Bank Of America CEO Defends $5 Fee Hike: We Have "Right To Make A Profit"

Bank of America has taken a lot of flack over the bank’s decision to levy a $5 monthly fee on debit card holders. Now the CEO is firing right back.

“I have an inherent duty as a CEO of a publicly owned company to get a return for my shareholders,” Brian Moynihan said in an interview Wednesday with CNBC’s Larry Kudlow, CNNMoney reports.

He said that his customers and shareholders understand that Bank of America has a “right to make a profit.”

We certainly can’t fault him that. It’s absolutely true. Just as customers totally understand they have the right to take their business elsewhere.

Our publishers, Consumers Union, have called for an investigation into Bank of America’s debit card fee hike.

BofA chief: We have a ‘right to make a profit’ [CNN Money] (Thanks to bloggerX!)