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BofA “learned from experience” on debit card fee, CEO says

Brian MoynihanBank of America’s chief executive recently reflecting on the bank's debit card fee drama and expressed optimism for the bank’s future.

Brian Moynihan, the bank’s top executive, said that his company “learned from the experience,” according to BizJournals.com.

Bank of America announced in Oct. that it would start charging customers $5 a month for using their debt cards. The public responded with such outrage that the bank quickly retracted on the plan.

According to Moynihan, the Charlotte, N.C.-based bank will still focus on charging transparent fees for basic deposit service and will continue to waive fees for customers who bring more of their business to the bank, BizJournals.com reports.

Moynihan has been a long-time supporter of transforming the bank into a well-capitalized company that focuses on its core lines of businesses serving individuals, businesses, large corporations and investors. He said that they are working to meet new capital requirements and are ahead of other banks that are also working to meet these new goals.

The world economy, Moynihan said, is expanding at a very slow place, particularly in the United States.

Moynihan said, however, that there are positive signs that the housing market is perking up, such as increasing cash in the market from investors buying foreclosed properties, according to BizJournals.com.

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