Bank 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.