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BofA had huge increases mostly through expansion of BofA credit cards for states' unemployment checks. Now even that is shrinking due to competition (and fewer
by egberts1 4y ago
BofA had huge increases mostly through expansion of BofA credit cards for states' unemployment checks.
Now even that is shrinking due to competition (and fewer unemployment).
- lotsofpulp 4y agoUnemployment benefits come on debit cards, which earn very little profit since debit card fees are legally capped and very low. BoA has been on a steady march upward since 2010: https://www.macrotrends.net/stocks/charts/BAC/bank-of-america/market-cap https://www.macrotrends.net/stocks/charts/BAC/bank-of-americ... https://www.ftc.gov/business-guidance/resources/new-rules-electronic-payments-lower-costs-retailers https://www.ftc.gov/business-guidance/resources/new-rules-el... > Beginning October 1, 2011, interchange fees for certain debit cards are capped at 21 cents plus 0.05% of the transaction value. If the issuer meets specific fraud prevention standards, the fee may go up a penny. The cap applies only to large issuers — banks and other card issuers with $10 billion or more in assets (including assets of affiliates).