In September, Bank of America announced it would soon begin charging customers a $5 monthly fee for using their debit cards, saying it was recouping losses from new laws that limited how much it could charge merchants when debit cards were swiped during transactions.
But after a firestorm of negative publicity, BofA waved the white flag of surrender and scrapped the controversial plan.
In light of new regulations limiting what financial institutions can charge merchants when buyers swipe their debit cards, Bank of America — the nation’s largest bank — will soon impose a $5 monthly fee on customers who use their debit cards to pay for such transactions.
Anne Pace, a Bank of America spokeswoman, said the fee will only be charged when customers use their cards during merchant trans
On Monday, Bank of America announced that part of its plan to cut $5 billion in spending by 2014 includes the elimination of 30,000 jobs.
CEO Brian Moynihan made no mention of layoffs during an investor conference, and the bank says it expects the job losses to occur naturally through attrition and not rehiring when people vacate their positions.
Meeting at its corporate HQ in North Carolina, Bank of America's Board of Directors and top executives have decided to eliminate at least 40,000 jobs, mostly in California, and close a number of branches all over the country.
Top executives at Bank of America are meeting today to talk about eliminating roughly 40,000 jobs during the first wave of a restructuring that aims to reduce the bank's workforce of 280,000 over a period of years.
In a classic reversal of an all-too-familiar story, a Florida homeowner got the ultimate revenge on Bank of America for ignoring his efforts to get the bank to correct a serious mistake. He foreclosed on the bank.