A Greek student who came to the U.S. to study but then returned to Greece claims that he had over $59,00 in savings in Bank Of America, but the bank mistakingly gave his account funds to the some person with the same name not at all related to him. He’s now suing Bank Of America in court for the problems they caused him. But, so far Bank Of America isn’t budging, and refuses to make the problem right. In another incident, Bank Of America assigned two different persons the same account number, making a a financial problem for both persons.
Right now, Bank Of America is in the news for problems that they’re having, and remains the most controversial of any major bank. The bank mistakingly started forecloses against some homes recently.
Other banks aren’t without some problems as well. Some banks are accused of putting cash deposits on a pending basis so that they can charge customers extra fees for insufficient funds, even though the customers had funds in the bank sufficient to cover any checks presented at the time.
While the Occupy Wall Street protests are unlikely to change much themselves, these new problems with major banks could certainly force Congress or bank regulators to soon act to fix some growing problems with the banking industry.