Nine U.S. Banks Said to be Examined for Overdraft Practices
By Carter Dougherty and Margaret Collins
The Consumer Financial Protection Bureau is scrutinizing nine banks including JPMorgan Chase, Wells Fargo, and Bank of America on how they persuade customers to enroll in overdraft protection and their justification for fees. Planning enforcement against banks that “exploit consumers with deceptive marketing”, the agency will examine marketing material and customer service scripts to determine whether [...]
Bloomberg reports that Bank of America (BAC) has shifted about $22 trillion worth of derivative obligations from Merrill Lynch and the BAC holding company to the FDIC insured retail deposit division. Along with this information came the revelation that the FDIC insured unit was already stuffed with $53 trillion worth of these potentially toxic obligations, making a total of $75 trillion.
Derivatives are highly volatile financial instruments that are occasionally used [...]
The UK joint venture has failed to make a profit
Carphone Warehouse is to close all of its 11 Best Buy stores across the UK, the company has announced.
The move puts 1,100 jobs at risk at the outlets, which sell electronic goods, but the firm said it hoped to find the “large majority” alternative work.
The 11 Best Buy stores are part of Best Buy Europe, a joint venture between US group [...]