If Bank of America has decided that dealing with you is “risky business,” you’re gonna get smacked with a $59 annual credit card fee starting in May. What makes a customer a potential target for the new fee?
As Congress today debates over proposed caps on debit card swipe fees that would limit bank profits and lower costs for merchants, TD Bank has announced they’re going to start charging customers a $2 fee whenever they take cash out of a non-TD bank ATM. That’s going to be on top of any fee that you already pay the ATM. The only way to avoid the fee is to be in a higher-tier checking account.
Joseph is a longtime customer of Bank of America who has always had a fee-free banking experience. Then he noticed an unfamiliar $3 fee on his account called a “Check Image Service Fee.” He hadn’t heard anything about this, so he signed on customer service chat to find out what it was all about. It turns out to be a fee for having printed images of your canceled checks on a paper statement. Really, the fee is intended to encourage customers to stop receiving paper statements in the mail.