Bank of America Scraps Plan for New Fees
Last year's revolt might be too fresh in memory
By John Johnson, Newser Staff
Posted Dec 1, 2012 6:48 AM CST
A Bank of America branch in downtown Miami.   (AP Photo/Lynne Sladky)

(Newser) – Remember last year when Bank of America tried to impose a $5 fee for debit cards but had to rescind it amid customer outrage? Some key decision-makers at the bank apparently remember, too, because they've put the kabosh on new checking account fees that were due to go into effect before the end of the year, reports the Wall Street Journal.

The fees would have hit lower-income people hardest because they would have applied to customers with modest checking accounts who do little or no business with the bank beyond that. Those kinds of accounts cost big banks about $400 a year to maintain, according to a consulting firm quoted in the story. An estimated 10 million people would have been affected, but now they're probably off the hook for at least another year.

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Showing 2 of 5 comments
fredfpg
Dec 2, 2012 10:58 AM CST
why should these poor people even be allowed in a bank, when we have all these great check cashing and temp loan outfits paying good reants in my mini-shopping centers, thank goodness for ignorance and basic dumb and lazy, and profligate birth rates (the lower the IQ, the more babies) . sure helps me as a born again person mkae money with little effort . bring in more folks illegally from south of the border. and keep spending a trillion a year off the books for the wars . love it . go Norquist, lower the taxes for we rich folks
getoffmylawn
Dec 1, 2012 8:21 AM CST
Why would anyone still have money in BOA, Chase or Citibank? Local banks dont charge huge fees because they dont pay their executives tens of millions of dollars to come up with schemes to rip off their customers. Take you money out of these banks. Or shut up about the fees.