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One of the country’s largest banks by assets and branches, Bank of America also provides credit cards, asset management, and other money-related services.
Their plan to gut their customers for debit fees is going to be a PR battle that they will lose. It was banks like this that made the debit card to get people off of cash, and now they want to charge their customers extra for it? Their customers had nothing to do with congress passing new rules for debit cards, the merchants were responsible for that. Like most large banks, they look at numbers and figures and bottom lines, and forget who their customers are. I do not bank here, I bank with a credit union, and I think that is where many BAC customers will go...
Don't give it an underperform because it is supposedly "evil" give it an underperform because it is a crappy bank whose crappy fundamentals speak for themselves.
Proper due diligence would show that the only sector of business Bank of America is not profitable in is their mortgage sector, which they are still paying for. Further due diligence would show that the fees associated with debit cards will not be charged to all accounts, and it's probably just the first bank to step forward and do this. If you can't afford a $5 a month service, you should be using checks; just don't go to McDonalds one day out of the month. Any news can be made to sound worse than it is. Try not to use selective phrases from news and see the whole picture. Usually you make more money that way anyways.
I agree with Berishtimes, even though I'm bullish on BAC at these levels, you can't rate stocks on whether or not you like them emotionally, but on their fundamentals. Credit Unions will become more prominent becuase of the crash, but they will never steal enough business from the large commercial banks to change how they operate. And I also agree with MYPIX, the media dramatizes everything. True they will get into a PR battle, but most banks are going to start charging fees where they can to make up for lost profits from Dodd - Frank. And finally, the worst thing BAC ever did was buy Countrywide. $4.1 billion dollars for tens of billions of dollars in lawsuits against it, hahaha.
And let's not forget, that while other banks were holding on to goverment bail out money...BAC of America was still giving out loans for mortgages and business investments. It was one of the few banks that continued to invest in the American people. And now it seems we as investors want to penalize them for doing so...does that make any sense? The American people can't have their cake and eat it to! How many other banks can say that they were still investing in the American people doing our economic crisis? Bank of America you got my vote and I will continue to invest in you because you took a gamble on America!
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