Bank of America reportedly considering new checking fees

[Javaman]

http://bottomline.msnbc.msn.com/_news/2012/03/01/10548684-bank-of-america-reportedly-considering-new-checking-fees

Bank of America, the nation's second-largest bank in terms of assets, is planning to make changes to its basic checking accounts that would introduce a monthly fee for customers unless they agree to bank online, buy more products or maintain certain balances, according to a report in The Wall Street Journal.

Pilot programs in Arizona, Georgia and Massachusetts are experimenting with charging $6 to $9 a month for what’s called an “Essentials” account. Other account options being tested in those states carry monthly charges of $9, $12, $15 and $25, but give customers opportunities to avoid the payments by maintaining minimum balances, using a credit card or taking a mortgage with Bank of America, according to an internal memo cited by the Journal.

Advertise | AdChoicesThe fee plan is the latest sign of the challenges the banking industry faces as it grapples with low interest rates, slow economic growth and new rules limiting many types of service charges, the Journal said.

At Bank of America, for example, 2011 revenue declined by $26.2 billion, or 22 percent, from its 2009 level. Other big retail banks are rolling out similar plans to raise their fee revenue, including J.P. Morgan Chase and Wells Fargo, the Journal said.

more at link...

[hobbit709]

1. Slow learners. I guess they want to lose even more customers.

[socialindependocrat]

2. Head for your local credit unions!

Support the people who will support you.

BofA is just going to continue to try crap till they get more money.

They are down 22%. Obviously their goal is to increase profits year after year because - heaven knows - they have to pay that bonus every year come hell or high water!

[Justice wanted]

3. OMG! They are arrogant SOBs!

[Swede Atlanta]

4. More customers are heading out the door BOA. Their executives must be stupid.