March 1, 2012
Bank of America Considers New Checking Account Policy
Bank of America Corp. is considering implementing new monthly fees for customers with checking accounts unless they agree to bank online, buy more products, or maintain certain balances, Yahoo! News reports.
This new fee initiative comes months after major consumer backlash ensued when BofA announced its plans to charge $5 per month on all debit cards. The bank eventually dropped 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, according to The Wall Street Journal.
The options include monthly charges of $9, $12, $15 and $25.Â Customers would avoid payments, however, by maintaining minimum balances, using a credit card or taking a mortgage with the bank.
Banks in general are looking for ways to make back the money lost in new regulations that lesson or decrease debit card swipe fees.