Business/Economics, U.S.

Bank of America in the Hole, Because of Debit Cards?

Today Bank of America, one of the big banks behind the housing foreclosure fiasco, announced a $7.3 billion dollar loss for the 3rd quarter.

Was it due to the foreclosure mess?  B of A is blaming the loss on the new limits on debit card fees.  Debit cards?  Are they sure limits on debit card fees caused them a $7.3 billion loss?

A customer stands at a Bank of America ATM machine in downtown Los Angeles October 8, 2010. Bank of America Corp expanded on Friday its suspension of foreclosures to include all 50 U.S. states as anger grows at how lenders have prepared documents to support evictions. The U.S. Senate Banking Committee will hold hearings after next month's elections to look into allegations that the nation's largest lenders have improperly foreclosed on struggling borrowers. REUTERS/Fred Prouser (UNITED STATES - Tags: BUSINESS)

According to a CNN article, if B of A throws out the loss from limited debit card fees, they would have made a $3.1 billion profit.   Bank of America says most of the money it made came from credit cards and, no surprise, mortgages.  And what about those foreclosures?  Bank of America says it will restart the process, after an internal review found no issues.

WEST PALM BEACH, FL - AUGUST 27: Francois Cenadi (R) sits with a Bank of America negotiator as she tries to restructure her mortgage loan during a Neighborhood Assistance Corporation of America's 'Save the Dream' tour stop at the Palm Beach Convention Center on August 27, 2010 in Palm Beach, Florida. The tour, which makes stops around the United States, has on hand hundreds of mortgage counselors from various mortgage companies. (Photo by Joe Raedle/Getty Images)

Written by: Hutchins AAron on October 19, 2010.