Bank of America starts fees tied to Financial Reform

Bank of America has started testing fees in Massachusetts that it directly ties to the Financial “Reform” package passed by congress and signed by the president last year.  According to the Boston Globe Bank of America will start raising its fees shortly.

The range of fees for the test accounts – from $8.95 to $25 a month in Massachusetts – will be similar to those for existing accounts, but the details and conditions will vary.

For instance, for the first time in years, the bank will offer a basic checking account with a mandatory monthly fee. But the bank will continue to offer ways to avoid the fees on other accounts, for example by maintaining a minimum balance of $2,000, using a credit card once a month, or linking an account to a Bank of America mortgage.

And the bank plans to offer special perks, such as special attention from customer service or better rates on deposits and loans, for customers who keep at least $50,000 in savings or investment accounts.

Bank executives said they need to make the changes to help cover the cost of new regulations and other expenses. The bank estimates it costs an average of $200 per year to service a typical checking account.

But the left said this law would help consumers.  Doesn’t seem that is the case yet again.

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