Bank Of America Tries New Accounts, Fees

Bank of America is rolling out a pilot program that will offer its customers a menu of checking accounts with a variety of fee options.

The nation's largest bank is testing in Georgia, Massachusetts and Arizona ways to offer customers a choice of how they pay for their accounts. The pilot includes ways to avoid fees by linking multiple accounts, credit cards and even investment accounts with its Merrill Lynch unit.

The Charlotte, N.C.-based bank follows other big banks including Citigroup and JPMorgan Chase in offering new account lists with various fees attached -- and options for ways to avoid those fees.

It's all part of the new banking landscape, brought on by restrictions on overdraft fees, credit card charges and other lucrative revenue sources for banks.

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  • by Ryan Location: Greenville on Jan 6, 2011 at 04:42 AM
    I had BoA when I got married. My dad gave us a check for, I believe, $25. On our honeymoon we deposited the check in the bank and when we got home had been charged a fee because HIS check bounced. Luckily we had the funds to cover but it nearly cleaned out our account with the fee.
  • by No Identity on Jan 5, 2011 at 08:24 PM
    Have you ever had your identity stolen? Well, I have. BOA called us one Saturday night to make us aware of this. Boy, was I glad they called! Computerized checks had wiped us out! BOA sent us the paperwork (which was not hard to fill out) and found, brought charges against, and took care of the Beaufort County crook. As of now, I have no intentions of leaving Bank of Anerica. They were good to us, and we will always be grateful. Now, Wachovia ... that's a different story.
  • by Anonymous on Jan 5, 2011 at 07:06 PM
    It's a new banking landscape brought on by the Bailout. It's ridiculous to think the government could loan them taxpayer money, charge them interest/fees and they weren't going to turn around and make their customers pay for it. Corporations that are "to large to fail" have never paid taxes, they just pass it on to the consumer. BoA is doing what any business would do; the whole reason they exist is to make money. It's like being surprised the rattlesnake bit you when you picked it up. We had an opportunity, but our representatives decided to protect their wallets instead of their people. Failure is a vital aspect of a free market and now We the People are going to have to pay the price for our government's interference.
  • by Anonymous on Jan 5, 2011 at 05:10 PM
    Bank of America is a thief! God forbid you ever have an one overdraft or you'll pay hundreds of dollars because they re-order the way the money is taken out. I switched to the NCSECU and went from a $34 overdraft fee to a 50 cents one. Not that I ever overdrafted or do often - just once with BoA and it cost me $400. I literally placed money in the account to cover the expense within hours and online it posted fine. The next day, however, they had re-ordered it and charged multiple overdraft fees. I don't care what they do, I would NEVER bank with BoA or any of the other large banks that helped to cause our recession. Credit unions or community banks are the way to go.

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