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How to Handle Bank of America Debt Collections in Ohio
Bank of America is a multinational financial corporation headquartered in North Carolina.
Address: 100 N. Tryon St., Charlotte, NC 28255
What Is Bank of America?
Founded in 1930, the Bank of Italy merged with the Bank of America, Los Angeles to become Bank of America. They are the fifth-biggest company in the United States by revenue, and according to Forbes in 2010, they were listed as the third-largest company in the entire world. Within the last six years, they have acquired Merrill Lynch as well as Countrywide Financial.
Bank of America Law Violations
In 2009, Bank of America was the recipient of $25 billion in taxpayer money through the TARP fund (Troubled Asset Relief Program). During the same year, Bank of America agreed to pay the U.S. Securities and Exchange Commission a $33 million fine due to a non-disclosure agreement for bonuses paid to Merrill Lynch.
In 2010, the bank was accused of defrauding government entities, schools, and hospitals stemming from municipal bond sales. Bank of America agreed to pay a total of $167.2 million in fines. Bank of America settled a class action lawsuit out of court for $2.4 billion. The charge was from its shareholders who felt Bank of America was deceptive in some of its information about the Merrill Lynch purchase.
Delinquent consumer debts held by Bank of America often have favorable settlement terms negotiated around 30% to 50% of the balance for the account. Bank of America utilizes any number of debt collection agencies and law firms to handle their third party collections.
What to Do If You’re Sued by Bank of America
If at any time you, as a consumer, have a legal action brought against you for a foreclosure of consumer related debt held by Bank of America, it is recommended that you seek legal counsel for a consultation. By obtaining legal counsel you can ensure your rights are represented. An experienced consumer law attorney may still be able to obtain a satisfactory settlement, even through litigation.