After facing backlash for their decision to raise monthly fees on some checking accounts, one big U.S. bank is backing off their unpopular plans.
FOX News Radio’s Ron Flatter reports:
Its advertising says it wants to help people save money.
(Bank of America commercial) “Bank of America makes it easy…”
But perhaps not in a way it originally intended. The Wall Street Journal reports BofA is calling off plans to raise monthly fees on checking accounts, at least postponing them until late next year. Higher fees were being tested at Bank of America branches in Georgia, Massachusetts and Arizona – that’s where they’ve been charging between $6-25 a month, depending on the type of checking account involved.
Banks have been looking for ways to raise more revenue since interest rates have gotten so low.
Ron Flatter, FOX News Radio.