BofA chief: We have a \’right to make a profit\’

As Bank of America announced its new policy last week of the monthly charges for debit card, it causes waves of protests on the street throughout America against the new policy. The policy will charge $5 a month for clients who make debit card purchases starting in 2012. The CEO of Bank of America, Brian Moynihan, stepped up and defended the company in the interview today. He stated that banks should have the rights to make a profit just like other organizations and he has the duty of doing so for the shareholders. Moynihan felt that it is reasonable for banks to generate profit and expects

I agree with Moynihan on his view that banks have the rights to earn profits, because the common goal and purpose of all organizations is earn a profit through their operations. As a consumer, however, I don’t like the policy like most other people. It is so convenient to make debit card purchases nowadays that a lot of people don’t withdraw money from the ATM machines. The bank saw and caught this lucrative business opportunity as many of the clients will still be willing to make debit card purchases.

Article- http://money.cnn.com/2011/10/05/news/economy/bank_of_america_moynihan/index.htm