The Occupy Wall Street protests have spread across the country but the Republican presidential candidates want to repeal the financial reform legislation passed after Wall Street wrecked the economy. With anger over Wall Street's influence growing, what do the leading presidential candidates think about Bank of America's new debit card fee?
Lots of BofA Customers in Four Early States: 345 Branches, 652 ATMs
In New Hampshire, Bank of America has 33 branches and 80 automated teller machine locations. In Iowa, the bank has 14 branches and 14 ATMs. Bank of America operates 114 branches and 286 ATMs in South Carolina and 84 branches and 272 ATMs in Nevada. In short, they have a major presence in the four early presidential battleground states. Customers in the four early states have a combined $28.1 billion in deposits at the bank. (Sources: http://locators.bankofamerica.com/locator/locator/LocatorAction.do, http://www2.fdic.gov/sod/sodInstBranchRpt.asp?rCert=3510&baritem=1&ryear=2011)
Bank of America Just Announced $5 Per Month Fee
Recently, Bank of America just announced a $5 per month charge on customers who use their Bank of America ATM card to access their own money. The bank blames Congress’ adoption of reforms of the swipe fees charged to merchants when customers use ATM cards for purchases. Bank of America’s president and CEO, Brian Moynihan, said the bank has a “right to make a profit” – a statement that President Barack Obama criticized when he said that banks don’t have a right “to a certain amount of profit.” (Source: http://money.cnn.com/2011/10/05/news/economy/bank_of_america_moynihan/index.htm)
Bank of America: Cutting Jobs, Paying No Federal Taxes?
The bank also announced 30,000 layoffs in September as part of its plan to save $5 billion. (Source: http://money.cnn.com/2011/09/12/news/companies/bank_of_america_job_cuts/index.htm?iid=EL)
It paid no federal income tax in 2009. (Source: http://www.mcclatchydc.com/2010/03/26/91119/bank-of-america-wells-fargo-might.html)
Both Rick Perry and Mitt Romney Have Received Substantial Campaign Contributions From Bank of America
So far this year, Mitt Romney has received $59,200 from Bank of America donors, according to the Center for Responsive Politics. Including his 2008 presidential run and donations in 2010 to his political action committee, Romney has received $151,700. Through June 30, he is the largest recipient of Wall Street money so far this year at more than $5 million. (Source: http://www.opensecrets.org)
During his time as governor, Rick Perry has received $125,900 from Bank of America’s PAC and executives. The Republican Governor’s Association, while Perry was its chair, received $330,450 from Bank of America. (Source: http://www.followthemoney.org and http://www.opensecrets.org)