Lieff Cabraser Heimann & Bernstein, LLP today announced the filing of a series of nationwide class action lawsuits against Bank of America, Wachovia, U.S. Bank, JPMorgan Chase and Citibank in the United States District Court for the Southern District of Florida in Miami for abusive overdraft fees. READ MORE

Bank of America reported financial results this morning for the third quarter of 2009. In its Global Card Services unit, the bank reported card purchase volumes declined over 14% year over year from $63.3 billion to $53 billion. The charge-off rate doubled - from 6.4% to 12.9% compared to the same quarter last year. Debit card purchase volume grew slightly about 3% from $53.2 billion to $54.7 billion.

In an AP story titled "BofA to charge annual fees on rewards cards", Bank of America says it is testing annual fees ranging from $29 to $99 on its credit cards.

In an article titled "Chase and Bank of America Revise Fee Policies", Ron Lieber writes for the New York Times about announcements from Bank of America and Chase regarding changes both banks are planning to their overdraft fee policies.

In a press release, Bank of America announced changes to be implemented October 19 including not charging overdraft fees when a customer's account is overdrawn by a total amount less than $10 for one day, not charging overdraft fees on more than four items per day and making it easier to opt out of overdrafts altogether. Next June, the bank plans additional changes including providing customers a choice with respect to opting in or out of overdraft capability.

According to Lieber's reporting, Chase is planning changes in the first quarter including not charging a fee when the overdraft is for less than $5 and not sorting items in descending amounts prior to posting - a technique that maximizes the overdraft fees charged and has drawn criticism from consumer groups. Chase also plans to allow its customers to opt out of overdraft coverage.

Saying it is responding to "consumer demand for a card that offers the convenience of credit with simplified rates and terms," Bank of America has announced the BankAmericard Basic™ Visa card. "The new card features one basic rate for all types of transactions, including balance transfers and cash advances. That rate, which is tied to the U.S. Prime Rate, will not change over the life of the account." READ MORE

Bank of America and Bottomline Technologies have announced a strategic relationship to "advance the growth of Bank of America’s market-leading electronic network for payment and invoice automation. Bottomline Technologies will acquire Bank of America's PayMode product, operations and vendor network. The two companies are entering into a multi-year agreement to operate and enhance this innovative Software as a Service (SaaS) offering. In addition to continuing to market PayMode to new clients, Bank of America will retain existing PayMode client relationships and join Bottomline’s Strategic Advisory Council. The bank will also have an equity interest in the company via warrants for one million Bottomline shares." READ MORE

Bank of America Bank today reported second-quarter 2009 net income of $3.2 billion down slightly from last year's $3.4 billion. The bank's Global Card Services unit had a net loss of $1.6 billion compared to a $582 million of net income in the same quarter last year. Loans outstanding declined 8% to $220 billion. Credit card purchase volume fell dramatically, down 19.5% year/year to $51.9 billion. Debit card purchase volume increased slightly to $55.2 billion.

Bank of America and First Data have announced "the formation of a new company that will deliver next-generation payments solutions to merchants ranging from small business to commercial and corporate clients worldwide."

According to the two companies, Banc of America Merchant Services, LLC will provide clients "with the most comprehensive suite of innovative payments solutions including credit, debit and prepaid cards to merchant loyalty, check and eCommerce payments." READ MORE

In Sunday's Washington Post, writers Nancy Trejos and Jonathan Starkey look at what's been happening to bank fees - noting that "your bank wants more of your money, and it's found a way to get it: by jacking up the fees on your account."

Examples? "Bank of America this year raised the maximum number of times customers can get hit with overdraft fees from five a day to 10. On top of that, it began charging a one-time fee of $35 if the account remains in the negative for more than five days."

More here.

The California Public Employees’ Retirement System (CalPERS), holder of 22.7 million Bank of America shares, has announced it is voting against the re-election of all 18 Bank of America directors, including Chief Executive Officer and Chairman Ken Lewis. READ MORE

Bank of America Corporation today reported first-quarter 2009 net income of $4.2 billion.

The bank's Global Card Services unit, which now includes Debit Card, swung to a net loss of $1.8 billion as the weak economic environment drove credit costs higher. Credit card purchase volume declined 19.7% to $48 billion compared to $59.8 billion in 1Q08. Credit card chargeoffs grew to 8.62% totaling $3.8 billion vs. 5.19% of $2.4 billion in 1Q08. Debit card purchase volume grew 2.2% to $51.1 billion.

Bank of America has announced the launch of a new online shopping site that "allows enrolled customers to earn up to 20% cash back on their purchases at more than 270 online retailers, including top names such as Walmart.com, BestBuy.com and Barnes & Noble.com. Customers with a current Bank of America credit or check card who are enrolled in online banking can register for free through the Add It Up site at http://www.bankofamerica.com/additup." READ MORE

A group of credit card issuers and payments networks (Bank of America, Capital One, Citi and Discover Card along with MasterCard and Visa) have introduced Help With My Credit, a resource to assist and educate consumers struggling to make their credit card payments.

According to a press release issued late Tuesday, "Help With My Credit invites consumers to call a toll-free telephone number (1-866-941-1030) where operators will provide them with information about speaking with customer service representatives within participating credit card issuers or to accredited credit counseling agencies, depending on the individual’s situation and needs."

Consumers can also visit a new Web site, http://www.HelpWithMyCredit.org, which provides consumers information on how to manage credit cards and better communicate with their credit card companies, and how to identify and speak with an accredited credit counselor. READ MORE

This morning Bank of America reported its financial results for the fourth quarter of 2008 - with a net loss of $1.79 billion in the quarter compared with net income of $268 million a year earlier. A copy of the bank's 4Q2008 earnings presentation is available online along with supplemental financial information.

In its Card Services business, the bank reported that purchase volume on bank-issued cards declined over 17 percent vs the fourth quarter in 2007.

Late today, the financial agencies of the U.S. government announced they had entered into an agreement with Bank of America to provide a package of guarantees, liquidity access, and capital as part of their commitment to support financial market stability. READ MORE

In an article titled Citi, BofA Problems Seen Spreading to Other Banks, Jeff Cox reports for CNBC that financial analysts are predicting a spread of the problems currently affecting Citi and Bank of America to other US banks.

A growing number of Americans are concerned that the current economic crisis is threatening to leave them further behind on their retirement plans, according to a new survey released today by Bank of America. The 2008 Bank of America Retirement Savings Survey, which reflects the mindset and behavior of approximately 1,000 people across the country, finds that six in ten (60%) Americans are spending less than they were three months ago as a result of the current economic climate. However, even with this decreased spending, more than half (51%) of the general public and 40 percent of affluent Americans are also saving less than they were three months ago - with approximately one in five citing that they're saving "much less." READ MORE

Bank of America has announced the release of the SafePass(R) Card - a "new wallet-sized card essentially builds on SafePass, a one-time-use, six-digit code sent as a text message to consumers' mobile devices to authorize and help safeguard sensitive transactions." READ MORE

Bank of America has announced new purchasing card and travel card capabilities that enable its clients to issue and settle in local currencies throughout Europe. READ MORE

Bank of America has announced it has agreed to acquire Merrill Lynch & Co., Inc. in a $50 billion all-stock transaction that the bank says "creates a company unrivalled in its breadth of financial services and global reach." READ MORE

In an article titled "Your Bank in Your Pocket", Simone Baribeau writes for the Washington Post about mobile banking - reporting that "About 3 million people used mobile banking in the past 90 days as of June. That was almost triple the number of people who used it six months before".

Greg Bordonaro writes for HartfordBusiness.com about "Banking on the Go" - reporting some statistics on mobile banking at Bank of America: "On average, customers use their mobile banking eight times a month... Eight percent of those customers are new to the bank. Two-thirds of them are under the age of 35, while four-fifths are under the age of 45."

Glenbrook’s Carol Coye Benson recently interviewed Stephanie Sturgis-Griffin, the newly named CEO of Pariter Solutions, the Wells Fargo and Bank of America joint venture for ACH processing announced in May. According to the announcement press release, Pariter will be “the country’s largest processor of ACH payments." READ MORE

The Federal Reserve's public comment site for its proposed credit card and overdraft fee regulation changes now lists 15,775 comments - along with a consolidated list of over 27,000 "form letters" that it has not individually posted to the site.

Among the most extensive comments received are those of Bank of America filed by executives Lance Weaver and Susan Faulkner in a 50+ page filing. They begin: "The proposal would substantially reinvent the business of credit card lending and deposit taking. ... This proposal will have a broad impact on the economy both at the retail level and in highly complex securitization markets, slowing growth and limiting access to financing."

In a comprehensive article, Bank of America's Lance Drummond writes for Bank Systems & Technology about the lessons learned during Bank of America's rollout of mobile banking. Earlier this year, the bank announced it had enrolled over 1 million customers for its mobile banking services. Drummond notes that "until mobile banking transforms into customers authorizing mobile payments and interchange via their wireless devices, we might not see significant revenues being generated."

In an article titled "The College Credit-Card Hustle", Jessica Silver-Greenberg and Ben Elgin write for Business Week about how universities and alumni associations "are selling students' personal information to big credit-card companies eager for young customers."

On his NetBanker blog, Jim Bruene writes about today's Apple iPhone 3 G launch - and that only Bank of America and PayPal have iPhone applications available for downloading from Apple's new App Store. Apple has made it easy for third-party developers to write and distribute new applications for the iPhone via the App Store. The App Store has a separate category for Finance-related applications for the new iPhone 3G.

Separately, comScore M:Metrics reports that iPhone users surpass all others in terms of their mobile media usage.

mFoundry has announced that Banc of America Strategic Investments Corp. has completed a strategic investment in the company. Bank of America complements mFoundry’s existing strategic investors Motorola, PayPal, and NCR, and venture backers GRP Partners, Ignition Partners and Apax Partners. READ MORE

Virgin Atlantic Airways has launched a new rewards credit card, the Virgin Atlantic American Express Card issued by Bank of America which earns 3 miles for every $1 spent on Virgin Atlantic purchases and also offers "the opportunity to redeem points for exclusive rewards such as a trip into space." READ MORE

Bank of America has announced that it has surpassed one million unique active mobile banking customers. "Mobile Banking allows customers to check balances, pay bills, transfer funds, view posted and pending transactions and even locate banking centers and ATMs, accompanied by maps and directions. The service was introduced nationwide in May 2007 as part of Bank of America's suite of Online Banking services. Nearly 25 million consumers bank online with Bank of America." READ MORE

Yodlee has announced that Bank of America is the lead investor in Yodlee’s recent $35 million financing. Existing Yodlee investors, including Warburg Pincus, Accel Partners and Institutional Venture Partners also participated in the financing. READ MORE