Bank of America makes 6.2 billion this last quarter

According to an article by Jillian Berman in Huffington Post, Bank of America raked in billions of dollars this last quarter, despite complaints over the effect of new regulations on their profit:

The increase in profits comes after Bank of America roiled customers by announcing that it will start charging customers $5 per month to use their debit cards for purchases in 2012. Shortly after the bank announced the fee, Bank of America CEO Brian Moynihan defended it, saying that the bank "has a right to make a profit."

Moynihan and other banking officials have said that they need to start charging fees on debit cards and checking accounts for once-free services to recoup the revenue they expect to lose as a result of financial reform regulations -- including a cap on the debit card swipe fee banks charge merchants -- passed as part of the Dodd-Frank act.

Bank of America in Times SquareStay tuned for more on our Move Your Money project coming this November.

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