According to CNBC, The Wall Street Journal is reporting today that Bank of America (BofA) is considering new fees. This time, the targets are those with low balance checking accounts who don’t use other bank products. I’m not quite sure how BofA thinks this will ‘sell’ when the monthly fee on debit cards failed so miserably.
There is no question that BofA, and pretty much all banks, have been hurt by new limits on debit card transaction fees and other restrictions imposed by Congress. Most of us understand that. We also understand that banks are in business to make a profit. They are not charities. No problem.