Consumer outrage succeeded in beating back Bank of America’s plan to charge a $5 monthly fee for using a debit card.
Now, according to a report by the Wall Street Journal, the big bank will be experimenting with monthly fees for basic checking accounts in Arizona, Georgia and Massachusetts.
The fees, according to the newspaper, will range from $6 to $25 a month. Customers can avoid them, the Journal says, by maintaining a minimum balance, banking online, taking out a mortgage with Bank of America or using its credit card.
Free checking has been disappearing from banks. But $25 a month — or $300 a year — is pretty stiff. How much are you willing to pay for basic checking?