Bank of America is going to start charging customers $5 a month to use a debit card. In this article, the BofA CEO defended the $5 charge claiming that Bank of America has a “right to make a profit.”
This made me wonder exactly how much they will be getting from this new charge. According to Wikipedia, BofA has over 20 million customers. So let’s just take the number 20 million.
$5 a month for 12 months = $60 a year
$60 from 20 million customers = $1,200,000,000
Which then got me wondering–just how much profit do they make now? The $5 charge doesn’t go into effect until 2012. So they must really be hurting financially right now if they have to put this charge into effect to make a profit, right?
Enter this article. Bank of America’s profit for 3rd quarter alone was $6.2 BILLION dollars. Not the entire year of 2011. Just one quarter of it.
Guess six billion dollars just doesn’t go as far as it used to.
And now, even though they are making a profit of $6 billion dollars in a single quarter, they are going to start charging their customers $5 a month to use a debit card.
How anyone continues to bank with this company is beyond me. Worst. Bank. Ever.