This is based on a personal experience and is a personal post. It is about both Bank of America and WaWa.
I love WaWa. I am a sucker for innovative businesses that just do things right. WaWa is one of these businesses.
WaWa stays competitive in large part by creating cheap pricing on everyday items. So stuff like cigarettes, coffee, use of the ATM, and gas are priced extremely competitively compared to the surrounding competition whom ever those poor souls may be.
I needed some cash the other day and their is a WaWa located conveniently to my home. I know they don't charge for their ATM use which is a deal that they have worked out with their bank or credit union.
So I checked my balance and then withdrew 20 dollars.
Then a few days later I check my bank statement. I was charged 4.00 dollars by my bank which is Bank of America.
They charged me 4.00 or 20% of what I took from my account.
Think about this WaWa paid for the location and electricity that was needed for this transaction. Their bank supplied the cash, and all of this was provided free of charge to me. Then Bank of America has the nerve to charge 4.00 dollars.
Man that really hurt my finance feelings.
Showing posts with label Bank of America. Show all posts
Showing posts with label Bank of America. Show all posts
Friday, October 22, 2010
Sunday, April 18, 2010
Big Banks Bet and Bank on Trading Profits - BoA and Chase Ride Trading Revenue to Profitability
Both JP Morgan and Chase and Bank of America reported profitable quarters this earnings season go around.
Though Chase has been in better shape over this economic down turn both banks profitable quarters relied on their investment banking activities.
Chase Bank reported 3.3 billion dollars for the first quarters profit. Bank of America came in right behind them with 3.2 billion dollars. 3/4's or 75% of Chase Bank profits came from trading and investment banking activities and 2/3 or about 65% of Bank of Americas profits came from their newly found investment banking operations. This profitable Merrill Lynch deal has beat the overall outside consensus and expectations. Just goes to show you that old Ken Lewis knew and still likely knows what he is talking about.
Though it is the new guy Brian M. over there amidst the executive offices of Bank of America who is wiping the sweat of his forehead as the new CEO of Bank of America.
The New CEO, Brian T. Moynihan of BoA is doing a great job in my opinion. He is making some great decisions as the banking giant's leader.
His focus on image, loss mitigation, referral networking with the new investment banking operations and corporate banking division, and what ever else he is doing is certainly getting the job done (at least from what I have seen).
My finance hat goes off to him, as well as Ken Lewis who deserves some credit from the media, and of course the genius over there at Chase Bank, Mr. Diamond.
The stock prices of these two banking giants were unfortunately blocked and pushed down due to the outrageous claims of mortgage backed securities fraud against Goldman Sachs. This claim and lawsuit courtesy of the SEC.
Related Articles and Resources
Banks using Deceptive Accounting Practices - So What?
Debt Help and Debt Soloutions
Loss Mitigation
Though Chase has been in better shape over this economic down turn both banks profitable quarters relied on their investment banking activities.
Chase Bank reported 3.3 billion dollars for the first quarters profit. Bank of America came in right behind them with 3.2 billion dollars. 3/4's or 75% of Chase Bank profits came from trading and investment banking activities and 2/3 or about 65% of Bank of Americas profits came from their newly found investment banking operations. This profitable Merrill Lynch deal has beat the overall outside consensus and expectations. Just goes to show you that old Ken Lewis knew and still likely knows what he is talking about.
Though it is the new guy Brian M. over there amidst the executive offices of Bank of America who is wiping the sweat of his forehead as the new CEO of Bank of America.
The New CEO, Brian T. Moynihan of BoA is doing a great job in my opinion. He is making some great decisions as the banking giant's leader.
His focus on image, loss mitigation, referral networking with the new investment banking operations and corporate banking division, and what ever else he is doing is certainly getting the job done (at least from what I have seen).
My finance hat goes off to him, as well as Ken Lewis who deserves some credit from the media, and of course the genius over there at Chase Bank, Mr. Diamond.
The stock prices of these two banking giants were unfortunately blocked and pushed down due to the outrageous claims of mortgage backed securities fraud against Goldman Sachs. This claim and lawsuit courtesy of the SEC.
Related Articles and Resources
Banks using Deceptive Accounting Practices - So What?
Debt Help and Debt Soloutions
Loss Mitigation
Tuesday, September 29, 2009
Citi Bank Scales Back Retail Banking Operations
Citi Bank which is one of the largest financial institutions in the world and in to a little bit of everything and a little bit too much, has announced plans to scale back their retail banking operations and has said it will be reducing the number of branches.
They will keep the operation going for the long term but will focus only on the cities that they have a strong and secure presence.
Cities of Focus for Citi Bank:
- Chicago
- Washington
- New York
- L.A.
- San Fransisco
Citi Bank has tried over the years to establish a retail and community banking presence such as their counter parts Bank of America and Wells Fargo who each have 6000 locations a piece. Citi has never been able to capitalize on the market with only 1000 branches of their own and they will be closing many of those.
Overall this is probably a good move by the board over their in the struggling land of Citi Group. Their operations have been spread all over the place over the last decade and have failed to manage any sort of synergy such as Bank of America.
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