Is Bank of America really so Considerate?
With the implementation of new credit card law, banks are compelled to withdraw certain costs charged to its customers. Bank of America, however, was one of the first banks to deduct such costs. It allowed its customer to opt out of overdraft facility, which was a major excuse for banks to charge additional fees. Hence, a customer who has opted out of such facility wouldn’t be able to make a purchase of more than the available balance. This change, however, as expected, was not a pleasant one for the bank. Instead of charging ten customers, it limited to four per day, which caused the bank to lose around $160 million in the last quarter of 2009. Now, however, they don’t have any other option but to comply with the rules and bear the loss. It, however, cannot be termed as permanent loss, [...]



