Bank Of America Has ‘New’ Fees In Mind For Customers
Last year consumers fought back, and won, after Bank of America began instituting debit card fees. Never one to say quit when it comes to collecting more fee's, Bank of America is now trying out new charges that can be applied on checking accounts.
The new program is being tested in three different states, and it is costing Bank of America customers between six and ten dollars a month to keep their money with them. Customers can sidestep some of the fees if they maintain minimum balances or bank online. Customers in Arizona, Georgia and Massachusetts are the testing ground to see what the market will bear.
More big retail banks, including J.P. Morgan Chase and Wells Fargo, are following suit with similar plans to raise their fee revenue.
Bank of America did respond Thursday with this comment: “We have made no decisions on the construct of new product offerings as the tests are still ongoing. When we do finalize our plans, we will communicate with our customers. All our current and future offerings have ways to avoid fees.”