Moynihan discusses BofA's debit-fee decision

01/19/2012 | Bloomberg

Brian Moynihan, chief executive officer at Bank of America, said the lender noted an increase in customer defections after announcing plans to charge a monthly fee for debit cards. The account closings mitigated after those plans were canceled. "Yes, we had some impact from the $5 debit fee," Mr. Moynihan said. "That's why we made the decision to reverse it. Those impacts in the scheme of things will be manageable."

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