Oh, Bank of America, your memory must be shoddy, or perhaps you just didn’t realize that ginormous consumer backlash the last time you tried to institute a silly fee was something that could happen again. A new report says the bank is eyeing a new fee for checking account customers.
The Wall Street Journal says the monthly fee would be assigned to checking account holders unless the customer agrees to bank online, bank online, buy more products or maintain certain balances.
Bank of America dropped a $5 monthly fee for debit card use not too long ago after its customers rallied together to protest the plan, which subsequently was dropped.
The checking account fee plan is reportedly being tested in a few states now, under the name “Essentials” account. It charges customers $6 to $9 a month. Other options could charge $12, $15 and even $25, unless customers maintain minimum balances, use a credit card or take a mortgage out with BofA.
“It looks like Bank of America is up to its old tricks,” said Norma Garcia, manager of Consumers Union’s financial services team. “Consumers have made it loud and clear that they are fed up with new bank fees. Bank of America should drop this latest fee scheme or risk losing even more customers who are tired of being nickeled and dimed at every turn. Customers who are upset about this latest fee should consider dropping Bank of America and switching their accounts to another bank. There are a plenty of banks and credit unions that will be eager to attract new customers unhappy with Bank of America’s latest fee.”
Good luck maintaing what business you kept, guys.
Big Bank Weighs Fee Revamp [Wall Street Journal]