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Released: March 01, 2012
Bank of America weighs fee revamp
Source: Dan Fitzpatrick & David Enrich, Wall Street Journal (Paid Registration)
Bank of America Corp. is working on sweeping changes that would require many users of basic checking accounts to pay a monthly fee unless they agree to bank online, buy more products or maintain certain balances. The plan by the nation's second-largest bank by assets is the latest sign of stresses in the banking industry at a time of low interest rates, slow economic growth and new rules limiting many types of service charges. Many other big banks, including J.P. Morgan Chase & Co.—the nation's largest—and Wells Fargo & Co., have rolled out plans that aim to raise fee revenue or push customers to do more business with the bank.Read Full Article: Bank of America weighs fee revamp
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