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Whether your bank refunds money lost in a scam depends on several factors: the type of scam, how you sent the funds, the bank’s policies and if you authorized the transaction. Learn more in our ...
For instance, if you keep $10,000 in a traditional savings account with a 0.45% APY, you'd earn $45 in interest after a year and $460 after 10 years. In an HYSA with a 4% APY, you'd earn $408 in ...
Credit bureaus report both negative and positive information about a consumer's use of credit; a ChexSystems report specifies only negative information, if any, about a consumer's use of deposit accounts. Thus, if two customers have both made the same banking errors in the past, while one of them has maintained a number of positive banking ...
The Bank Secrecy Act of 1970 (BSA), also known as the Currency and Foreign Transactions Reporting Act, is a U.S. law requiring financial institutions in the United States to assist U.S. government agencies in detecting and preventing money laundering. [1]
Lawrence Shaw received the information from a bank account at Bank of America that belonged to a customer, Stanley Hsu. Shaw used that information to take money from Hsu but did not directly steal from the bank. Shaw was convicted under a federal statute criminalizing fraud against banks and appealed, arguing his target was its customer.
Indeed, according to internal Bank of America data, across all income cohorts in July 2023, the median checking and savings account was 54% higher than the average in 2019.
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A $93 million loan was issued by Bank of America National Trust and Savings to 203 North LaSalle Street Partnership. The Partnership's Chicago office building was used as the principal asset in a mortgage set up to secure the loan. The Partnership filed for bankruptcy and bank began the foreclosure process on the piece of property. [1]