Central banks move gold back home

7.12.23 - Central banks move gold back home

Gold last traded at $1,957 an ounce. Silver at $24.13 an ounce.

BofA Ordered To Pay $250 Million For Opening Fake Accounts, Charging Illegal Fees -ZeroHedge

As if banks weren't creating enough stress for their depositors, we now know BofA has been defrauding their customers. Banks should be a place we put our hard earned dollars to keep them safe, but in today's landscape, it's very hard to believe that will ever be the case again.

Bank of America has pulled a Wells Fargo - and has agreed to pay $150 million in fines and $100 million to customers for opening unauthorized credit card accounts, improperly charging extra fees, and withholding rewards, according to US regulators.

The bank was fined by the Consumer Financial Protection Bureau for "systematically double-dipping on fees imposed on customers with insufficient funds in their account."

BofA also failed to pay advertised credit card reward bonuses, and enrolled customers in new cards without their authorization or knowledge, the CFPB said in a statement.

The $150 million is broken down into a $90 million penalty to the CFPB, and $60 million to the Office of the Comptroller of the Currency. The bank did not admit to or deny the allegations as part of the settlement, Bloomberg reports.