The loss of customers is undoubtedly bad news for BofA and surely must have been anticipated by its management. Nevertheless, the new fee might still improve BofA's bottom line and leave BofA laughing all the way to, well, um, itself.
I am pleased to report that after much feet-dragging, I am now in the "switch" category. I've been with
NCNB Nationsbank Bank of America for decades, and I can tell you firsthand, switching is a pain in the butt. I have more than 30 bill payees captured in my online banking account, as well as a host of automatic payments, etc.
For me, it's not about the $5 monthly charge. I would easily qualify for free whatever because of the balances I have at the bank. My motives are purely political. Bank of America has been a bad actor on many fronts and hasn't even come close to making amends. I'm not aware of any apologies to America, to shareholders, to regulators, or to the world for their gluttonous greed and gross mismanagement.
I'm sorry it took me so long to make the switch. It feels good to be in action.