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Bank of America considering another increase in card fees

[Friday, March 30th, 2012]

Bank of America, one of the leading banks in the country, is planning to bring about many more changes in terms of its fee structure. As per the reports from Wall Street Journal, the bank intends to increase the various fees on cards, unless customers agree to do more business with them. Though the bank has not decided on the various fees it intends to change, the moves are being planned for a minimum of three states at least. Since banks are set to lose millions in revenue due to the removal of swipe charges, they are looking for various ways to make up for this loss.

The report from the Wall Street Journal also suggest that the change in the fee structure being planned are indications of the banks feeling the stress and pressure beginning to crop up due to decrease in the interest rates, increasing restrictions on credit card fees and slow economic growth. All these moves have curbed the earning potential of the banks which are eagerly looking out for newer ways to bring in revenue so it does not hamper their profit margins. The billions of dollars that banks were assimilating year after year, due to swipe charges and other fees, now seem like a distant dream.

One of the proposed changes by the Bank Of America is to increase the monthly account fees to $9 from the existing $6. The bank says these charges will be levied for customers who have accounts that offer the ‘essential’ features that every bank account should have. However, customers who want the best features for their accounts must be willing to pay up to $25 each month, based on the options they sign up for. The report in the Wall Street Journal states that it is possible for customers to avoid these fees if they continue to maintain a minimum balance in their accounts and continue to use a large number of facilities offered by this bank.

Bank of America has been on the receiving end from customers and financial experts alike because of the increase in their fees in the recent past. The flak they received from all quarters was so severe that they had to give up their dream of increasing the fees. However, the report indicates, that this bank will give all its customers enough notice before the changes comes into effect so they can be prepared for it.

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