Bank of America will charge clients new monthly fees if their accounts do not meet a minimum balance, the bank's CEO Brian Moynihan said on Tuesday.
"We will increase the account balance minimums or charge monthly fees in lieu thereof, which is the choice of the customer," Moynihan said at a Barclays Capital conference in New York.
These and other measures will allow the bank to compensate for revenue lost due to new regulations put in place following the 2008 financial crisis that led the US government to salvage many bank with massive bailouts, he said.
9 comments:
How about they pay one of their CEO's one less "zero" instead of punish their customers.
I'm sorry but the public isn't so stupid that they will just accept "because of regulations" as a reason for new consumer charges.
I'm not about to feel sorry for a bank that just paid out ridiculous bonuses.
crooks! throw them all in jail, and if you are a BOA customer- take your money elsewhere.
America is failing.
All but for the rich,and they are trying to stay rich on the poor and i hate to say it but that wont work much longer.
THey say the economy is slowing again, there is going to be one hell of a financial collapse i this country and it is coming soon.
remember, pretty much everywhere takes cash or money order. if they want to play hardball, lets play. pull all money out of checking, savings, and whatever else. quite honestly, "if you cant afford it, dont buy it" should apply to everyone anyway.
Moynihan says its the "choice of the customer" to either maintain a minimum balance or pay a fee?? WHAT??? And he says this with a straight face? First, these banks speculate and lose, then the taxpayers give them BILLIONS. Then, in gratitude, and because they need million dollar bonuses just to survive, they double and triple credit card interest rates, lower the yield on CD's to .5%, and begin to find all kinds of "fees" to charge the taxpayer, who saved them from failing. thats what I call SINCERE gratitude. I'm with 9:17--- jail them for whatever we can. Make something up if necessary --- they are doing it to us (making "something up"). I'm also in agreement with 9:45 --- this won't last much longer....the villagers won't go hungry and cold without going to the castle to make things "right", if ya know what I'm sayin'....I personally can't wait to see the look on their face....probably the same look Marie Antionette had on the way to have her head cut off.
Another reason I won't deal with Bank of America.
Bank of Delmarva is my choice and has been since I left BB&T and Wilmington Trust several years ago!
Immediate repay of bailout money or let them go bankrupt, since majority of this money went out of the US. Then lets see what fees are raised, started or dropped. The Government should be responsible for all fees / charges on direct deposit since they demand / force employees into direct deposit.
What I failed to mention earlier was that all the while these banks are ripping us a new one, the government helps them do it and then tells us how bad the banks are and how they are gonna "take up for the average American". Congress DID pass the credit card reform act, but guess what? They gave them 6 months lead time to do WHATEVER they wanted to...and the card companies did exactly that. And the Congress crows like a proud rooster about how they "stood up" to the banks and credit card companies. LOL!! They took bribes and payoffs (I'm sorry, excuse me---- campaign contributions...). I'd say they need some torches, pitchforks and ropes, but THAT won't get posted....so I take it back....
BOA is the WAL-MART of banks
they stunk when they were Nations Bank and they smell worse now
What do you do when them or their family members sit on the boards or own stock in banks. What do you do enforce Concern Retiree suggestion. The banks will see our view then cause their leaders won't have their salaries and retirement other compensations cause our money won't be in their bank.
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