December 27, 2011
Earlier this month, Bank of America Corp. CEO Brian Moynihan sat down with the Boston Globe to reflect on what has been a roller coaster year for one of the world’s biggest FIs. Among the topics discussed was BoA’s $5 debit usage fee plan, which the bank scrapped after widespread public outcry. Here is an excerpt from the interview:
“Boston Globe: How badly did the plan to impose a $5 debit card fee hurt your reputation, and how do you repair it?
We didn’t do our best work there. We did a lot of testing, but the customer spoke and we pulled it back. Our job is to be fair to customers. Our customers know what they’re getting from our franchise, which is the ability to conduct business in a way that no one else gives them: 18,000 ATMs. 5,700 branches.
Why did you decide to abandon the fee?
We struck a chord with customers that no one anticipated. We learned our lesson and stopped it.”
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Click here to read the full interview, including Moynihan’s thoughts on if BoA is still too big to fail.
