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BofA learned a lesson from debit card fury - CEO
November 15, 2011 / 2:31 PM / 6 years ago

BofA learned a lesson from debit card fury - CEO

* 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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