Bank of America (NYSE:BAC) has joined JPMorgan (NYSE:JPM) and Wells Fargo (NYSE:WFC) as the latest to charge customers with checking account fees, while also restructuring accounts based on customer use and amounts in them.
This was of course predictable when regulators over-responded to the banking crisis by making it even harder on banks to generate revenue. It will be only a matter of time before all the giant banks take this step.
Bank of America said they're going to add fees on checking accounts from $6 to $25, depending on a number of factors, including the amount of money in the account, or total accounts; activity, and the number of products the customer uses of Bank of America, among others.
Bank of America closed Thursday at $14.44, down $0.06, or 0.41 percent.
Friday, January 7, 2011
Bank of America (NYSE:BAC) Latest to Add Fees After Regulations Dry Up Revenue
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