Bank of America wants more of our money. The banking giant is considering several changes that would add more fees to customer accounts. One would require those with basic checking accounts to pay a monthly fee unless they agree to do all their banking 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.
KFWB’s Andi Marshall spoke with MarketWatch’s Greg Moorcroft for more insight on the story.