It’s was nice to feel like we won, at least for a short period of time.
Banks are once again dreaming up new fees to recoup losses that have come from tighter financial regulation as a result of the 2008 and 2009 financial collapse but until now it’s only been a dream.
What the Fees Are For
Happy March 1st to Bank of America (BAC:NYSE) customers who may have read the reports that the nation’s second largest bank is piloting a program in Arizona, Georgia and Massachusetts that would charge $6 to $9 for what they are calling the Bank Essentials program.
Taking away the marketing lingo, this means that customers will pay a monthly fee to have a checking account at Bank of America and it doesn’t stop there.
Other fees being tested by BAC include fee structures of $9, $12, $15 and $25, a price sure to turn off many customers. Continue Reading