He made the statement in defense of the banking giant's new $5 fee for BofA debit card holders. President Obama said earlier this week banks don't have an inherent right to a certain amount of profit if customers are being mistreated.
In an interview with CNBC at a Washington forum, Moynihan said BofA's customers and shareholders understand why the bank will charge the new monthly debit fee starting next year.
BofA's debit fee is in response to new caps on debit card swipe fees that banks charge retailers. Moynihan also said he has "an inherent duty as a CEO of a publicly owned company to get a return for my shareholders."
(Copyright 2011 by VERTEXNews/Newsroom Solutions)