Do the math, even the 3% of $2000 is only $60 a month. But they don’t get the 3% because part of that goes to the card company (visa or mastercard) and part goes to the processor. It varies depending on the bank, merchant and processor but the banks generally get around 1%.
While they make a little off float, they also have to pay for the money you are using. There is a cost to the bank for the money you charge. In essence you are using the float instead of the bank.
On these types of transactions they make very little. In the past they’ve been focused on quantity of customers and not quality. With the reduced margins being forced by the govt they are going to start getting rid of the unprofitable customers.
So no, I’m not wrong. I am curious as to why you people are getting so incensed over a crappy socialist bank like BOA.
I will be switching my account to a credit union, and I am encouraging my “finance department” to explore other opportunities for our business accounts.
BTW-there is no “float” for my own transactions, and the vast majority of business transactions, except the “float” that the bank gets to play with.
NO, I am not a financial expert. But it's not difficult to follow the money, if you pay attention.