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Bank Of America's Q3 Earnings Report - Insights For Depositors

Wednesday, October 17, 2012 - 3:49 PMBank of America - Details
Like the other big banks, Bank of America is reporting a growth in deposits in its Q3 earnings report. Here's an excerpt from the Q3 earnings press release:
Average deposit balances increased 3 percent from the year-ago quarter, driven by growth in liquid products in a low-rate environment. The average rate paid on deposits declined 5 basis points in the third quarter of 2012 from the year-ago quarter due to pricing discipline and a shift in the mix of deposits.

If they can grow deposits with such low rates, they won't be under pressure to raise deposit rates any time soon.

Refer to this Fox News article for more news on Bank of America's Q3 earnings:
Bank of America Corp.'s (BAC) third-quarter profit tumbled as the banking giant was hit by more than $4 billion in charges tied to litigation over its acquisition of Merrill Lynch, U.K. taxes and accounting adjustments.

 
1
Ken TuminKen Tumin5,471 posts since
Nov 29, 2009
Rep Points: 125,634
1. Thursday, October 18, 2012 - 8:48 AM
This is an abomination for them to use the low savings rates against us again by thinking they can take advantage of our predicament!  People are not still giving them deposits at these low rates because they want to.  Unless we want to take risks, we are forced to still use banks or credit unions.  So it's like they have the knife in us and they just are going to keep twisting it until they destroy us permanently.  "My country tis of thee, how can you do this to ME?"
3
paoli2paoli21,401 posts since
Aug 10, 2011
Rep Points: 6,135
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