Today Bank of America (BAC) announced that they would raise their ATM fee for noncustomers from $2 to $3 per transaction.
Dealscape goes out on a limb and contemplates whether the ATM fee increase was imposed to cushion earnings against potential losses on their Countrywide (CFC) investment.
ok... what?
Anyone else see absolutely no connection between these events?
In other news, Countrywide secured another $12 billion from their credit lines. This brings the total emergency liquidity funding number to $25.5 billion.
Countrywide shares rallied on the news, sending Bank of America's investment back into the green. I guess we will have to wait and see if BofA cancels the ATM fee increase.
Thursday, September 13, 2007
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