Tuesday, April 29, 2014

Bank of America: Balancing a $4 billion error in the checkbook

If you're like those of us who have trouble balancing  our checkbooks,  the news from Bank of America may help ease the pain of long hours of trying to figure out where you went wrong.  The bank announccd this week that it has $4 billion less than it had recorded.    What's more embarrassing, the bank's accounting error had gone on undetected "for several years," the New York Times reported.

"The error also raises questions about the quality of Bank of America's own accounting employes who are supposed to present an accurate financial picture of the bank's sprawling operations to the public and regulators each quarter," the Times said.

Now, about the matter of whether you remembered to subtract the $10 overdraft fee on your last bank statement...

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