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Bank of America Rolls Out New Banking Fees

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Bank of America Rolls Out New Banking FeesBank of America recently announced its new fee system is being tested initially on first-time customers in Arizona, Georgia and Massachusetts, according to a report from the Florida Times-Union. However, while the fees range from $6 to $25 per month, the bank has also set up provisions by which consumers will see these fees waived.

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Accounts that have more perks – like a larger number of checking accounts – will cost more per month. But considerations such as whether the consumer carries a certain minimum balance, has a mortgage with the lender, or carries a Bank of America-branded credit card can cause the fees to be waived, the report said.

“Each package provides progressively more until you get to the top end,” Bank of America Consumer and Small Business Banking president Joe Price told the newspaper. “Fundamentally, the packages are designed around what our customers say they want and their behavior shows us they want.”

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Many consumers have found that their financial institution of choice has increased banking fees or interest rates on their credit cards in light of the increased federal regulations on the lending industry.

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  • TRUST NOT BIG BANKS

    Beware of Bank of America! Move your accounts to independent local community banks or credit unions! You will be glad you did for best benefits & service. Middle America continues to be economically challenged by the adverse changes, policies & programs of the BIG BANKS, especially Bank of America!

  • http://www.troylair.com FedUPwithBanksinUSA

    All i have to say at this moment about this is that Wells Fargo is just as bad as B of A. These big banks think they can just do as they want. Whatever happened to the class action lawsuit over wells fargo and the way they assessed NSF fees changing their scheme of when to post and when not to post…. I am sick of all of them. There is good advice in ridding them of us and going with small mom and pop banks and credit unions. just because the bigger lasted through the shift in our economy, it does not mean they deserved too. The bigger lasted because they had more to last with, take action today.

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