Bank of America (BofA)
is reportedly to revisit its checking account fees strategy only
four months after it dropped its controversial $5 a month debit
card fee.
BofA blamed the
Dodd-Frank regulations for the need to impose a $60 annual fee for
debit cardholders.
The fee was axed by BofA
following a public backlash and developed into a PR disaster for
the second-largest US bank by assets.
According to a report in
The Wall Street Journal, BofA is looking afresh at
imposing a fee for users of its basic checking account.
In advance of a possible
national roll out, BofA has kicked off a trial programme in
Arizona, Georgia and Massachusetts with customers paying $6 to $9 a
month to operate an “Essentials” checking account.
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By GlobalData
