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Bank of America's long-running tests to revamp the pricing of its checking accounts have landed it back in the spotlight.
March 1
WASHINGTON — Sen. Richard Durbin on Thursday blasted Bank of America following a report that the firm is weighing new fees for certain checking account holders.
The monthly fees would apply to customers who do not bank online, maintain a specified minimum balance or buy other products, according to a Wall Street Journal story.
B of A's plan follows an earlier, aborted effort to impose a $5 monthly fee on checking account holders who did not maintain a high balance. Durbin, an Illinois Democrat who led the charge to cap fees on debit-card transactions, blasted B of A's earlier fee plan, too.
"Here we go again. Four months to the day after Bank of America rolled back plans to squeeze their customers instead of serving them, they are at it again," Durbin said in a press release.
Durbin is pushing banks and credit unions to use a checking account disclosure form, which he says has been voluntarily adopted by Chase and four smaller institutions.
"It's time for all banks to join Chase and others and make a clear disclosure of their fees in an upfront, transparent and consumer-friendly manner," Durbin said.
