NEW YORK ( TheStreet) -- Saying that he has "an inherent duty as a CEO of a publicly held company to get a return for my shareholders," Bank of America's (BAC - Get Report) CEO Brian Moynihan on Wednesday night made the case for the nation's largest bank's attempt to recapture lost fee income through its coming $5 monthly fee for customers using debit cards to make purchases.
With the nation's largest bank facing a perfect storm of risk in the wake of its disastrous purchase of Countrywide, ever-mounting mortgage putback demands and declining revenues resulting from regulation curtailing bank fees, Moynihan needs all the help he can get.
|Bank of America CEO Brian Moynihan|
In an interview with Lawrence Kudlow at the Washington Ideas Forum and later broadcast on CNBC, Moynihan said that most of customers of the nation's largest banks who use multiple services "will probably get out of this fee," adding that the fee will apply to "those customers that don't have their total relationship with us."
"This fee doesn't start until next year for new customers, doesn't start until halfway