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Old 10-06-2011, 08:26 PM
 
8,161 posts, read 9,365,591 times
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BofA's Moynihan: We have a 'right to make a profit' - Oct. 5, 2011

Quote:
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."
Quote:
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."
True, you do have right to make a profit, as do your customers the right to take their business elsewhere. I really hope people do leave en mass and send a message!
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Old 10-06-2011, 08:28 PM
 
Location: Connecticut
1,144 posts, read 1,752,795 times
Reputation: 1337
boa would have a larger profit margin if they stopped giving out those million dollar bonuses - it seems everyone wants to squeeze the middle class
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Old 10-06-2011, 08:32 PM
 
Location: Missouri
3,722 posts, read 2,973,918 times
Reputation: 1606
Quote:
Originally Posted by 11thHour View Post
True, you do have right to make a profit, as do your customers the right to take their business elsewhere. I really hope people do leave en mass and send a message!
To where? Every bank and credit union will be charging outrageous fees sooner than later because every other bank is.

Might as well buy yourself a safe and store your cash in that.
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Old 10-06-2011, 08:32 PM
 
4,043 posts, read 2,890,696 times
Reputation: 1948
Of course they, and all of us have a right to a profit. That said, wish I could ask their CEO and board of directors if many or most of the stories going around about their alleged ABUSES of folks trying to settle mortgage problems with them, are true.
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Old 10-06-2011, 08:37 PM
 
37,072 posts, read 38,285,292 times
Reputation: 14835
Quote:
Originally Posted by geofra View Post
Every bank and credit union will be charging outrageous fees sooner than later because every other bank is.
You were being charged outrageous fees before, you just never saw it because it was hidden in the cost of the product. That's why the banks hate this bill, they have to list the fees in B&W and people like you are suddenly angry.
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Old 10-06-2011, 08:39 PM
 
Location: Sinking in the Great Salt Lake
12,900 posts, read 18,450,622 times
Reputation: 13735
Apparently they have a right to taxpayer bailouts when the profits aren't pouring in as well. I wish I could have my cake and eat it too.
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Old 10-06-2011, 08:40 PM
 
2,721 posts, read 3,638,461 times
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BOA needs this to survive. They are on the ropes financially.
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Old 10-06-2011, 08:43 PM
 
Location: mancos
7,044 posts, read 6,170,969 times
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Originally Posted by cyclone8570 View Post
BOA needs this to survive. They are on the ropes financially.
is that code talk for holiday bonus season is just around the corner .
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Old 10-06-2011, 08:45 PM
 
Location: The canyon (with my pistols and knife)
12,994 posts, read 17,122,083 times
Reputation: 14300
Quote:
Originally Posted by cyclone8570 View Post
BOA needs this to survive. They are on the ropes financially.
Oh no!
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Old 10-06-2011, 08:46 PM
 
8,161 posts, read 9,365,591 times
Reputation: 10337
I've been with a local credit union for almost 15 yrs and haven't one complaint. I am worried that should the banks lose huge amounts of business, their uber lobbies will kick into high gear and actually succeed in getting legislatures to lay the smack down on the CU's. I know they've tried in the past.
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