Bank Of America has come up with new fees to hit its customers with after scrapping its plan to charge $5 a month to use a debit card.
Bank of America is already the second-largest bank in the US, but that is not going to deter them from trying to suck more money out of its customers. However, if you have a an account with the bank you will be able to avoid the new fees if you meet certain requirements.
According to the Wall Street Journal, the financial institution is planning on introducing new fees for anyone who hold’s a checking account with them, unless you agree to do your banking on-line, maintain certain balances, or use one of the banks products, such as a mortgage or hold a Bank of America backed credit card.
The fees have already been test marketed in a few states, Arizona, Georgia and Massachusetts, to where those who don’t meet the requirements have what are called ‘Essentials’ accounts and are being charged a fee of $6 to $9 a month to maintain them, with certain fees reaching as much as $25, The Journal says.
Bank of America blames tougher financial regulations that are cutting into its profits, leaving them to come up with other ways to raise revenue.