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Bank of America considers checking account fee revamp

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posted on Mar, 1 2012 @ 02:10 AM
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Here they go again !!

They waited for the last heatwave to die down and then ... Whamm !!!

Now it's checking account fees unless you agree to use online banking, buy more products or maintain certain balances.

Some other qualifications also may apply:
using a credit card or taking a mortgage with the bank.

That's if they'll even approve a card or mortgage in the first place



Thu Mar 1, 2012 1:22am EST -- Reuters

The report on the new fee initiative at the nation's second-largest bank comes after it had faced a major consumer backlash last year when it disclosed plans for a $5-per-month debit card fee, forcing the bank to drop the plan.

Bank of America pilot programs in Arizona, Georgia and Massachusetts now are experimenting with charging $6 to $9 a month for an "Essentials" account, the paper said.

The options being tested include 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 the bank, the Journal said, citing a memo distributed to employees.

Banks, in general, are looking for ways to build revenue lost to new regulations that curb debit card swipe fees.

Bank of America could not immediately be reached for comment outside regular U.S. business hours.

Story from Reuters



The whole thing stinks


Where is Dodd-Frank when we need it ??




posted on Mar, 1 2012 @ 02:14 AM
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They just want more money, when are they going to stop robbing people? Insane greediness to be honest.



posted on Mar, 1 2012 @ 03:14 AM
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I am disabled and live on a small pension i don't get enough money to keep a $1000+ dollars in the bank and don't need a credit card nor want one a debit card is all i need to use to get my monthly pension money from the bank with there ATM.
I also have no need for checks. as i always pay cash and if i don't have the money i don't buy it.

I am waiting for AARP to get on the ball because this hurts primarily seniors and the disabled that live on SS or Disability.



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