Fee income

Rep. Maxine Waters, D-Calif., questioned Bank of America's decision to discontinue free online checking accounts used by many low-income consumers in light of the bank's recent profits and corporate tax cuts.

The Portland, Ore., company has hired four private bankers from City National as part of a broader effort to provide a full range of services to business owners and high-net-worth households in Orange County and San Diego.

The major prepaid card issuer agreed to the penalty to settle allegations that it had charged higher fees than what was disclosed to customers.

There are ways to add revenue without ruffling features, behavioral economist Wei Ke explains.

People's Bank of Commerce in southern Oregon decided it had to diversify to survive, so when a director heard a factoring firm he co-founded was up for sale, the bank seized the moment. Now it has other deals in mind.

The acquisition of Coker Capital Advisors would be the fifth nonbank deal for the Cincinnati company in the past year.

Reps. Elijah Cummings and Jimmy Gomez, both Democrats, questioned why B of A would stop offering accounts that are popular with low-income consumers when it stands to reap huge financial benefits from recently passed tax cuts.

Net interest income has surged thanks to rising rates, but noninterest income has lagged as trading revenue has weakened, refi demand has softened and fees from deposit service charges have barely budged. Is this the new normal?

As customers become more tech-savvy, the bank said it no longer needs to prod them to use its digital products by offering discounts. Account holders can avoid fees by enrolling in direct deposit.

Merger- and tax-related charges took a bite out of fourth-quarter profits at the Cleveland company, but its CEO emphasized that a recent deal and tax reform are promising for growth.