BofA CEO Brian Moynihan Denies Site Has Been Hacked; Says $5 Fee Will Provide “Great Service”
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In an interview, Bank of America CEO Brian Moynihan addressed concerns that the Bank of America website had been hacked and outrage over its announced $5 monthly debit card purchase fee.
ABC News asked Moynihan about the bank’s website issues, which has slowed customer access sporadically for the sixth consecutive day.
“It’s all volume related,” Moynihan said, due to “millions of logins” a day.
Bank officials had earlier insisted to ABC News that the disruptions were not volume related.
“Basically we had a normal day today,” he said, denying malware and denial of service attacks.
When asked if Bank of America needs to charge the$5 debit card fee after making billions in profits last year, Moynihan said the fee “is meant to provide a great service.”
“We provide great services – - 5,700 branches, 18,000 ATMs, online banking phone banking,” Moynihan said. “We believe in clarity, in fairness, and transparency to customers. So we’re introducing this fee next year for new customers and beginning to middle of next year for current customers,” Moynihan said.
Moynihan said if customers bring a “total relationship” they can avoid the fee.
And despite outrage from the Senate Floor to Facebook and including a 135,000 signature petition, Moynihan inexplicably said that customers seemed satisfied with the fee once “they are informed with what is going on.”
Bank of America says it would waive that fee for those with “Premium” accounts, which require a minimum monthly balance of $5,000.
When asked how Moynihan himself would feel if his bank charged a fee he did not have to previously pay, Moynihan said, “the fee will start next year and it will be fully explained to more customers and as you learn about this you’ll understand that too.”
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So, does that mean the service sux now?
Posted by: Once a Liar | October 5, 2011, 9:30 pm 9:30 pm
He said a lot without saying any thing. ie…”They’ll pay it or go elsewhere. We have so much money and there are so many stupid people in this world, we’re not really worried.”
Posted by: J.R. | October 6, 2011, 12:06 am 12:06 am
And still, the wealthiest benefit from the middleman. My back is tired of being walked on.
Posted by: ocmarsha | October 6, 2011, 12:56 am 12:56 am
Sooooooo.when BofA files bankruptcy in two years who is going to acquire all these foreclosed homes and bad debt they have….the Chinese?Why would he admit that they were hacked…..so that people would flee in droves and mass with their monies from a unsecured bank?I am so thankful i left these people nine years ago.
Posted by: NewUnion | October 6, 2011, 1:16 am 1:16 am
I love the comment “we are introducing this fee next year…”…are you friggin kidding me? These leaders will do anything to put a spin on anything negative to limit the fallout at Wall Street. The reaility is none of them have a backbone. You know it and I know it. He should shut his fat mouth and say nothing…it’s an embarassment that they would try to make this sound fair to the everage consumer trying to make an honest living – unlike him. Do what I already did and shut your account down at BofA and move to a local bank that gives half a damn.
Posted by: TJ | October 6, 2011, 8:08 am 8:08 am
How can this CEO say the $5 fee will provide great service? He is laying off thousands of BOA employees in the next couple of years. Who will be left to provide this “great service”?
Posted by: Bob | October 6, 2011, 8:24 am 8:24 am
Is CEO saying that the service now ISN’T GREAT and that all the company needs to be great is more $$$$. ABC should have asked him how many of his depositor’s carry a balance less than $5K, so then everyone would know how many actual accounts would be affected.
Too bad all this happened earlier, as there is a U-tube video from St Louis last night, where a number of individuals who went to withdraw their funds from BoA were physically blocked from entering the bank by military-style police.
Posted by: afisher | October 6, 2011, 10:29 am 10:29 am
I read on the BOA homepage that they are giving 200 million to philanthropic causes. I guess I know now where by $5.00 fee is going. Too bad they can’t be as philanthropic to their customers.
Posted by: Moonhill | October 6, 2011, 10:34 am 10:34 am
I just tried to access a clients information and still can’t get through. It goes as far as showing the balances on the accounts and then stops. No detail information to do a bank reconciliation. Great service – if you haven’t been hacked then your system isn’t working. The effect is the same, quit denying and fix the blasted thing!
Posted by: Same_Old_Same_Old | October 6, 2011, 11:27 am 11:27 am
“Moynihan said if customers bring a “total relationship” they can avoid the fee.”…Simply put, give us all your money, bend over and we will service you with a total relationship.
Posted by: Give_me_a_Break | October 6, 2011, 11:30 am 11:30 am
Of course he has the right to make a profit and I have the right to walk away if he’s going to treat me this way.
Posted by: jausti | October 6, 2011, 12:27 pm 12:27 pm
BOFA HAS 5700 BRANCH OFFICES AND 18,000 ATM’S…THEY LEFT OUT THE NUMBER IN THEIR CUSTOMER BASE. THEY ALSO LEFT OUT HOW MANY TIMES CUSTOMERS ACCESS THEIR ATM’S. TO COMPOUND THIS “RAPING OF SOCIETY,” BOFA DOES NOT REVEAL HOW MANY TIMES A “NON-CUSTOMER” USES THEIR ATM’S ! I AM WILLING TO BET THAT THE FEE CHARGED TO “NON-CUSTOMERS” IS MORE THAN PLENTY TO COMPENSATE FOR THE * APPROVED & SOON TO BE CHARGED $5.00 FEE*. ALSO, LET US NOT FORGET THE INCREASED AMOUNT FOR STOP PAYMENTS & RETURN ITEMS…aka…BOUNCED CHECKS ! LASTLY, REMEMBER, BANKS OWE THEIR ALLEGENCE TO THEIR STOCKHOLDERS IF THEY ARE STOCK OWNED! NOT TO YOU THE DEPOSITOR, MORTGAGE CUSTOMER ETC. THEY SEND REPRESENTATIVES TO THE STATE CAPITAL AND WASHINGTON D.C. TO LOBBY ON THEIR BEHALF FIVE DAYS A WEEK, 52 WEEKS A YEAR…& …GUESS HOW THEY PAY FOR THESE LOBBYISTS….WITH THE FEES THEY CHARGE YOU…SO, IN THE FUTURE, CHALLENGE “YOUR BANKER” EVERYTIME YOU GO TO A BRANCH…AFTER ALL YOU ARE PAYING FOR IT ! ASK HIM/HER HOW MUCH THEY COLLECT IN FEES A YEAR…FROM CUSTOMERS AND NON-CUSTOMERS…IF THEY BALK AT THE REQUEST, TELL THEM YOU WANT A COPY OF THE BOARD REPORT…AFTER ALL YOU PROBABLY PAID FOR BUT IT WAS HIDDEN IN A $5.00 FEE FOR YOUR DEBIT CARD USAGE. B)
Posted by: FRANK CASTLE | October 6, 2011, 5:38 pm 5:38 pm
The funny thing is my local bank (Famers State Bank) is doing the exact opposite. The new checking program pays you $5-10 a month depending on how much you use it. The more you use it the more it gives. Just another reason I use a local bank.
Posted by: Joe | October 6, 2011, 6:31 pm 6:31 pm
This guy’s the CEO???? How does such a wise and powerful individual get “great” out of “We provide great services – – 5,700 branches, 18,000 ATMs, online banking phone banking,” I think he’s using the word “great” in the sense of “Voluminous” or “Large”. If he means “great” as in “really good”, then my local bank provides “great” service as well as all that, and also knows both my wife and me personally, and offers “great” completely free checking and debit with no minimum balance. And if they don’t, I’ll thank them for their “not so great” BAC-style service and move on to somewhere else. Difference is, the local bank knows this, is happy just to have my money sitting on their books where they earn a little off of it, and control their costs efficiently. I’ll bet my local bank doesn’t even have a full time legal department much less a lobbyist on the payroll. So they make some money, I pay very little, and we’re snug as bugs in a rug.
Posted by: george | October 6, 2011, 7:41 pm 7:41 pm
Why would any middle-class American keep an average monthly balance of $5,000 or more in their checking account? A Bank of America checking account earns no interest! If you have $5,000 to your name, putting it in a checking account would be a very poor investment. Brian Moynihan knows this and is just trying to put a positive spin on things. Personally, I keep just enough money in my checking account to pay bills, buy groceries, and cover other daily expenses… the rest goes to savings.
Posted by: Caroline | October 7, 2011, 12:49 am 12:49 am
BOA wouldn’t know “Great Service” if it bit them in the arse. Worst bank in the country.
Posted by: capnmike | October 28, 2011, 1:57 pm 1:57 pm
I just closed my account with Bank of America this morning. It is clear that this is a poorly managed company and I can no longer do business with a company which I have no respect for. Its too bad that it has to be this way.
Posted by: Chris Smith | October 28, 2011, 8:33 pm 8:33 pm
Daniel, you do know that Joe Friday was a creation of the media. So was Obama, but that’s neither here nor there… oh, and, geez, plural subject and singular verb form..? Ouch
Posted by: Elissa Jae | December 2, 2011, 12:12 pm 12:12 pm