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bank of america says it feels no pressure to raise depositor rates

bank of america says it feels no pressure to raise depositor rates News Article With The full text news and with Resource Link at the bottom of the text and you can View this News Article in the source page.



bank of america says it feels no pressure to raise depositor rates

bank of america reported record earnings on lower costs and a better tax rate — only to see its shares drop as pressure builds to hike rates for depositors.like all the major banks, bank of america has profited from the federal reserve hiking its benchmark interest rates, which allows them to make money by charging more for loans, while paying depositors next to nothing for their money.on monday, analysts seemed skeptical how long the bank can continue to do that as online banks — and even goldman sachs’ consumer bank — has started to offer competitive rates.“we deliver a lot of value to depositors,” paul donofrio, bofa’s cfo, said during the call, citing online banking apps and transparency as some of the perks that customers get instead of interest.he added there was a “l...