But this is only like saying that people who run up too big a bank overdraft will be offered poor terms for further loans.
That might in part be the result of the extra confidence gained from the last big subject of mass claims - bank overdraft charges.
Instead, he is financing his campaign with a bank overdraft.
In July 2010, the Federal Reserve required banks to receive permission from each checking account customer before the bank provided overdraft protection for ATM and debit card transactions.
How about phone calls from credit card companies, overdrawn bank accounts, excessive overdraft charges, that nervous sweaty feeling when you offer your credit card up at the grocery store-Does that shake you up a bit?
Recently, a new reader who discovered Consumerism Commentary due to my multi-year coverage of Bank of America (primarily the articles pertaining to the overdraft fee class-action lawsuit), wanted to share a cautionary tale about the same bank.
These accounts give their holders access to a direct debit facility and bank ATMs but do not come with an overdraft facility.
Morgan Chase and Wells Fargo didn't cancel their overdraft programs, and some inside Bank of America groused that it couldn't afford to give up that much revenue at a critical time.
Some banks, including Bank of America and JP Morgan Chase, have recently announced that they are reducing their overdraft protection fees.
More seriously perhaps, Royal Bank of Scotland - by far the biggest lender to small businesses - does not include undrawn overdraft facilities in its Merlin data.
Before Mr. Moynihan became the bank's chief executive in 2010, he had pushed it to end its growing reliance on overdraft fees charged when purchases left customers with negative balances.
JPMorgan Chase, Wells Fargo, PNC, Bank of America, and five other banks are currently under investigation for persuading customers to opt into expensive overdraft-protection programs without always being made aware of cheaper alternatives.
The bank also did not notify customers using a debit card at a merchant outlet that the particular transaction would entail an overdraft.
FORBES: Bank of America Settles Lawsuits, Stock Eyes Double Digits
The Co-op Bank refused to be interviewed for Money Box, but did give a statement in which it said that its authorised overdraft is designed for customers who need a "significant short-term borrowing facility".
BBC: NEWS | Programmes | Moneybox | High charges for Co-op overdraft
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