And since these are debit cards, they are backed by checking account deposits. If people get fed up with BofA and move their accounts to other banks, BofA is bound to lose billions in deposits that they could otherwise invest with or lend out and earn interest on.
Guess that's why they changed their mind. I guess I'm just tired of the unrealistic expectations seem to exist in the white collar world whether it's banks, Wall Street, or just corporations in general it seems there is a general consensus that every year there's going to x amount of growth and profit. Like the world is going to end if you don't make as much profit as the year before and your company isn't growing... It seems like the philosophy of carving out a certain percentage of the market and maintaining it is completely gone and everyone has to be the largest/biggest/most profitable whatever. To me it's the few companies that aren't thinking like that who are really starting to grow. I guess I'm wondering when things stopped being about being the best company for your workers and your customers and starting being strictly about money, regardless of how you make it.....