Following yesterday’s news that Bank of America is testing new checking account fees in Massachusetts, that state’s Secretary of State has said it may be time to pull out the millions of government money currently stashed in the BofA coffers.
When the charitable folks at the Pew Charitable Trusts first suggested that banks could condense their overly complicated fee schedules from over 100 pages to one simple page, it seemed unlikely that any major bank would follow suit. But this morning, JPMorgan Chase announced it would do just that.
Like several of its fellow mega-banks, Chase has been testing out various new checking account fees in different regions of the country. But a pair of those tests have come to an end — and will hopefully never be seen again.
Bank of America introduced a new free checking account. The catch is you have to do all your banking without stepping foot inside a branch. If a teller has to deal with your nonsense in person or you request a paper statement, you’re slapped with a $9 fee that month.