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BofA Backs Down on New Checking Fees

Bank of America has shelved plans for new fees that could have hit at least 10 million customers by the end of this year, skirting a potential replay of a 2011 uproar over consumer-banking charges.

 

A debit of gratitude to Bank of America

Its planned $5 fee for using a debit card has driven out into the open other fees that were long hidden to consumers. This may be a very unpopular thing to say about Bank of America and its planned $5 monthly debit card fee, but it's worth saying anyway: Thank you, Bank of America.

Senh: The article makes a good point. It gives a good summary of how debit card fees work, and how it eventually goes to consumers.

 

BofA reports $5.2 billion quarterly loss

Bank of America Corp. says it lost $5.2 billion during the final three months of 2009 as consumers struggled to make their mortgage and credit card payments.

 

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