Bank of America's CEO: Debit Card Fee Justified to Make Profit
CNN Money is reporting Bank of America's chief executive officer has said the bank's new debit card fee, which will be charged to customers beginning in early 2012, is justified.
The justification? The bank has a right "right to make a profit," Brian Moynihan said.
Bank of America announced last week that it would begin charging customers $5 per month to use their debit cards for purchases starting in early 2012.
Moynihan said the fee was necessary to have the "ability to be profitable" in a new banking environment with increased regulations, including a cap on the the debit card swipe fees banks charge merchants, according to CNN Money.
Barrow Patch recently asked its readers to sound off on the new fees.
Take our poll and tell us what you think about the bank's justification.