Savings Account & MMA Rates
CD (Certificate of Deposit) RatesEveryone on Wall Street is bemoaning the $4.3 billion in revenue
Bank of America expects to lose each year due to all of the new rules and regulations emanating from Washington.
But all of the gloomy news stories about the bank’s latest earnings report, in which it details those revenue losses, fail to recognize a pretty simple fact:
It’s a good thing for most of us — and Bank of America’s just deserts.
The great majority of that $4.3 billion would have come right out of our pockets in one way or another.
A good chunk of it would have been in the form of customer-abusing “gotcha fees” that helped to turn millions of Americans into raging critics of the financial industry.
Bank of America, for example, says it will lose $1 billion a year just in overdraft fees.
Those are the kind of infuriating charges that turned a Big Mac Meal into a $45 lunch everytime a customer unwittingly overdrew his checking account with a debit card.
Far from being glum about Bank of America’s falling revenues, I’m pretty pleased to be keeping my share of those billions.
(Oh, and Bank of America still reported a $2.8 billion profit for the second quarter.)
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