BofA: ‘Positive’ Response on Checking Fees
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(Credit: Mark Lennihan/AP Photo)
Bank of America said it has not yet made a decision about implementing fees it has been testing in three states after the Wall Street Journal reported the company is weighing monthly fees for checking accounts unless customers agree to bank online, buy more products or maintain certain balances.
The second-largest U.S. bank by assets announced in early January that it was testing fees in Arizona, Georgia and Massachusetts, which represent about 10 percent of Bank of America’s consumer business, Allen Jones, the bank’s mass market segment executive told the Associated Press that month.
The bank’s four test services were offered for new accounts in the three states by the end of January, the AP reported.
Bank of America and other banks have tried to increase revenue amid low interest rates and teetering profitability. This week, JPMorgan, the largest U.S. bank by assets, said 70 percent of customers with less than $100,000 with the bank will be unprofitable after regulations capping lenders’ fees, Bloomberg News reported.
Bank of America’s most basic tested account, Essentials, offers a single checking account with a debit card for a monthly fee. Currently, the bank’s basic checking account has an $8.95 fee that is waived if the customer uses direct deposits or has a $1,500 balance.
Its new eBanking account has a single checking account with a debit card, but allows customers to skip the monthly fee by avoiding tellers and receiving e-mailed statements, the AP reported. The other tested accounts include the Enhanced and Premium accounts.
Currently, the bank’s accounts include eBanking, MyAccess, Advantage with Tiered Interest, and Small Business Checking Bundle.
Anne Pace, spokeswoman for Bank of America, told ABC News the bank has been testing new solutions, including Essentials, for over a year. She said “our primary objective is to give our customer more reasons to do more business with us. Whatever we decide will be done with that core principle in our mind.”
“We have made no decisions on the construct of new product offerings as the tests are still ongoing,” she wrote in an email. “When we do finalize our plans, we will communicate with our customers and be in line with the industry. As we do now, any future offering will give customers different wants to avoid the fees.”
Pace said the proposed $5 debit card fee that was canceled in November before it was implemented after customer criticism is not included in the current tests.
Pace said the results of the tests have “so far” been “positive.
“Customers see the value and associated feedback has been very positive,” she said. “So far, the solutions are working the way they were designed – more customers are taking advantage of the full breadth of products and services the bank offers to give them the financial control they seek. Throughout the process, we have looked not just at what customers say they want from their bank, but at the way they actually bank and what that tells us about their needs.”
Pace said when the bank first rolled the test offerings to the three states, the intent was for the new banking solutions to be primarily for new customers.
“But our existing customers are finding the solutions valuable, so they were asking us to switch their accounts to the new solutions,” she said.
She said customers are also conducting their banking in ways that are consistent with the design of the products, such as making deposits through ATMs through its eBanking account or signing up for credit card with its Enhanced account.
This story was corrected from a previous version that included information from the AP on existing accounts in Georgia, Massachusetts and Arizona being converted that Bank of America said was incorrect.
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People still bank with these criminals? Well, I guess you deserve it, then….
Posted by: Working_Class | March 1, 2012, 1:33 pm 1:33 pm
Looks like Bank of America wants to lose more customers!
Everyone who is a customer should consider switching to a local bank or a credit union for better service, less fees and some respect!
Posted by: Librarian53 | March 1, 2012, 1:40 pm 1:40 pm
Positive response? The only positive is their bottom line. They’re positive they’ll make money
by screwing you.
Posted by: George | March 1, 2012, 1:49 pm 1:49 pm
Basically, positive reponse means more money. They will lose customers, but the ones that remain and pay fees will more than make up the difference. It’s not that in any way the customers are happy to pay fees.
Posted by: Michael | March 1, 2012, 1:58 pm 1:58 pm
You stupid people that still bank at bank of america-get smart and pull your money out. Do you read the news that bank of america-jp morgan chase-wells fargo bank-citi bank are always in the news pulling this kind of garbage and now are under the SEC microscope for ripping off there investers and other underhanded dealings.The WORST Banks to deal with 1.Bank of America 2. JP Morgan Chase 3.Wells Fargo Bank 4. Citi Bank—I do not feel sorry for you getting ripped-off-Can you say MADOFF
Posted by: Leave BOA | March 1, 2012, 2:04 pm 2:04 pm
I was trying to stay with BofA after they backed down about the extra fees for the debit cards. However, I recently found out that I must be one of the test states they spoke of and without any warning they began to take monthly fees larger than anything I ever knew about ($12.00) per month. I am done now and am moving everything to my newly opened credit union account. This bank steals from you!
Posted by: Donna | March 1, 2012, 2:06 pm 2:06 pm
Wow! Who banks with B of A by choice?? I think B of A has the worst reputation of any bank in the entire world!!
Posted by: tstorm | March 1, 2012, 2:13 pm 2:13 pm
But Obama’s buddy Warren Buffett loves them.
Posted by: newcountryman | March 1, 2012, 2:25 pm 2:25 pm
I had an account with BoA for almost 2 years. I loved their online site, and if I had a problem with a merchant it was easily fixed, and fast. I live in NC, and after having only part of our checks ($100) deposited in there, I noticed we were being charged $12 per month for our account. Also any transfer including online, over the phone, or at the teller that went over 3 times a month I was charged a fee EACH time.
SO I was charged $12 a month to have an account with you, and charged money when I wanted to switch money in those accounts between savings and checking?? Um No! I closed the account.
*There is NO WAY any customer has given them a positive response to being charged more money for the same services*
Posted by: Happily divorced from BoA | March 1, 2012, 2:27 pm 2:27 pm
“70 percent of customers with less than $100,000 with the bank will be unprofitable after regulations capping lenders’ fees,”…..What’s the best way to get rid of these customers? Increase the fees that you charge them and they will go somewhere else. They will leave thinking, they will show the bank, and the bank will be left with the customer base it really wanted. Win – win situation until the Government steps back in for the good of the consumer and screws things up some more.
Posted by: Give Me a Break | March 1, 2012, 2:55 pm 2:55 pm
Don’t you just love the fact that online banking and using atm machines was suppose to be convenient for customers and save the banks millions by closing down branches and getting rid of staff. Now they want to charge for these “conveniences” that saved them so much money to begin with. Also the BofA site collects data on you and they use that data to advertise to you, another money making scheme. You will also find you have cookies.
Posted by: Abby | March 1, 2012, 2:55 pm 2:55 pm
I used to bank with BofA and before that Wells Fargo and I had so many issues with both, towards the end I was getting over draft fees all of the time even when I was making deposits that day to cover them and balance was never accurate online I finally couldn’t take it anymore and cancelled my account and open an account with the credit union I had a car loan through. SInce then I’ve never looked back and have never had a single overdraft fee in the over 3 years I have been with them. My account balance is always up to date, the service is excellent and there are no fees for my account. Honestly I wish I would have started banking with a credit union to save my self all the money wasted with BofA & Wells Fargo. Anyone who is banking with big banks do yourself a favor and go to a credit union.
Posted by: Panda5303 | March 1, 2012, 3:17 pm 3:17 pm
“Positive” that they will lose even more customers. In this economy there are an awful lot of people who do not have $1,500 to just have sit in an account. Small and regional banks are the way to go. IF this is implemented I hope they go under – no bailouts for these greedy pigs this time!!!
Posted by: pksk531 | March 1, 2012, 3:28 pm 3:28 pm
Garbage. B of A is a criminal institution. I hope they fail soon.
Posted by: Mary Ann | March 1, 2012, 3:28 pm 3:28 pm
Bank with your small town, local banks and put all these corporate hustlers out of business. Keep the money in your own town.
Posted by: Mary | March 1, 2012, 3:30 pm 3:30 pm
I seriously doubt that ANYONE would have a “positive” response to their bank levying fees on their accounts! That is a crock of bull!!! I will never use a bank that charges me for services; we have had a credit union account for the 15 years that we have lived in Maryland and they do not charge any monthly fees; only the normal charges for bounced checks; getting a copy of a check, etc. The day they decide to levy fees, is the day I withdraw all the money from our checking and saving accounts and go to another credit union.
Posted by: Marylandmamma | March 1, 2012, 3:32 pm 3:32 pm
Just one more reason I love my credit union.. as soon as my BoA credit card is paid off, they will never get another dime from me.
Posted by: Kim | March 1, 2012, 3:33 pm 3:33 pm
“Don’t you just love the fact that online banking and using atm machines was suppose to be convenient for customers and save the banks millions by closing down branches and getting rid of staff. Now they want to charge for these ‘conveniences’ that saved them so much money to begin with.” “To begin with” is the operative phrase. That was in the early 1980s, back before the Internet, network security, hackers, viruses, faceless EFTs, and the pre-eminence of virtual money. The banks (and especially the CUs) no longer keep depositors’ money on site for immediate access – they have databases with numbers that say how much money each depositor has (with just enough cash on hand to meet operating and legal requirements) and now virtual cybertheft rather than physical bank robbery is the major threat to your money. it costs to set up and maintain that electonics system, and to give depositors and those to whom they grant access while keeping everyone else out. If that cost is too high people can always bury their money in a coffee can in the back yard.
Posted by: MyTake | March 1, 2012, 3:38 pm 3:38 pm
They’re NOT having a positive response here in Arizona, which is a test market. This is their public relations machine putting out word, so that they can introduce these fees without the same rancor as the last round of failed fees. Don’t believe them.
Posted by: anchor no 2 | March 1, 2012, 3:45 pm 3:45 pm
Let them put fees on everything… In fact why cap BoA at all??? Let them take every penny, nickel, and dime… AND then let’s see what customers stay with them… this is America, you don’t like their practices and policies, bank somewhere else. Why fight for them to stay in business, I say let them topple over from their own greed!
Posted by: Insanity | March 1, 2012, 3:49 pm 3:49 pm
She said “our primary objective is to give our customer more reasons to do more business with us. Whatever we decide will be done with that core principle in our mind.”
Do these cretins even listen to themselves? “We want to give our customers more reasons to do more business with us. We will do so by increasing their fees. We want them to pay us more of their money to be able to access their own money. THAT is our core principle.” Any idiot who still banks with these criminals deserves these fees….
Posted by: A Cynic | March 1, 2012, 4:32 pm 4:32 pm
I have been a BOA customer since 1986. If they start charging fees for my checking account, I will switch banks so fast it will make their head swim.
Posted by: Moonhill | March 1, 2012, 5:12 pm 5:12 pm
Spin, spin, spin, spin. It’s all spin. Get out of BofA and if there are any left in your community, go to your local bank or credit union. Americans need to take the money back from multi-national corporations. “Bank of America” is JUST a name, not the ownership.
Posted by: dan | March 1, 2012, 6:18 pm 6:18 pm
B S, positive response, lies… boycott this low life company
Posted by: nb1 | March 1, 2012, 6:25 pm 6:25 pm
so tired of BOA trying to steal my money closing my account tommorw
Posted by: ashley | March 1, 2012, 6:44 pm 6:44 pm
I am sorry, this is why I deal with a local bank and credit union and if it comes to it, I will buy a safe for my home I work hard for my money and I do not like to see it wasted by those who make money off of it by me parking it with them
Posted by: TJ | March 1, 2012, 6:44 pm 6:44 pm
I am surprised about the other charges at BofA that have not come to light. For years they charged me for electronic bill pay, when I asked they said it was Quicken that charged them, when I challenged that they said it was because I downloaded into quicken and I had to use their program to avoid the charges, now I learn that I have to download from the bank page. They have been very sneaky about all this plus charging if the balance goes below a certain amt. This nefarious charge was 9.95
Posted by: Jackie Vance | March 1, 2012, 6:54 pm 6:54 pm
have been with bofa for a couple of years now. have a bare-bones free e-checking account which means no fees if you do online banking, only have a single checking account, no savings account, get your monthly statements online, nothing mailed to you via snail mail, use the ATM, and don’t walk into the bank to talk to a teller at the counter. if you need live help, do online chat or maybe call on the phone. that’s the future of bofa – less branch offices to walk into and that means more centralized facilities for bofa. not a good thing for having local access but good for over-sized mega-banks like bofa that have grown too big. the alternatives are to somehow impose fees or get customers to do more at bofa (meaning put more $ in the bank) to avoid fees – in order to pay for costs for having a local branch as well as have a profit. or move customers to e-banking and eventually start to tear down the local branches to a bare minimum. that means longer distances to drive for those times when you really need to talk to someone live in person – and if you do then you get charged for the month a fee for talking to a teller at the counter. the no-fee e-banking is one of the options that bofa has had that they are pushing now in those three test states along with those other fee options. it’s like if you want stick with bofa or if you want set up an account with bofa, you have to pick the plan for the minimal amount of services that you want with the least amount of fees or preferably no-fees that you want. this bare-bones no-fee e-checking-only at bofa is good enough for me, so long as there are bofa atms around, but if do anything more than that then there are fees. everytime i see these bofa-fees news articles, i always look to see how it affects me. for the moment, this article seems to say free no-fee e-checking-only will avoid the fee controversy. but of course, things could change in the future and that’s when have to move to another bank or just stick with only my credit union.
Posted by: ECK.FEES | March 1, 2012, 8:19 pm 8:19 pm
forgot to mention, on my no-fee e-checking-only account at bofa, i have usually under $50 in the account. use it primarily for internet purchases. doubt that bofa makes any money by having my account by itself….
Posted by: ECK.FEES | March 1, 2012, 8:38 pm 8:38 pm
We also have accounts at a local community bank. We’re ready to jump ship if BOA pulls anything sneaky.
Posted by: newcountryman | March 1, 2012, 8:41 pm 8:41 pm
AS IF!! Now they will try and tell you that people actually like paying more fees for nothing. They want to empty their wallets to fat-cat Bank of America. Everyone should run as fast as they can from this blood-sucker and go find some other more decent bank with reasonabel fees.
Posted by: karuna | March 2, 2012, 10:46 am 10:46 am
Questions for those who think banking should be free…. What do you think it costs to run ATMS, Online Banking, branch networks? Free? When was the last time you looked at your utility bill? I pay $30/mth just for the priviledge to have water hooked up to my house because it costs the city money to maintain. And those of you going to community banks – check out if they have re-paid their TARP funds – most have not and cannot. Plus they are still allowed to charge high swipe fees that the govt won’t allow the big ones to charge. It’s all a govt game to try to move customers to smaller banks at the cost of the taxpayers -they are subsidizing small banks now.
Posted by: jo | March 2, 2012, 11:04 am 11:04 am
And who are the ones who have less than the desired ‘balance’ and ‘activity’? The ones who have less money, the poor-er–that’s who B of A wants to screw? Looks like they don’t want the riff-raff banking at their bank, costing them money to keep an account open? “Don’t come ’round heah no mo’” What’s left? Money Tree? I think Money Tree has lesser fees… Leave this BofA bank in the dust. It’s time they leave Dodge.
Posted by: poopoor | March 2, 2012, 12:31 pm 12:31 pm
Sick and tired of people with their inaccurate information and their whining. I have an account at BOFA, I have never overdrawn my account because I know how to manage my money. I don’t get fees and I love their services and they are a very innovative company, the best Online Banking Site ever. Don’t spend what you don’t have. Take responsibility for your actions. You overdraw, you pay, its called ACCOUNTABILITY. In addition, with the E-Banking account “YOU DO NOT GET CHARGE FOR TALKING TO A TELLER” All of you who wrote such things are very much unaware or don’t care to bother to get the correct information and did not listen to the personal banker or read your Personal Schedule of Fees which you got when you open your account that clearly explains how to avoid the fees and what services you are limited to with this type of account. You were given choices and that’s what you chose. You are charge when you use a teller for basic transactions that can be performed through self service channels such as the ATM. These transactions includes deposits and withdrawals. Don’t go try to be all innovative and tech savy if your not.If you are a simple person then I can see why the Credit Union is right for you , if you want CONTROL,SECURITY, and CONVENIENCE among other values then the big banks are for you. They are for people who want to move forward .Lose your debit card at the Credit Union or better yet have someone fraudulently use it and see how your response from your CREDIT UNION compares to say BOFA. Different products for different people. ” Different strokes for different folks” Its not a one size fits all , you can “Have it your Way” so don’t go be all sour when you fail to hold up your end of the deal.
GROW UP!!!!!!
Posted by: TRUECOLOR | March 3, 2012, 7:14 pm 7:14 pm