BofA CEO Brian Moynihan Denies Site Has Been Hacked; Says $5 Fee Will Provide “Great Service”

Oct 5, 2011 6:50pm
gty bank of america sign jt 111001 wblog BofA CEO Brian Moynihan Denies Site Has Been Hacked; Says $5 Fee Will Provide Great Service

SAUL LOEB/AFP/Getty Images

 

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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