BofA Introduces Fees to Replace Debit-Card, Overdraft Charges
This article is for subscribers only.
Bank of America Corp., pressured by U.S. regulations limiting debit-card and overdraft fees, is set to give its retail customers a choice: do more financial transactions through the company, or pay a monthly fee.
The biggest U.S. lender by assets is introducing four new accounts where users pay fees unless they keep minimum balances, make regular deposits, use credit cards or take advantage of online services, said Joe Price, head of the Charlotte, North Carolina-based company’s consumer-banking operations.