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Bank of America's Checking Account Fees in the News Again


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.

In the last year, it has been common for large banks to end their free checking accounts. The last one was Bank of the West which is replacing its free checking with Easy Checking.

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.

Related Pages: Bank of America, checking account

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Anonymous   |     |   Comment #1
I opened a checking account a couple of months ago at NASA Federal Credit Union after hearing about their new checking accounts on the radio. The account has a couple of cool features I have not seen before. They post my payroll deposit a day earlier. I now have it on Thurday instead of Friday. And, since I have my direct deposit at the credit union my account is free. Although I've never been charged an NSF fee they say they will waive up to one per year with no questions asked.
Anonymous   |     |   Comment #2
I keep wondering if maybe they should change the name of this bank.  Maybe to Bank Of Iran would be what they need to change their name to.