Bank of America options

Is there any legal reason why a Bank of America wouldn't be allowed to set up shop here in the US because of this:

Tossed this into politics since, if you ask me, it’s pretty much a political issue anyway.

You honestly think they aren't charging interest? 🤣

Bradley Nelson2 said:You honestly think they aren't charging interest? 🤣

Well, it was stated they don't. So what's the big deal?

http://answers.yahoo.com/question/in...1204419AAHliN2

Take a look at the second answer. It’s brief, clear, and gets straight to the point.
As if anyone is just going to hand you cash—money that loses value every single day—only for you to pay back the exact same amount. That’s literally how banks make their money. How else do you think they stay in business?

You get a seat at the table for the profits, but you’re also on the hook for the risks! Compared to standard interest rates, the difference is night and day!

They’re charging some kind of upfront fee instead of interest. So there isn't technically an interest rate, just a fee taken at the start.

How much are we talking about for that upfront cut? Someone mentioned it might be around 10%. If that's the case, it's actually pretty fair for the borrower.

Bradley Nelson2 said:You honestly think they aren't charging interest? 🤣

Look, this isn't even about making a quick buck, okay? It's about something else entirely. They’re trying to grow their following and basically boost the population numbers. Any actual profit? That’s just gonna come from oil money later on, which will cover whatever losses the bank takes in the meantime.

I guess there’s something I actually respect about how they handle things in the Islamic community. They stay away from interest entirely, which is wild. Maybe the only real sting is those late fees if you don't get the cash back on time.

What would that actually look like if I took out, say, a $10,000 loan?