Yesterday's WSJ article on Bank of America, Big Bank Weighs Fee Revamp, has re-awakened anger over new checking account fees. In my opinion, the WSJ article didn't have much new info. As I reported last June, Bank of America started phasing in new checking accounts with more fees in three states. There was supposedly a plan to roll out these new checking accounts nationwide by the end of this year. This new WSJ article basically reports that this rollout is still planned:
Bank officials have made no final decision about specific charges or the timing of a national rollout, though the effort has gained even more urgency in the past few months. People close to the bank said Chief Executive Brian Moynihan is determined to plow ahead. Bank of America declined to comment.
After all the bad publicity Bank of America received last October from its planned debit-card fees, I think it's safe to say that the media isn't going to let them sneak in new checking account fees. Unfortunately, checking account fees get much more publicity than other issues that can hurt savers more such as changes in early withdrawal penalties and EWP increases applied retroactively.
If you start getting hit with fees on your checking account, three easy options to consider is switching to a credit union, to an internet bank or to an online broker which offers free checking like Charles Schwab. In my post Finding the Best Free Checking Accounts at the Best Credit Unions I reviewed important features to consider for checking accounts and credit unions. In my post Leaving Your Big Bank and Choosing an Internet Checking Account I reviewed several internet banks and their free checking accounts.