Bank of America’s misconduct goes against everything its founder stood for

A customer uses an ATM outside of a Bank of America branch in Rolling Hills Estates, California, on March 13. Bank of America was ordered this week to pay $250 million in fines and restitution for unfair fees and other banking violations that harmed consumers. Bank of America “double-dipped” on fees on customers for holding insufficient funds, repeatedly charging them a $35 penalty for the same transaction, said the Consumer Financial Protection Bureau. (Getty)

Recent stories about the Bank of America over-charging customers — once again — reminded me that the bank’s founder, A.P. Giannini, must be rolling over in his grave. Such things taint his legacy.

Amadeo Pietro Giannini was born in San Jose, California, in 1870 to Italian immigrant parents from Genoa. To put it simply: Giannini did for banking what Andrew Carnegie did for steel, John Rockefeller did for oil and Cornelius Vanderbilt did for shipping and the railroads.