Now it seems Bank of America Corp is planning to introduce a monthly fee for its customers holding checking accounts unless they agree to bank online, buy more products or maintain certain balances.
Bank of America pilot programs in Arizona, Georgia and Massachusetts now are experimenting with charging $6 to $9 a month for an “Essentials” account, the paper said.
The options being tested include 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 the bank, the Journal said, citing a memo distributed to employees.
Ever since the new banking, credit card and investment regulations were enacted, banks have been looking for new ways to make up for the lost revenue. Unfortunately hitting customers up with more and more fees is not the most popular method.
Has BofA not learned anything about customer loyalty and fees? I guess if you are rich enough and spend enough, you don’t care about little things like fees.
So, Are you rich enough for Bank of America?