Bank of America Requiring More Fees

Bank of America is working on sweeping changes that would require many users of basic checking accounts to pay a monthly fee unless they agree to bank online, buy more products or maintain certain balances.

The plan by the nation’s second-largest bank by assets is the latest sign of stresses in the banking industry at a time of low interest rates, slow economic growth and new rules limiting many types of service charges. Many other big banks, including J.P. Morgan Chase—the nation’s largest—and Wells Fargo, have rolled out plans that aim to raise fee revenue or push customers to do more business with the bank.

Read full story by the Wall Street Journal HERE

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