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5 Signs Bank of America Has No Humanity

5 Signs Bank of America Has No Humanity

If corporations are people, then Bank of America is a sociopath. The nation’s largest bank continually demonstrates that it doesn’t play nicely with other people. While the institution will gladly take your money, don’t expect it to have any respect for you in return. Here are five recent signs that BoA lacks humanity:

1. Stealing Homes

Heartlessly foreclosing on homes and leaving families homeless is definitely greedy. However, when Bank of America is caught illegally fudging paperwork and rules to steal homes from families who met the terms to keep their property, that’s when it’s clear how despicable the institution is.

BoA employees (by their own admission) were not only instructed, but often bribed to stall paperwork, lie to homeowners and fabricate missed payments to set foreclosure proceedings into motion. The bank makes it clear that destroying people’s lives – even fraudulently – is not off limits when profits are at stake.

2. Screwing Non-White Homeowners

In September, after being caught leveling higher interest rates and fees to hundreds of thousands of African Americans and Latinos, Bank of America conceded to pay a $335 million settlement. Furthermore, the bank also targeted minority homebuyers for subprime mortgages, thereby harming them financially. Most of the damage was done by Countrywide Financial, a company with a checkered past acquired by BoA in 2008.

3. Treating Female Employees Unfairly

Sadly, that’s not Bank of America’s only September discrimination settlement. BoA also shelled out an additional $39 million to female employees of the bank’s investment advice division. BoA and its subsidiary Merrill Lynch (which was found guilty of similar practices in the ‘90s) stood accused of “undermining women’s compensation and professional opportunities,” particularly by handing prime advantages and clients to male employees. Approximately 5,000 women will split the settlement due to BoA willfully ignoring civil rights legislation.

4. Discriminating Against Pregnant Women

If you think it’s rough being a woman at Bank of America, try being a pregnant woman. For whatever reason, the financial institution established separate refinancing regulations for pregnant homeowners and screwed over expecting mothers with these supposed “rules.” However, the Fair Housing Act forbids banks to differentiate between homeowners because of their sex and family status, making BoA’s stipulations not only unconscionable, but illegal.

Rather than letting these allegations play out in court, BoA settled with a pair of couples for $45,000 in the hopes of this not turning into a larger issue. Of course, one way for BoA to avoid a larger issue is to actually follow the law.

5. Outsourcing Tellers


Now Bank of America looks to be setting the groundwork to eliminate its tellers. There’s no clearer sign of eliminating humanity than to actually remove the human face from its business. New technology will allow customers to communicate with employees via ATM video screen instead of face-to-face.

Despite the bank’s massive profits, the move is designed to “cut costs.” Teller positions will be outsourced to states with bad wage laws, though it’s not hard to imagine they’ll be shipped abroad after not too long. By setting up call centers in states like Florida with awful labor laws, they’ll be able to bypass giving employees benefits and vacation time.

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170 comments

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8:49AM PST on Nov 16, 2013

noted

10:22PM PST on Nov 14, 2013

One may also notice that patronizing locally-owned businesses is not a cure-all, but it makes the decision makers much closer and more responsive than is the case with huge national/international corporations including but not limited to banks.

10:10PM PST on Nov 14, 2013

JP Morgan is jsut as bad or even worse. These banks ar out of control.

9:56AM PST on Nov 13, 2013

Typical business attitude. Money is all they care about!

9:16AM PST on Nov 13, 2013

Noted

9:16AM PST on Nov 13, 2013

Noted

7:35AM PST on Nov 13, 2013

Assholes.

5:01AM PST on Nov 12, 2013

Nikolas K.

(The only way to fix banks) YOU ARE ABSOLUTELY CORRECT WITH THIS COMMENT. WE USE TO HAVE STRONG REGULATIONS AND THE GLASS-STEAGALL ACT.BUT OUR CORRUPTED MEMBERS OF CONGRESS REPEALED THEM UNDER RONALD REAGAN AND THEY FINISHED REPEALING THEM UNDER BILL CLINTON.
.

Read more: http://www.care2.com/causes/5-signs-bank-of-america-has-no-humanity.html#ixzz2kR4W96pa

4:53AM PST on Nov 12, 2013

I disliked so much BoA that I was so happy when the federal government kicked them out as the credit card company. Now it is US BANK and we are watching !

3:53AM PST on Nov 12, 2013

I better not to say...

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