Bank Of America Considering Sticking It to Customers Deeper
By Chuck Sudo in News on Mar 1, 2012 3:45PM
Did you miss out on a chance to transfer your money from Bank of America to a local bank or credit union on Bank Transfer Day last November, but want to get rid of the bank that considers paying the nominal SEC fees they're fined every month as "the cost of doing business?" Here's another reason to do so.
Reuters is reporting that Bank of America is considering increasing the fees it charges on checking accounts, regardless of balance, unless customers agree to bank online, buy more of its services or maintain balance minimums. BofA is actually testing out this "essentials" program in Arizona, Georgia and Massachusetts, at a cost of $6 to $9 a month. The Wall Street Journal reports BofA is also looking at other penalties to make up for a loss of revenue of $26.2 billion from its 2009 levels.
"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 a memo distributed to employees."
Bank of America received $45 billion in taxpayer funds during the 2008 bank bailouts, and has repaid it in full. Sources told the WSJ that BofA CEO Brian Moynihan is determined to move this new plan past the pilot stage. Last year Bank of America dropped a plan to charge a $5 monthly fee to use debit cards to make purchases.