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January 20, 2012
After being coined as one of the worst financial ideas in history, Bank of America CEO Brian Moynihan discussed in detail the effect of the failed fee during its recent conference call, according to a report by The Daily Caller.
Moynihan stated: "We saw an elevated level of account closings in the quarter, elevated from last year fourth quarter, but frankly, by, I'd say, 20% versus last year fourth quarter '10 to '11.
"Yes, we had some impact from the $5 debit fee. That's why we made a decision to reverse it," he added.
In total, the bombed fee caused a 20% year-over-year upswing in account closures. However, Moynihan was quick to note that the rate of closures during the fourth quarter of 2011 was still lower that it was in the fourth quarter of 2009.
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