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Bank of America loses $1B due to proposed $5 debit card fee

kabc
By ABC7
Tuesday, January 24, 2012
LOS ANGELES

The fee proposal was announced in late September. It was rescinded just a month later after intense public outcry.

Moynihan admits the announcement translated to a nearly $1 billion loss in earnings.

Consumer advocates say this story should serve as a warning to big banks planning to tack on debit card fees.

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