BofA chief: We have a 'right to make a profit'
 

(PR Lesson #45 -There are somethings you say and some things you keep to yourself when a microphone is in front of you)

WASHINGTON (CNNMoney) -- Bank of America's CEO defended his bank's new $5 fee on debit cards on Wednesday, saying that customers and shareholders understand the bank has a "right to make a profit."

Bank of America (BAC, Fortune 500) CEO Brian Moynihan defended the move, which the bank announced last week in response to new caps on debit card swipe fees that the banks charge retailers.

Bank of America's announcement of a new debit card fee was followed today by an announcement of new checking account fees by Citibank (C, Fortune 500). These new bank fees have fueled a populist backlash that has coincided with a series of protests against Wall Street banks around the nation.

Moynihan stopped short of criticizing President Obama who earlier this week said to ABC that banks don't have an "inherent right" to a "certain amount of profit."

But BofA's chief did say banks have an inherent right to make a profit in an interview Wednesday with CNBC's Larry Kudlow at the Washington Ideas Forum, sponsored by the Newseum, the Aspen Institute and the Atlantic magazine.

"I have an inherent duty as a CEO of a publicly owned company to get a return for my shareholders," Moynihan said.
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Moynihan said that the bank will talk to its customers, teammates and shareholders and "they'll understand what we're doing -- understand we have a right to make a profit."

Moynihan said the bank had made the fee clear and transparent to its customers and noted the bank had given plenty of advance notice because the fee won't kick in until next year.

But he said the new charge was necessary because the "ability to be profitable" in retail banking has changed. He added that Wall Street reforms in the so-called Dodd-Frank Act will cost his bank "billions."

When Kudlow asked Moynihan if he felt the bank was under attack, Moynihan said "no."

"We have the best bank in the world, we do a great job for our customers," he added.
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Later, Moynihan was asked about an entirely different issue, whether he supported a proposed tax on millionaires that Senate Democrats proposed today.

He said he'd echo what he hears from his millionaire customers: "Yes, but what for?"

"If the belief is that it puts our fiscal house in order, then they support that," Moynihan said. To top of page


http://money.cnn.com/2011/10/05/news....htm?hpt=hp_t2

You want to charge me to access my own money? Screw you, I'll go elsewhere.

When do these fees kick in? I'm in the middle of a stretch of auto payments that are hitting about every other day. I'd like to know when I need to drop their shit and go elsewhere.

And that's your right... you don't want to use their services, you don't have to... Just as they have the right to charge whatever the fuck they want to use their services...

Interesting article: http://www.pbs.org/newshour/bb/busin...ees_09-30.html

Hey, 'how about the government quit fucking with shit?' is pretty much my feel on the story...

Exactly. Same premise if I'm "offended" by something on TV or the radio... change the channel.

Problem solved.

THAT is freedom.

Ron Paul 2012 motherfuckers....

citibank starts next month. me and wifey have our accts there, fees are waived for me apparently since i am a state employee and use direct deposit, I may add her name to some of my accts so she doesnt get hit either. I was prety much ready to pull my money out and be done withthem if we had to pay the fees

This is the latest in a long line of...

Why the fuck would anyone use a debit card?

I've enjoyed watching Dick Durbin lambast BoA for raising fees in response to legislation for which Durbin himself is responsible.

The fee on debit card use is in response to the new regulations on other charges.
You should expect this practice to spread to other banks...

http://nation.foxnews.com/bank-ameri...ica-swipe-fees

http://abcnews.go.com/blogs/politics...-of-that-bank/