BANK OF AMERICA TO CHARGE MORE FEE
Reports say that the BANK OF AMERICA is planning to charge for its basic banking account customers.The move has been taken by the as they want to encourage the customers to access their bank accounts online or to buy more product or to maintain certain balance in their account.
A test program for this deduction of money has already been tested in the states of Arizona,Georgia and Mashachuseuttes.The deductions are done under the “ESSENTIALS” account,the deducted amounts ranges from $6 to $9 /month.
There are other accounts in these states but their charges are very high ranging from $9 to $25 /month
The introduction of these fee plan indicates that America is still going through the economic crisis as the banking industry faces it grapples
There had been 22% decline in the revenue since 2009
Other banks like J.P. Morgan Chase and Wells Fargo will also following the same procedures to cope with the current chaos that is affecting the Banking Industry
Big banks are handling this situation by raising fees, the Journal said, as they risk alienating their best customers and drawing fire from politicians. A wave of criticism from customers led Bank of America to cancel plans to institute a $5 debit card charge last fall.
Even checking the balance of the respective bank accounts is becoming a hurdle for the customer as they are loosing money just for knowing their bank balance
Banks are attracting the youth as they expect them to stay with them for long term and they also offer them service like mortgages,business loans and credit cards