Bank of America Readying New Fees
Will likely drive off free checking customers
By Polly Davis Doig, Newser Staff
Posted Mar 1, 2012 7:24 AM CST
Brian T. Moynihan, CEO of Bank of America, speaks at the World Economic Forum in Davos, Switzerland, Wednesday, Jan. 25, 2012.   (AP Photo/Keystone, Jean-Christophe Bott)

(Newser) – The public relations disaster that was Bank of America's plan to charge customers monthly debit card fees was apparently so much fun that bank execs can't wait to try it again: In what the Wall Street Journal calls a sign of "stresses" in the banking industry, BofA is again looking at wide-ranging fees unless customers do significantly more business with the bank or agree to bank online. The move is politically risky, but with 2011 revenue down 22% over 2009, the bank is looking to drum up some cash from somewhere.

BofA is currently testing account options that charge between $6 and $25 a month, giving consumers outs if they maintain certain minimum balances or take out a credit card or mortgage. The fees would likely drive away customers who keep simple free checking accounts, which BofA doesn't see as a bad thing because those accounts generally cost banks money. "They will keep everybody they are making money with and try to shed everybody else," says an expert, who notes that the new fees will likely affect more BofA customers than the proposed debit card fees would have.

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Comments
Showing 3 of 13 comments
fractal
Mar 1, 2012 1:09 PM CST
Dump your bank account. Use prepaid gift cards. They work great, only one fee per card, no overdraws, and no one can steal more than you have loaded. I use them for everything, and liberated my bank---we were both happier.
Antagonist
Mar 1, 2012 12:20 PM CST
BofA, What a bunch on Mother Fuckers, After all of the $$ that went through my checking account, I made only $1.50 interest last year!!!!!!!!!!
Naked_Emperor
Mar 1, 2012 10:33 AM CST
Anyone that excepts the new fees is a fool. there isn't any place in the US where BOA is the only bank.