Bank of America Announces New Fees How You Can Improve Your Credit Score Here ph
Change is continuing to tear through the banking world’s ability to turn profits to their heart’s content thanks to the Dodd-Frank Act. What does this mean for the customers?
Bad news, more fees. With all the negative press that Bank of America has been getting, it’s a small wonder why it just doesn’t have its own column in the New York Times. B of A, still and for the moment the largest lender in the U.S. by assets, has just announced plans to charge a $5 monthly charge for some debit-card users. This is no doubt an attempt on the bank’s part to recoup a heap of lost revenue after the federal cap on card swipe fees takes place next month. Customers below a certain balance are said to begin being assessed these fees starting in January. B of A account holders will not be charged for withdrawals from B of A ATM machines. Clients with premium accounts and those that are linked to the bank’s Merrill Lynch brokerage will not be affected by these fees. B of A is not the only bank that will be assessing debit card fees, other large bank rivals including Wells Fargo and JPMorgan Chase will begin rolling out fees to its debit card users as well.
Only B of A’s top two account levels that are called Premium and Platinum Privileges as well as grandfathered student accounts called CampusEdge will be exempt from the fees. Premium and Platinum Privileges require $20,000 and $50,000 in combined balances. The average consumer is lucky if they have these amounts go through their account in a full year let alone all at once. Banking industry reps say that these charges enrich merchants while penalizing lower-income consumers. Continued on the next page Drawing a Blank – Credit Where Credit is Due – watch more funny videos
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