 | |
| 35% | 108 | Bluesky |
| 74% | Negative |
| 21% | Neutral |
| 5% | Positive |
| 94% | 😡 Anger |
| 4% | 😱 Fear |
| 2% | 😃 Joy |
| 0% | 😢 Sadness |
| 0% | 🥰 Love |
| 0% | 😯 Surprise |
😡
Story
- Many commenters are outraged at Bank of America's actions and believe that the $150 million fine is not enough. They propose fines of $250 million per fake account and per instance of an illegal fee. Some suggest that the CEO should personally be fined $100 million.
- Some commenters question the impact of the $150 million fine on Bank of America's profits, arguing that the bank likely made much more through its illegal practices. They express skepticism about the effectiveness of regulations if banks can continue to profit despite facing fines.
- A few commenters compare Bank of America's fraudulent activities with the perceived negative aspects of cryptocurrency, questioning why cryptocurrencies are often criticized when big banks have been involved in fraudulent behavior.
- Commenters express frustration with a perceived lack of accountability for banks like Bank of America. They highlight previous instances where it was ordered to pay large sums in redress to consumers for illegal credit card practices and other violations, suggesting that stronger measures, such as criminal charges or imprisonment, should be taken.
- Several commenters highlight Bank of America's history of misconduct and fines. They mention that the bank has been fined multiple times in the past, including a $727 million fine in 2014 for illegal credit card practices and a $10 million civil penalty for unlawful garnishments.
- Commenters express outrage and frustration towards Bank of America's repeated violations and fines, and question the effectiveness of regulations if the bank continues to engage in illegal practices.
- Some individuals view the fine imposed on Bank of America as just a cost of doing business for the bank. They believe that these fines are insignificant compared to the profits made from unethical or illegal practices.
- People are outraged by Bank of America's fraudulent activities such as secretly opening credit card accounts without customer permission, double-charging overdraft fees, and withholding promised rewards.
- There are comments expressing support for the regulatory actions taken against Bank of America. These individuals commend the Consumer Financial Protection Bureau (CFPB) for ordering the bank to pay over $100 million to customers as restitution for their wrongdoing.
- People are outraged by Bank of America's repeated violations and fines, highlighting the recent order from the CFPB to pay over $250 million for opening fake accounts, withholding credit card rewards, and illegally charging junk fees.
- Commenters express frustration and disappointment with the perceived lack of consequences for Bank of America's actions. They believe that the fine imposed on the bank is insufficient to deter future misconduct and view it as just another cost of doing business.
- People are outraged by Bank of America's repeated violations and fines. They believe that the bank has a history of engaging in illegal practices, as evidenced by previous instances where it faced regulatory fines.
- Commenters express frustration over Bank of America's secret and illegal practice of charging customers multiple fees for a single overdraft.
- The comments mention that federal regulators have ordered Bank of America to pay fines and penalties amounting to millions of dollars as a result of their fraudulent actions.
- People criticize Bank of America's business model and express their lack of understanding as to why it is so popular. They highlight that the bank has paid over $80 billion in fines and settlements in the past 20 years, which they believe is indicative of ongoing unethical practices.