When Malcolm X talked about chickens coming home to roost, he certainly should have been talking about banking.

Bank of America must be feeling like the chickens came and stomped on their heads. They announced earlier this morning that they lost $7.65 billion in the third quarter and, of all things, blamed it on the credit card legislation Congress passed this summer.

Please! Everyone knew this type of thing was coming since last year and banks haven’t been able to get out of their way to stick it to consumers. About a month ago I wrote about new bank fees coming because of the new legislation, and how Bank of America was going to fund themselves by charging their customers $8.95 a month for receiving paper bills instead of getting them electronically. It’s stuff like that which lends me to not having any sympathy for the banking industry.

At the same time they made this big announcement they also said they’re going to turn the attention to finding ways of attracting new consumers to bank with them instead of continually trying to find more fees that drives business away. What they’re going to do is a mystery, especially since they were the first bank to announce that they were going to resume foreclosure processes. They’ve already started some incentives that, in my opinion, are minor (as in nothing that would convince me to switch banks). Maybe they should do a campaign like Domino’s did, admit they’ve been stinking up the joint, start working with people who are having trouble keeping up with their mortgage, start finding ways to help potential new home buyers get those new homes (making sure they’re financially qualified but not being punitive about it) and stop being sneaky.

Earn trust instead of beating people over the head with fees. Maybe that will put you ahead of all the other banks, who I’m sure will learn their lesson as time goes on.