BofA loses rank as nation's biggest bank

[Iwillnevergiveup]

##snip##
During a call with analysts, Moynihan also addressed the latest controversy over plans to charge customers $5 a month to use their debit cards. He seemed confident during the call that BofA would find plenty of consumers willing to avoid the fee by taking out a BofA mortgage or depositing $20,000 in total with the bank or its Merrill Lynch & Co. brokerage.

It's bad business, he said, to allow consumers to pay nothing for use of the bank's huge branch and ATM system, mobile banking and debit-card systems and then to shop elsewhere for important services.

"The fees are to get people bring more relationships," he said. "We're comfortable that we'll end up in a good dynamic there."

##snip##



http://www.latimes.com/business/la-fi-bank-america-earnings-20111019,0,225382.story?track=rss&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+latimes%2Fmostviewed+%28L.A.+Times+-+Most+Viewed+Stories%29

[ixion]

1. sounds like extortion to me

pretty clear.

[Iwillnevergiveup]

2. Some folks who closed their accounts

were deemed "unprofitable" anyway, so it's all good.

:nuke:

[ejpoeta]

3. as far as i see it, the bank gets to use it's customer's money so instead of

them getting something for nothing, they also want to get extra. I think that's crap. They get to use customer's deposits to earn money. So the idea that they should then also be charging the customers for that privilege... of letting them earn money from the customer's money says plenty. I hope anyone who can pulls their money out and takes it elsewhere.

[hobbit709]

4. So he's saying "Not only are we going to screw you, but you get to supply the Vaseline"