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CU: Bank of America should drop latest fee scheme

Thursday, March 1, 2012

Consumers Union Calls on Bank of America to Drop Its Latest Fee Scheme

Consumer Reports Offers Tips For Consumers On Bank Fees
And Moving Your Money to A New Bank

Recent news reports have indicated that Bank of America is considering plans to charge new monthly fees to its customers unless they bank online, hold a mortgage with the bank, or meet other conditions. The bank is reportedly testing the new monthly fees in Arizona, Georgia, and Massachusetts with an eye on rolling them out nationally.
Consumers Union called on Bank of America today to drop its latest fee scheme and offered tips from Consumer Reports on bank fees and how consumers can move their money to a new bank. Consumers Union is the advocacy arm of Consumer Reports.
“It looks like Bank of America is up to its old tricks,” said Norma Garcia, manager of Consumers Union’s financial services team. “Consumers have made it loud and clear that they are fed up with new bank fees. Bank of America should drop this latest fee scheme or risk losing even more customers who are tired of being nickeled and dimed at every turn. Customers who are upset about this latest fee should consider dropping Bank of America and switching their accounts to another bank. There are a plenty of banks and credit unions that will be eager to attract new customers unhappy with Bank of America’s latest fee.”
Consumer Reports offers a number of helpful tips for consumers in its recent How to Fight Back Against New Bank Fees article, including fees to look out for and things to keep in mind if you are considering moving your money to a new bank.
The news of the latest bank fees comes the same day the Consumer Financial Protection Bureau (CFPB) announced it will begin accepting consumer complaints regarding checking accounts, savings accounts, CDs and other related services. Consumers can file a complaint with the consumer financial watchdog by visiting www.cfpb.gov.
Contact: Michael McCauley, mmccauley@consumer.org, 415-431-6747 (office) or 415-902-9537 (cell) or David Butler, dbutler@consumer.org or Kara Kelber, kkelber@consumer.org, 202-462-6262