12.07.202315:22 Forex Analysis & Reviews: Bank of America caught double-charging and deceiving clients

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Buyers of risky assets are rejoicing amid positive US inflation data. Meanwhile, Bank of America, the second-largest US bank, has been found to have engaged in fraudulent practices that have harmed hundreds of thousands of its customers in recent years, the Consumer Financial Protection Bureau said yesterday.

The Bank of America repeatedly charged multiple overdraft fees of $35 for the same transaction and enrolled quite a few customers by opening accounts for them without their consent, the regulator said. The CFPB also announced in a statement that the bank was fined $150 million. Bank of America must also pay about $80.4 million to customers who were hit with bogus fees, in addition to the $23 million it has already paid earlier.

"These practices are illegal and undermine customer trust. The CFPB will be putting an end to these practices across the banking system," the CFPB stated in a press release.

In response, Bank of America spokesman Bill Halldin has already claimed that the lender reduced overdraft fees and eliminated all other fees back in the first half of 2022, causing a 90% drop in fee revenue.

Premarket movers

Shares of streaming provider Roku rose by 2%. A day earlier, the company announced a partnership with Shopify that would allow users to shop directly via Roku TV.

Shares of Beyond Meat, a plant-based meat producer, were up 2% in premarket trading. On Tuesday, the company announced that its steak product would be sold in about 14,000 stores across the US, including retail chains Whole Foods and Wegmans.

Shares of streaming giant Netflix added 0.4% Wednesday morning after UBS raised its target price on Netflix to $525 per share, suggesting an upside potential of nearly 20%. Netflix will release its quarterly results on July 19.

Holley Inc. surged by more than 15% after the company said in a report that its sales and supply chain dynamics have improved. JPMorgan Chase upgraded the manufacturing company's stock rating to "buy" from "hold".

On the technical side, demand for the S&P 500 index remains. Buyers have chances to continue the uptrend, but bullish traders will need to push the index above $4,469, which might lead to a breakout above $4,488. Another key task for bulls would be maintaining control over $4,515, which will strengthen the bull market. If the pair declines amid declining risk appetite due to high inflation, bullish traders must act around $4,447. A breakout below that level will quickly push the pair back to $4,427, opening the way towards $4,405.

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