Bank Of America caves

herkybird72 · May 7, 2018

danb said:
They could back out, and another lender would step in.

Ultimately, they want to have it both ways, obtain the benefit of the virtue signalling, and still make money. They can't. Worse, now its obvious and no one will trust them either way.

Allen65 · May 8, 2018

danb said:
Worse, now its obvious and no one will trust them either way.

I doubt they care. IIRC, retail banking isn't where these large banks make the majority of their profit anyway. If every non-business account holder at BoA closed out their account tomorrow, other than the short-term cashflow crunch it would cause, they'd probably still be insanely profitable.

I think the virtue signalling is more part of a larger PR effort to avoid further regulation than it is to keep their personal checking and savings account holders happy.

5cary · Oct 10, 2018

Resurrecting an older thread here...

I pulled everything from BoA and moved to Wells Fargo. Glad I did. It appears they are holding firm:

Wells Fargo, the NRA’s Bank, Doubles Down on Gun Industry

The San Francisco-based bank last week issued a $40 million line of credit to gun manufacturer Sturm, Ruger & Co., according to financial filings. That’s on top of the $431 million in debt that Wells Fargo has arranged for gunmakers since December 2012, when the Sandy Hook school shooting escalated the gun control debate. No other bank lent more to the industry over that time, according to data compiled by Bloomberg.

Bank Of America caves

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