Bank of America

[mikechamp]

They were naughty. I know, everyone is probably stunned by this news.

On second thought... probably not.

Bank of America hit with $1.2 billion penalty over money laundering failures

Regulators fined Bank of America (BAC) more than $1.2 billion on Tuesday over widespread failures in the banking giant's safeguards against money laundering and other illicit financial activity.

The Treasury Department said the nation's second-largest bank failed to properly monitor trillions of dollars in transactions and to report more than $5 billion in suspicious activity, including transactions potentially tied to Chinese money-laundering networks, narcotics trafficking, and fraud.

Regulators said Bank of America's failures extended across its transaction monitoring systems, customer due diligence, and internal oversight.

FinCEN said Bank of America admitted to willfully violating the Bank Secrecy Act and had effectively outsourced substantial portions of its suspicious activity detection responsibilities to law enforcement and other financial institutions. The bank also prioritized revenue over compliance resources, according to Treasury, allowing suspicious transactions to go uninvestigated for extended periods.

https://finance.yahoo.com/markets/artic ... 23796.html

[sighyoung]

I had the worst experience possible with BoA when I had power of attorney for my mother and needed to close her checking account in St. Louis. There were no BoA branches in Louisville, so I was forced to drive to St. Louis twice, and even revise POA paperwork, just to get something like $100-$200 and make sure everything was out of her safe deposit box.

I learned a lesson that if I wanted a bank to make a legal decision quickly (such as setting up a Medicaid trust account), it was best to work with a local bank rather than a national one.

Bank of America has finally arrived in Louisville, but I would never, ever set up an account with that bank.