9 of 9 Information Available on Account Webpage:
5 of 9 Information Unavailable Online or at Branch:
0 of 9 Revenue:
Bank of America infuriated many customers last fall when it attempted to implement a $5 fee for using a debit card. It comes as a surprise then that the bank is the most transparent one out of the 12 banks in the survey. All the disclosure information Pew looked for is available online. In fact, Bank of America spelled out the extended overdraft penalty fee directly on the account webpage, the only institution to do so. Although Bank of America has not adopted the same schedule as Chase Bank, Weinstock said it has been receptive to Pew’s recommendations.
Bank of America has been considered the worst-run of the large banks. Its buyout of Merrill Lynch in late 2008 cost the bank billions of dollars in losses. It still uses the Merrill brand for much of its brokerage and personal financial operations. Bank of America also bought mortgage lending giant Countrywide Credit in early 2008. Losses from Countrywide’s large prime-prime mortgage portfolio further damaged Bank of America’s balance sheet.(AP Photo/Chuck Burton) More From 24/7 Wall Street
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