Bank of America (BofA) Corp., second largest bank by deposits in U.S., is going to charge monthly fees to customers with checking accounts unless they bank online, purchase more products or they have to maintain a certain balance as reported by The Wall Street Journal.[hana-code-insert name=’StumbleUpon’ /][hana-code-insert name=’Reddit’ /] One of the spokesmen of BofA has said that the fees are going to be tested in certain markets in order “to learn from those tests before we make any final decisions.”
BofA has started the pilot programs in Arizona, Georgia and Massachussetts with experiments of charging $6 to $9 per month for an “Essentials” account.
It has been reported that the customers have option to avoid the payments, which can be $9 or $12 or $15 or $25 in some other states, by maintaining a minimum said balance, using a credit card or taking a mortgage from bank.
Banking industry is facing a decline in revenue and this is among the bank’s strategy to cope with this situation. According to Forbes, “BofA fourth quarter revenue was down by $400 million in part because of the Durbin Amendment.”