Scope (?):  All Topics
Hot or Not?

Bank of America is Testing New Fees for Basic Accounts in AZ, GA, and MA

submitted on March 1, 2012 by HouTex in "Stores / Merchants"

Bank of America may have retreated from the $5 debit card charge last fall. (See previous topic ) But they are back at it again, testing new fees for basic checking accounts.

Other banks, including Wells Fargo and Chase, already charge $10-$15 fees for basic accounts.
The Wall Street Journal ran an online poll asking "Would you pay a monthly fee to have a checking account, regardless of your balance?" A whopping 91% of readers (3461 votes) said "No!"
Bank of America pilot programs in Arizona, Georgia and Massachusetts now are experimenting with charging $6 to $9 a month for an "Essentials" account. Other account options being tested in those states carry monthly charges of $9, $12, $15 and $25 but give customers opportunities to avoid the payments by maintaining minimum balances, using a credit card or taking a mortgage with Bank of America, according to a memo distributed to employees.

It is unclear whether the bank, which counts more than 55 million U.S. households as customers, will stick with its initial idea for a basic flat-fee checking account that doesn't offer a way to avoid paying a charge. That scenario is considered less likely than telling checking-account customers they will face a new fee unless they go online or take other steps outlined by the bank.
1. Would you pay a monthly fee to have a checking account, regardless of your balance?
 I might
2. Is forced online banking a reasonable way to avoid the fees?
3. Is maintaining a minimum balance a reasonable way to avoid the fees?
 or See Results 



Leave a Comment (members Sign in to comment)


E-Mail (will not be published)

2 x 3 = ?


'Mr Green''Neutral''Twisted''Arrow''Eek''Smile''Confused''Cool''Evil''Big Grin''Idea''Red Face'



Browse by tags