BofA learned a lesson from debit card fury - CEO

Tue Nov 15, 2011 9:29am EST

* CEO Moynihan says bank working to provide fair pricing

* Says bank also focused on shareholder returns

Nov 15 (Reuters) - Bank of America Corp learned a lesson from its now-abandoned debit card fee and will work to provide transparency and fair pricing to customers while producing a return for shareholders, Chief Executive Brian Moynihan said on Tuesday.

The bank and its peers are updating product offerings even as they "address new regulations that have reduced our revenues in this business," Moynihan said in opening remarks at the Bank of America Merrill Lynch Banking and Financial Services Conference.

Bank of America, the No. 2 U.S. bank, faced a backlash from customers and politicians after it disclosed plans in September to charge customers a $5 monthly debit card fee. As other banks retreated from such charges, Bank of America canceled plans for the fee a month later.

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Comments (2)
pauladams wrote:
Too Late. They are about to learn a bigger lesson.

Nov 15, 2011 10:50am EST  --  Report as abuse
MarketForce wrote:
BAC, here’s an idea for shareholder returns: Make a profit by lending to the right people. Like a real bank. Make a profit by not paying a failed loser like Ken Lewis 600 million dollars in a year when he LOST the company over 9 billion dollars. Make a profit by getting out of the ‘credit default swap business’ what ever the hell that was and get back to REAL banking.

Or just forget all of the above, start charging your customers a monthly fee for an ATM card like it’s some kind of special goodie…. and see what happens. Idiots.

Nov 15, 2011 4:00pm EST  --  Report as abuse
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