Business & Tech
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.
CNN Money is reporting Bank of America's CEO has said the bank's new $5 debit card fee 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 starting in early 2012.
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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.
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