Fox Business
Expand
Browse All Video
Watch Live

You're watching...

Bank of America Pushing Another New Fee

Details

  • Description

    FBN's Ashley Webster breaks down Bank of America's fee plan and how you can avoid them.

  • Duration 2:16
  • Date

Clips

Also in this playlist...

Latest Video

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

Bank of America's appetite at some -- -- -- god.

Pushing its fees up another new fee for customers who don't use online banking maintain minimum balances lot of people are talking about that.

Ashley Webster in our newsroom is all of the story actually -- -- Yeah -- picture this guy R&B -- today because we know the outrage that was cause when they try to introduce that debit -- fee of five bucks last -- That quickly went away but guess what BofA still looking for ways take more money.

Out of their customers' pockets now let's take a look at some of the proposed fees that are out there we contacted me today and they say that -- these are accurate 6209.

Dollars.

Month for a basic accounts and then for other accounts nine to 25 box.

Now how can you avoid these -- well there are things you can do how about maintaining minimum balance using more of the credit -- Maybe taking -- a Bank of America mortgage and yes doing online banking now that's certainly not the only bank -- in trying to find new sources of revenue JPMorgan Chase Wells Fargo also looking at news -- the reason is -- revenues stream has come down -- kind of a unexpected consequence of the Ed Dodd-Frank financial regulation bill that was signed into law in July of 2010.

Really cutting off some revenue sources and so I guess well.

-- looking to take it out of the consumer's pocket now these fees are being tested right now.

In Arizona Georgia and Massachusetts when we contacted -- bank they gave us this statement and they said quote.

We are but we have been testing in select markets they go for more than a year now -- -- to continue to below and from those tests.

The -- make any final decisions no decisions they say have been made -- construct.

Of the new offerings -- -- again it is a touchy issue it's one -- often sparks outrage among politicians and the general public especially with the economy hurting as it is but there's no doubt about it the C revenue.

Does government come down markedly -- -- the big main street banks not just Bank of America.

The -- moving higher today but they say wait a minute these fees arms in effect -- will be in the near future they are considering them but you know that means guys this is probably going to be an effective next month.

Stagger the occupied crowd is back -- -- -- out of the Bank of America branches just out -- thank you didn't you know a lot of bodies occupied by their customers.

They're not careful now --

Load More