Bank of America has launched a big PR move to counter the negative PR it got after the fees were announced, according to Charlie Gasparino.
In short, they want to make sure the fee stays and you love it. (Sidenote: it’s working already! Our Joe Weisenthal is very happy about the fee.)
One thing the firm has done so far is reach out to members of Congress as well as officials in the new Consumer Protection Bureau.
Gasparino says that the effort is a result of BofA’s concerns that they’ll have to reverse the fee after the incredible backlash it got from BofA customers. So now BofA is lobbying with the CFB to ensure that doesn’t happen. This is good news.
BofA now has to explain the $60/year fee to the CPB, which should be incredibly easy, for at least one reason that seems obvious to us: checking accounts cost money to maintain because they offer a lot of services to users. It costs BofA holders more because for the time being, BofA is run more inefficiently than other banks simply because of their massive size.
Also, BofA used to cover the cost to manage low-balance checking accounts by charging overdraft fees and debit interchange fees. Dodd Frank had a couple of regulations that required BofA and other banks to cap debt interchange fees at 12 cents plus .05% of the transaction and limit credit card fees and another regulation stopped auto-charging overdrafts.